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Dont Save When You Have Debt.
 Human beings are curious animals. We don't always do whats right for us - instead, we do what feels best, and try to wipe out any reasons why it might not be the best thing to do. Maybe that's why there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it feels better to have savings. Saving feels like you're constructing a foundation for your future, while paying off what you owe feels like you're throwing your cash down a hole. That money is for the kids education, or for doing up your house, or whatever else - and it's in an bank account realising a useful rate of interest. What could be unreasonable about that? A great deal, if you owe money.
Dont Be Fooled.
There are just about no savings accounts that will offer you interest rates anywhere near as high as the ones credit cards wrest from you. Heres a question: if you have $10,000 in a savings account bringing in 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much cash do you have? After just five years, the answer is effectively $0 - your debt would have grown to about $12,500, the equivalent sum of money that your savings are now worth.
You may not think it now, but it really is much better to pay off your debt. If you used one half of your savings to pay off that debt, youd be in such a better spot that it's truly amazing. You avoid five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, earning interest - after five years, that's roughly $6,380.
If youd still rather keep your savings intact rather than using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys cash?
Think of Your Financial Health.
When you have enough money to pay off your debt, theres absolutely no earthly reason to keep it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you need as much of your finances as possible to be savings, not debts. If your savings account and credit card are with the same financial institution, then youre effectively paying for the privilege of borrowing your own money from them. Why would you do that?
There are other benefit's to lowering your debt using your own money. Youll be less stressed about your debts, and your credit report will show that you were able to pay everything back - resulting in getting you a much smaller interest deal if you ever have to go into debt again.
I know it can be hard. You just have to be mindful that any cash you've saved hasnt really been saved at all. Its money you ought to have been spending as an alternative to making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your children's education - but always bear in mind that whenever you use a credit card to spend that same amount of money, youre spending away your future, plus interest. Anyway, if you've got the debt, then those savings have already been spent - stop denying it to yourself.
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