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Personal Finance Dilemma: Should I Save My Money or Pay Off My Debt First?

October 18, 2021

You’ve made a little extra money with your last paycheck and have some leftover after paying for your mortgage or rent, plus any other necessary bills. Rather than spending the money frivolously, you want to stash it in a savings account or use it to knock out some of the debt that’s been weighing heavily in the back of your mind.

But that’s the million-dollar question: should you save your money or pay off your debts first, especially when it comes to spending extra earnings long-term?

In truth, both of these paths can be beneficial. But let’s break down the benefits of saving your money or paying off your debts first, so you know what to do come next payday.