09:44 19 September 2013
Saving your extra monthly money into a savings account doesn't necessarily lead to you earning more money if you repay debts in the same time. Most of the time in this case you end up spending more money on debt interest than earning on your savings account interest. So here is what you should keep in mind before making the decision to either save or repay debts:
Remember that the best way to save money is always by first reducing the surplus costs, and debt interest is the first one to take care of. As soon as you repay your debts, you will be able to save much more than you would by opening a savings account while still having debt.
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