Personal Finance

Should I pay off my debts or build my savings?

When deciding whether you should pay off your debt or save for later, you need to take into consideration something even more important: time. Through compounding, small contributions that you make now to your retirement or education funds grow significantly, allowing you enough latitude to do both simultaneously.  If you are starting late in the game, you need to prioritize.

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Emergency Funds: The Basics

An emergency fund is an amount of money that you save for hard times. Out of sight and out of mind, you don’t use it until you absolutely, positively need it. Many advocate for at least $1000 in savings to be held in an easily accessible location (i.e. in cash or a savings account). While $1000 is a frugal choice, I’d say you probably want a little more than that. If you can save around $3000 dollars for your emergency fund, it will go a long way during hard times.

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