Saving Money Versus Paying Off Debt

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Should you be saving money versus paying off debt? That is the question we talk about today. Both are great for your financial future, but which one can help you most? Saving money helps you build wealth, and paying off debt save you from paying extra interest. Have any extra tips? Leave them in the comment section.

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Comments

Getyourlife1 says:

This video was really helpfulπŸ™‚ I have a credit card balance of 1K and plan to have at least 1K for an emergency fund. My plan is to take extra money from my paychecks and place it in my online savings account for my emergency fund. Any extra income I make from side gigs or focus groups I will use to pay off my CC debt. in addition I will reward myself for not spending lol. if I have a few extra dollars, rather than spend it frivolously, i will put that money into my debt as well.

Tia Huntley says:

You have the best explanation that I have found on youtube so far regarding saving money vs. paying off debt. Thank you so much for this, you just confirmed what I thought that paying off debt is fine but you should always have a decent cover for emergencies.

Nick True - MappedOutMoney says:

Good grief, this is so true. This is something I've struggled with for a long time. I really want to pay down something or invest, but I sometimes do it at the expense of an emergency fund. And when an emergency fund happens, it really bites.

Great video man.

InvestingWisely says:

I think it depends on the debt we only have mortgage debt and I am in no rush to pay that off.

If I feel I can get better returns elsewhere everything is going into savings vs mortgage debt.

Centsible Living With Money Mom says:

I love your balanced approach.

Modern Budget Curl says:

Since I have an emergency fund already I would send it to debt or put it in my grad school fund but most likely send to debt

Sarah S. says:

We are currently building our baby step 1 while paying off our debt. We are using Capital One 360 to set aside funds every paycheck to build our emergency fund.

paige hale says:

I don't have any debt but great video as usual (: currently have Β£500 emergency fund which isn't a lot but going to but when I've bought a few things for my new house xx

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