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Many people like the feeling of having some money in the bank for a rainy day. This is a good policy but when you are in debt it is a far better use of your money to pay off your debts with the savings first and start saving with a clean sheet.

Quite simply, your debts costs more in interest payments than you are ever likely to receive in interest on your savings. Therefore saving while you have outstanding debts such as credit cards and personal loans means that you are effectively losing more money each month in charges than you are gaining in interest – this just doesn’t make sense! If you are good at putting a little away each month then you will be able to start this again once your debts are paid off – and you won’t have the worry of the debt looming over you. It will be hard seeing your balance reduce in your savings but think about the balance on your debts reducing too – this is you getting back in control over your money.

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