Jinghong Song is a writer of a series of financial advice books that have helped thousands of people around the world get their life and finances back on track. He is very passionate about helping others live a better life, and he is also known for being a highly engaging public speaker. One of the financial problems that many people struggle with when trying to get their budget in order is deciding whether they should pay off their debt or save money for the future. This is a complex question that depends on your own personal situation.
If you have a high amount of debt, such as student loan debt or a large mortgage, then you should focus on paying that off first instead of saving money for the future. If you start to save money but you aren’t paying your debt off, you’ll have a financial cloud hanging over your head, so to speak, and you won’t really be able to relax until you get rid of the debt. If you are in this situation, sit down with your family and create a plan to pay off the debt as efficiently as you can. It may also help to talk to a financial advisor.
However, if you don’t have much debt, and only have to worry about monthly credit card payments, then it’s time to start putting money away. Having a full savings account will really benefit you in the event of a crisis or a big transition in your life, and it can also help prepare you for retirement. To make saving money a habit, start by taking a small amount out of each paycheck and putting it into your savings account.