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Dont Save When You Have Debt.
 Human beings 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 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.
Sure, it feels better to have savings. Saving makes you feel like you're constructing a cornerstone for your future, while paying off debt feels like you're giving your cash down a hole. That money is for the kids education, or for improving your house, or whatever else - and it's in an savings account gaining a valuable rate of interest. What can be unreasonable about that? A great deal, if you owe money.
Dont Be Fooled.
There are almost no savings institutions that will give you interest rates as high as the ones credit cards wrest from you. Heres something to consider: if you have $10,000 in a bank account realizing 5% per 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 $0 - your owings would have grown to as much as $12,500, the same amount of money that your savings are currently worth.
You might not imagine it at present, but it really is a lot better to pay off your debt. If you utilized half your savings to pay off that debt, youd be in such a better situation that it's truly awesome. You avert 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 rather than 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 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 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 banking company, then youre in effect paying for the privilege of borrowing your own cash from them. Why would you do that?
There are more advantages to paying off your debt using your own savings. 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 deal if you should need to go into debt again.
I know it's never easy. You just have to remember that any money you've saved hasnt really been saved at all. Its money you ought to have been spending as an alternative to 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 when you use a credit card to spend that same amount of money, youre spending away your future, plus interest. In any case, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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