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

Penny Pinchin' Mom

DECEMBER 17, 2023

If there is such a clause, you should compare the amount payable to what you are about to save from interest to determine if paying off the debt is an overall gain or loss. Advantages of Saving Despite Debts Building an Emergency Fund Building an emergency savings fund is the top reason to make saving a priority over paying down debt.

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Pay Off Debt Debt Emergency Fund Financial Goals 52
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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

SEPTEMBER 9, 2014

We paid off over $147,000 in debt (actually way over that amount, if you want to count a $210,000 rental property that I sold at a slight loss.) About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) Building an emergency fund also helps enormously.

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Debt Debt Free Pay Off Debt Financial Goals 236
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