In order to get out of debt and build a savings most efficiently, you will have to do both. The more money that stays with you the farther ahead you will be. I came across some interesting reading on increasing your net worth. It was asked whether it was better to increase your income or reduce your expenses. Look at it this way. If you get a part time job and you make a $100 dollars, you will bring home $60-$70 after the necessary deductions are taken. If you reduce your expenses by $100, you are left with the whole $100. It is just something to think about, but it you will get more bang for your buck if you can reduce your expenses.