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Dont Save When You Have Debt.
 People are peculiar creatures. We don't always do whats right for us - rather, we do what feels best, and try to wipe out any reasons why it may not be the right thing to do. Maybe that's why there are so many people who have both savings and debts.
Its a Matter of Psychology.
Yes, it makes you feel better to save. Saving makes you feel like you're building a cornerstone for your future, whilst paying off your debts makes you feel like you're throwing your money down a hole. That money is for the kids education, or for doing up your home, or whatever else - and it's in an bank account realising a valuable rate of interest. What can be unreasonable about that? A great deal, if you are in debt.
Dont Be Fooled.
There are about no savings institutions that will give you 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 savings account realising 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 nada - what you owe would have grown to in the area of $12,500, the equivalent amount that your savings are currently worth.
You might not think it at present, but it really is much better to pay off your debt. If you utilised one half of your savings to pay off that debt, youd be in such a better situation that it's truly astonishing. You avoid five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, bringing in interest - after five years, that's roughly $6,380.
If youd still prefer to 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 cash?
Think of Your Financial Well-being.
Once you get enough money to pay off your debt, theres absolutely no logical 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 effectively paying for the privilege of borrowing your own money from them. Why would you do that?
There are other advantages to paying off your debt with savings. 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 should 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 actually been saved at all. Its money you ought to have been spending rather than buying 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 case, if you've got the debt, then those savings have already been spent - stop denying it to yourself.
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