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

Penny Pinchin' Mom

So, you want to get started on debt repayment so you can focus on other financial goals? However, if you pay off these debts, there will be nothing left for investments in these tough financial times. Doing this actually gave me the peace of mind that I needed to focus on my financial goals.

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

Family Balance Sheet

For example, it took us about 3 years to pay off a combined $17,000 in credit card debt, but later we managed to pay off twice as much in 3 years on about the same income. Your money stays yours, so you can make it work for you. We also went through multiple job losses, surgeries, huge car repairs, etc.

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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Emergencies constitute things like: Job loss Medical emergencies Accidents Unplanned large purchases (necessary large purchases) Natural disaster expenses You absolutely need to have this money set aside somewhere it can be easily accessed but also not within your day-to-day reach. Who has that kind of money?

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

Family Balance Sheet

I am used to moving a lot! I work in Finance/Accounting for a large corporation but I have also started a company called Every Single Dollar , which focuses on personal finance for single women. And I cut back on lifestyle – cooking food at home, taking the bus to work vs driving and paying for parking, etc.