Paying debt, saving money, or making new investments?

nomad · Dec 19, 2023

Do you give more priority to paying debt, saving money, or making new investments? Let me put this another away around, once you accumulate some money, or let's say you have spare money, what do you do first, pay your debt, save money, or make an investment?

As far as I am concerned, my priority is paying debt. When you have debt, and you don’t pay off debt it will continue to grow and you might end up using your entire savings or investment to pay off debt.

fcbetting · Dec 19, 2023

First is paying debt. You pay it so later interest from bank don't go higher. Later save some money. You can't save it if you don't earn it. When you have some savings start share money in saving and investement. But if you invest as rookie, save more less invest. There is not save invest.

Stardom22 · Dec 19, 2023

All these three things mentioned above can't be achieved only if one is having a regular income plan. Saving can be really very hectic when one doesn't have a source of income.

eldavis · Dec 19, 2023

For me what I do is to pay my debts cause to be honest I won't be comfortable doing any other thing when I know I still have some debts out there I need to sort out.

nomad · Dec 23, 2023

fcbetting said:
First is paying debt. You pay it so later interest from bank don't go higher. Later save some money. You can't save it if you don't earn it. When you have some savings start share money in saving and investement. But if you invest as rookie, save more less invest. There is not save invest.

Well said. The first priority should always be on paying debt. When you have no debt, you can then focus on saving and investment. Sometimes you can do all of these at the same time provided you are making a lot of money.

Suba · Apr 25, 2024

That's the right step for you to take, prioritize paying debts in full, so you can save or invest in peace without having to think about debts morning and night.

Stardom22 · Apr 25, 2024

l think l would go for the paying of the debt. l wouldn't be comfortable when l am in debt.

bestwriter · Apr 25, 2024

I have been there and done that and now it is time for m to spend both for my needs and wants taking care not to touch the capital

Starmix · Apr 26, 2024

If the intention to invest is to pay debts in case lucky, however it's risky if there is no assurance of winning. It's best to pay debts first to have peace of mind.

Paying debt, saving money, or making new investments?

nomad

Very Familiar

fcbetting

Notable

Stardom22

Very Familiar

eldavis

Very Familiar

nomad

Very Familiar

Suba

Notable

Stardom22

Very Familiar

bestwriter

Notable

Starmix

Popular

Connect With Us