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Save or Pay Down…
Posted under Uncategorized by adminMany people question whether they should pay off debt or save money. While saving money is great idea and everyone should do, but if you have debt, which needs to be attended to first. If you have a 401K program through your employer, I think investing the minimum 3 percent is a good idea provided your employer matches that amount. This gives you 6 percent of your income going towards retirement and in most cases you will notice very little difference in your net income by investing 3 percent and the advantage of this small investment is to your benefit.
That is far as I would go with saving, until your high interest debt is paid off. If you are saving through a vehicle that makes 8 percent and you are paying on a credit card that is costing 14 percent in interest, you are losing ground. It is in your best interest to payoff debt before saving. It is the most economical financial solution. The one exception to this rule is student loans. In most cases the interest rate on these loans are low enough that you make more money, by investing your money at a good rate of return. So, the answer to the question is payoff and then save.
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