How Do You Save For The Future and Pay Down Debt at the Same Time?

Saving for the future is important, but so is making sure you pay down any debts you have, like credit cards or student loans. Unfortunately, time is money, and many of us don't have the option to just do one before doing the other. How do you juggle them both?

We got to thinking about this when we stumbled on this article at Girls Just Wanna Have Funds, which discusses the difference between an emergency fund and a savings account, and which purchases would go to which. They suggest that emergency funds are for just that?unforseen expenses, but savings should be for specific goals. That's easy, but which do you pull from when you have a sudden tax bill, for example, or you want to pay down some lingering debt?

We've talked about how to save and pay debt at the same time, but we want to know what you think. Do you prefer to tackle debt first and then save? Do you save first? Or do you take the mathematical approach and save if the interest you can earn is higher than what you owe (or pay down debt if it's not)?

Photo by rangizzz.

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/cM2Uf9uGDyU/how-do-you-save-for-the-future-and-pay-down-debt-at-the-same-time

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