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Dont Save When You Owe Money.
 People are peculiar creatures. We don't always do whats right for us - instead, we do what feels best, and try to blot out any reasons why it might not be the most effective 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 save. Saving makes you feel like you're constructing a foundation for your future, while paying off debt makes you feel like you're giving your cash into a hole. That money is for the kids education, or for doing up your house, or whatever else - and it's in an bank account earning a valuable rate of interest. What could be wrong with that? A great deal, if you owe money.
Dont Be Fooled.
There are virtually no savings institutions that will offer you interest rates anywhere near as high as the ones credit cards charge. Heres something to consider: if you have $10,000 in a bank account making 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much cash do you have? After just five years, the answer is effectively $0 - what you owe would have grown to around $12,500, the equal sum that your savings are currently worth.
You may not imagine it now, but it really is much better to pay off your debts. If you used one half of your savings to pay off that debt, youd be in a much better spot that it's truly astonishing. You avert five years of compound interest on the debt, but you still get to keep $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 simple question: is your pride worth $6,380 of your familys hard cash?
Think of Your Financial Well-being.
When you get enough cash to pay off your debt, theres absolutely no earthly 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 finances as possible to be savings, not debts. If your savings account and credit card are with the same savings bank, then youre effectively paying for the privilege of borrowing your own money from them. Why on earth would you do that?
There are other benefit's to lowering your debt with your own money. Youll be less worried 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 rate if you should need to go into debt again.
I know it can be hard. You just need to bear in mind that any money you've saved hasnt actually been saved at all. Its money you ought to 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 when you use a credit card to spend that same amount of 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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