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Dont Save When You Have Debt.
 Humans are funny animals. We don't always do whats right for us - instead, we do what feels best, and try to blot out any reasons why it may not be the best thing to do. Possibly that's why there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it makes you feel better to have savings. Saving feels like you're constructing a cornerstone for your future, while paying off your debts feels like you're throwing your cash into a hole. That money is for the kids education, or for improving your house, or whatever else - and it's in an savings account bringing in a useful 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 will give you interest rates anywhere near as high as the ones credit cards wrest from you. Heres food for thought: if you have $10,000 in a savings account making 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 just five years, the answer is effectively zilch - what you owe would have grown to in the area of $12,500, the equivalent total that your savings are currently worth.
You might not think it currently, but it truly is a good deal better to pay off your debts. If you used half your savings to pay off that debt, youd be in such a better situation that it's truly amazing. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, earning 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 simple question: is your pride worth $6,380 of your familys cash?
Consider 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 have 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 savings bank, then youre in effect paying for the privilege of borrowing your own cash from them. Why on earth would you do that?
There are more advantages to getting rid your debt with your own money. Youll be less strained about your debts, and your credit report will show that you were able to pay everything back - getting you a much smaller interest rate if you ever have to go into debt in the future.
I know it can be hard. You just need to bear in mind that any cash you've saved hasnt actually been saved at all. Its money you should have been spending instead of buying things with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your nest egg - 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. 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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