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Dont Save When You Are in Debt.
 Humans are funny animals. We don't always do whats best for us - rather, 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 the reason there are so many people who have both savings and debts.
Its an Issue of Psychology.
Yes, it makes you feel better to have savings. Saving makes you feel like you're building a cornerstone for your future, whilst paying off your debts feels like you're giving your cash down a hole. That money is for the kids education, or for doing up your place of residence, or whatever else - and it's in an savings account earning a good rate of interest. What could be unreasonable about that? Lots, if you owe money.
Dont Be Fooled.
There are just about no savings institutions that will give you interest rates as high as the ones credit cards charge. Heres something to think about: if you have $10,000 in a bank account making 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 only five years, the answer is effectively nothing - your owings would have grown to around $12,500, the same amount of money that your savings are currently worth.
You might not imagine it now, but it really is a great deal better to pay off your debts. If you utilised one half of your savings to pay off that debt, youd be in a much better position that it's really awesome. You avert five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, pulling in interest - after five years, that's roughly $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 hard cash?
Think of Your Financial Well-being.
When you get sufficient cash to pay off your debt, theres absolutely no reason to hang on to it. Debt is for people who don't have the money, and have to borrow it. Debt costs money, and savings make money - you want as much of your finances 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 additional advantages to getting rid your debt with savings. Youll be less distressed about your debts, and your credit statement will show that you were able to pay everything back - getting you a much smaller interest deal if you ever have to go into debt in the future.
I know it's hard. You just have to remember that any cash you've saved hasnt really been saved at all. Its money you should have been spending as an alternative to buying things 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 that cash in the bank has already been spent - stop denying it to yourself.
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