Debt Management

Should I Pay Off Debt or Save Money First?

Reading Time: 3 minutes
A change jar is turned upside down with coins leaking out. Overlaid are the words: Should I Pay Off Debt or Save Money First?
In this article

If you have high debt and little to no savings, is it more important to sock away for the future or pay what you owe? For more tips and advice on debt repayment and building up your savings, read more here for help on managing your finances. [Duration - 2:15]


  • Prioritize an emergency fund with at least three months of expenses.
  • Make minimum payments on debt to prevent late fees and damaging your credit scores.
  • Next, focus on debt repayment—including high interest credit cards.
  • Continue to make small contributions to savings.
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