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

Penny Pinchin' Mom

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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Are You Prepared For An Emergency?

Prairie Eco-Thrifter

This emergency might be one related to a natural disaster, or it might be a financial emergency, such as a job loss. In some cases, you might experience a financial emergency at the same time that you experience a natural disaster. You can augment with other emergency sources as well.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

We also went through multiple job losses, surgeries, huge car repairs, etc. Was there a particular event? I needed to count on myself and support my son, and that meant getting my financial life in order, starting with building an emergency fund for the first time. We hit everywhere in between. Get creative.

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