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How much is the debt costing you?
Pay off debt asap. The longer you have it, the more it will cost you
Pay off the debt. High interest rate? Pay off debt!
Some debt is important to have - it’s all about using credit to your advantage, paying off bad debt, saving, and keeping a rotation of credit lines that you pay off before interest hits the account each month.
I prefer the Dave Ramsey method so I’d say definitely debt unless you have a big event coming up like the birth of a baby that will require savings.
@Tiff is right! It depends on the debt. Try to have some cash on hand for emergencies, at least a couple months of expenses. If you have an unexpected change you would need the cash to stay afloat. Next pay off high interest loans/ credit cards. If it helps to pay off a low balance debt first to gain momentum, then do that. If you can pay off the highest interest debt first without losing focus, then do that. Automate the payments so you aren't always bringing debt to the top of your mind. Also-- how could you increase income? There's only so much saving you can do. Can you babysit on the side-- some states have programs to help you start a home daycare even. Can you tutor local kids? What other skills might bring in more cash? The fact that you're asking and taking action says a lot about you-- good job working on this goal!
Exactly what menna said, save 3 months of bills that start paying off the debt
Payoff debit due to interest
Half and half lol
Pay off debt!
1000 is probably a better starting saving goal. Just to pay for an emergency with out resorting to credit then attack debt as fast as possible. Mathematically it really doesn't matter amount verse interest rate so paying of the smallest fieat and working up to the biggest debt helps give you a sense of accomplishment making it easier to keep going. Any cutting back you can do so.you have more for debt pay back the better. Hurt now to be free later
Omg never pay off your debt
Try to consolidate your debts into a 0% interest credit card and then set a low direct debit that would allow you to pay it off during the promo period. Next start saving :) good luck!
Not always the most popular oppinion but this is what i did! Build a good emergency fund first (1-3 months income) while paying a bit more than the minimum monthly payments. I tried agressivley paying off credit card debt soooo many times and once id make a good dent a car would break down or id have a surprise medical issue. Paying off a bit more than the minimum on debt while building an emergency fund and seeing the number go down really helped encourage me to get excited to put any surprise extra income towards debt instead of a big splurge.
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Pay of debt
I have done the Dave Ramsey way and has worked perfectly for my family.
Pay off debt