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

Penny Pinchin' Mom

Advantages of Paying Off Debt From a purely financial point of view, it makes more sense to focus on debt payoff rather than directing available cash to a savings account. From a personal point of view, I much prefer living debt free. You will need to handle them first, even if your emergency fund is nonexistent.

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My Life Plan

Family Balance Sheet

Our Financial Goals: Pay off our non-mortgage debt. Increase our emergency fund to 6 months of expenses. Contribute to our retirement funds. Pay off our mortgage debt. Celebrate debt freedom with a big family trip to Hawaii or Paris. Celebrate with a trip to Walt Disney World. Start saving for college.

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Shannon & Her Husband Paid off $22,000 in 9 Months

Family Balance Sheet

Today’s Debt Free Story is from Shannon. She writes at Growing Slower. Tell us about you and your family. What do you and your spouse do for a living? I’m Shannon Brown, and I’m a crunchy Christian mama blessed to live in beautiful North Idaho. What inspired you to get debt free?

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