Paying debt, saving money, or making new investments?

[nomad]

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]

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]

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]

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]

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]

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]

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

 

[bestwriter]

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]

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.