Budgeting, Job Loss and Process

The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

DECEMBER 17, 2023

I would recommend that you have at least six months to a year’s worth of your monthly expenses saved in the event of a job loss or an unexpected emergency. Wiping out high-interest debt on a timely basis will reduce the amount of total interest you’ll pay eventually while freeing up money in your budget for other uses.

Pay Off Debt

Pay Off Debt Debt Emergency Fund Financial Goals

Find out how Jessica paid off $56,000 of student loans, credit cards, and a car loan.

Family Balance Sheet

APRIL 12, 2016

It took me five years to pay off my debt but two of those years I had a job loss, I was taking care of my grandparents and I had lost my motivation and drive to pay off the debt. Simply doing a budget. Definitely a monthly budget – I always create one every month. Also, you have to be patient in the payoff process.

Credit Cards

Credit Cards Debt Debt Free Student

Frugal Focus

The Age Old Question: Should You Pay Off Debt or Save?

Find out how Jessica paid off $56,000 of student loans, credit cards, and a car loan.

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