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Dont Save When You Owe Money.
 People are peculiar creatures. We don't always do whats right for us - rather, we do what feels best, and try to blank out any reasons why it may not be the right thing to do. Possibly that's how come there are so many people who have both savings and debts.
Its an Issue of Psychology.
Yes, it makes you feel better to save. Saving feels like you're building a base for your future, whilst paying off debt feels like you're throwing your money down a hole. That money is for the kids future, or for doing up your house, or whatever else - and it's in an account pulling in a good rate of interest. What can be wrong with that? A great deal, if you are in debt.
Dont Be Fooled.
There are about no savings accounts that offer interest rates anywhere near as high as the ones credit cards take from you. Heres food for thought: if you have $10,000 in a bank account pulling in 5% a 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 zero - what you owe would have grown to about $12,500, the equal total that your savings are now worth.
You may not believe it at present, but it actually is a lot better to pay off your debt. If you utilized half your savings to pay off that debt, youd be in such a better spot that it's really astonishing. You avoid five years of compound interest on the debt, but you still get to keep $5,000 in your savings account, making interest - after five years, that's more or less $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.
When you get enough cash to pay off your debt, theres absolutely no logical 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 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 banking company, then youre in effect paying for the privilege of borrowing your own cash from them. Why would you do that?
There are other benefit's to paying off your debt using your own money. Youll be less strained about your debts, and your credit statement will show that you were able to pay everything back - getting you a much smaller interest rate if you ever need to go into debt in the future.
I know it can be hard. You just need to be mindful that any money you've saved hasnt really been saved at all. Its money you should have been spending rather than making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - but always remember that when you use a credit card to spend that same money, youre spending away your future, plus interest. In any event, if you've got the debt, then those savings have already been spent - stop denying it to yourself.
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