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Dont Save When You Owe Money.
 Humans are curious creatures. We don't always do whats right for us - rather, we do what feels best, and try to blot out any reasons why it may not be the soundest thing to do. Maybe that's how come there are so many people who have both savings and debts.
Its a Matter of Psychology.
Sure, it makes you feel better to have savings. Saving feels like you're constructing a base for your future, while paying off what you owe feels like you're throwing your hard cash down a hole. That money is for the kids future, or for doing up your place of residence, or whatever else - and it's in an bank account pulling in a good rate of interest. What could be wrong with that? A great deal, if you have debts.
Dont Be Fooled.
There are virtually no savings accounts that will offer you interest rates as high as the ones credit cards take from you. Heres something to think about: if you have $10,000 in a bank account realising 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 zilch - your owings would have grown to about $12,500, the same sum of money that your savings are now worth.
You may not think it at present, but it actually is a great deal better to pay off your debts. If you used one half of your savings to pay off that debt, youd be in such a better position that it's truly astonishing. You avert five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, making interest - after five years, that's around $6,380.
If youd still rather keep your savings intact rather than 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 Health.
Once you have sufficient cash to pay off your debt, theres absolutely no earthly reason to hang on to 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 financial resources as possible to be savings, not debts. If your savings account and credit card are with the same financial institution, then youre effectively paying for the privilege of borrowing your own cash from them. Why on earth would you do that?
There are more benefit's to getting rid your debt using your own savings. Youll be less worried about your debts, and your credit report will show that you were able to pay everything back - getting you a much better interest deal if you should have to go into debt again.
I know it's hard. You just need to be mindful that any cash you've saved hasnt really been saved at all. Its money you should 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 bear in mind 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 those savings have already been spent - stop denying it to yourself.
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