The Decision to Save or Pay Off Debt

You’ve built up your savings account and have been pulling in more cash than you’re spending. Now it’s time to make more great financial choices.

If you have outstanding debts, it can be difficult to determine whether you need to save for emergencies or pay down your debts. While it’s always a good idea to build on your emergency fund, once you’ve saved for 3-6 months of expenses, you should look to begin reducing your debt. Use this calculator to determine your best plan.

 

 

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.