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Dont Save When You Are in Debt.
 Humans are curious animals. We don't always do whats best for us - instead, we do what feels best, and try to blot out any reasons why it might not be the soundest thing to do. Maybe that's why there are so many people who have both savings and debts.
Its a Matter of Psychology.
Sure, it feels better to have savings. Saving makes you feel like you're constructing a cornerstone for your future, while paying off your debts makes you feel like you're giving your hard cash in to a hole. That money is for the kids education, or for improving your home, or whatever else - and it's in an bank account gaining a valuable rate of interest. What could be unreasonable about that? Lots, if you are in debt.
Dont Be Fooled.
There are virtually no savings companies that will give you interest rates as high as the ones credit cards take from you. Heres a question: if you have $10,000 in a bank account earning 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much hard cash do you have? After only five years, the answer is effectively zilch - what you owe would have grown to as much as $12,500, the equal sum that your savings are currently worth.
You might not imagine it at present, but it actually is a great deal better to pay off your owings. If you utilized one half of your savings to pay off that debt, youd be in a much better situation that it's truly amazing. You avoid five years of compound interest on the debt, but you still get to keep $5,000 in your savings account, pulling in interest - after five years, that's around $6,380.
If youd still rather keep your savings intact instead of using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys money?
Think of Your Financial Health.
Once you get enough cash to pay off your debt, theres absolutely no earthly reason to hang on to it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you want as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same bank, then youre effectively paying for the privilege of borrowing your own money from them. Why would you do that?
There are additional advantages to getting rid your debt with your own money. Youll be less distressed about your debts, and your credit statement will show that you were able to pay everything back - resulting in getting you a much better interest deal if you ever need to go into debt again.
I know it's hard. You just have to be mindful that any money you've saved hasnt actually been saved at all. Its money you ought to have been spending instead of buying with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your nest egg - but always bear in mind that when you use a credit card to spend that same money, youre spending away your future, plus interest. In any case, if you've got the debt, then that cash in the bank has already been spent - stop denying it to yourself.
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