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Dont Save When You Owe Money.
 People are curious creatures. 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 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 have savings. Saving feels like you're constructing a foundation for your future, while paying off what you owe makes you feel like you're throwing your cash into a hole. That money is for the kids education, or for improving your place of residence, or whatever else - and it's in an savings account realizing a good rate of interest. What could be wrong with that? Lots, if you have debts.
Dont Be Fooled.
There are almost no savings accounts that will offer you interest rates anywhere near as high as the ones credit cards charge. Heres food for thought: 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 money do you have? After only five years, the answer is effectively nothing - what you owe would have grown to about $12,500, the same amount of money that your savings are now worth.
You may not imagine it now, but it actually is a lot better to pay off your owings. If you utilised half your savings to pay off that debt, youd be in such a better situation that it's really awesome. You avoid five years of compound interest on the debt, but you still get to keep $5,000 in your savings account, earning interest - after five years, that's around $6,380.
If youd still prefer to keep your savings intact instead of using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys money?
Think of Your Financial Well-being.
When you have sufficient money to pay off your debt, theres absolutely no reason on earth to keep it. Debt is for people who don't have the money, and have 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 savings bank, 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 with your own money. Youll be less worried 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 rate if you should need to go into debt in the future.
I know it's never easy. You just have to bear in mind that any money you've saved hasnt really 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 children's education - but always remember that whenever you use a credit card to spend that same money, youre spending away your future, plus interest. Anyway, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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