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Keep Savings OR Payoff Debt?

Updated: Mar 4

The Balance between Paying off Debt Vs Savings?

I have listed before that I have $35,000-ish in savings in an online savings account that I have not touched to pay off debt. This amount is separate from the rainy day fund/emergency fund. Everywhere that I have read regarding debt free strategies, using liquid savings to payoff high interest debt appears to be "right" thing to do since the interest being accrued on the amount in the savings account is far less than the interest being accrued on our debt which includes our car loan at 6.9% apr.

That and we just want to get rid of all debt asap so that we can finally start afresh and add to our savings.

On the other hand, it's a bit depressing to see your little liquid savings to dwindle back down but we are committed to saving it back up and more.

More to be updated later.


#debtfree #debt #debtfreecommunity #budget #debtpayoff #daveramsey

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