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Save emergency fund or pay credit cards?

Want to get rid of credit card debt and build your emergency fund? Not sure how to go about paying off credit cards (or any high-interest debt) while also saving your emergency fund? Here is the MATHEMATICALLY most lucrative way to go! This video will show you the math for three different scenarios: 1. You build your emergency fund first and pay the minimum on high-interest / credit card debt 2. You split your extra money so half of it funds your emergency fund and the other half is an extra payment to your credit card 3. You put all your extra money to your credit card and then save for emergencies Knowing the math behind paying off high interest / credit card debt OR saving money will help you to save MUCH MORE! There are a lot of videos on YouTube on whether to pay off debt or save money first, but I haven't found any that actually go into the math of what happens when you pay your credit cards down first and then save or save for emergencies and then pay down credit cards or a happy mix of both paying off credit cards AND saving an emergency fund. Since I'm a numbers person, I prefer to actually play out the scenarios of saving vs paying off debt before determining a direction I want to take with a client. I hope this helps you! 🎯Get the STUDENT LOAN FORGIVENESS PROGRAMS CHEAT SHEET 🎯 to get a quick overview on over a dozen federal student loan forgiveness programs including who they benefit, how to apply, and what traps to watch out for: https://www.msmoodymoney.com/hello Remember, there is no one-size-fits-all. This is for educational and informational purposes only! 00:00 - 00:48 What you'll learn 00:49 - 2:13 The three debt paydown/savings strategies 2:14 - 3:45 Total amount saved/spent over 5 years 3:46 - 4:36 How long it takes to hit savings goals and pay off debt 4:37 - 5:36 The drawbacks with these debt payoff / saving scenarios 5:37 - General rule of thumb to pay off debt and save money Image attribution: "Dolly Parton 1988" by Alejo Castillo is licensed under CC BY-SA 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/.... Get the 1-MINUTE MONEY MOVES checklist that will help you save more, stress less, and get control https://www.msmoodymoney.com/checklist FILL UP ON GOOD KARMA BY GIVING THIS VIDEO A "LIKE"! Thank you from the bottom of my (ever-growing) Grinch-y heart. Ms. Moody - former librarian, current financial feminist, and money educator. Join the club to chat moolah with like-minded women - Scrimpin' Ain't Easy, just like the library, we're talking stacks on stacks on stacks. www.facebook.com/msmoodymoney/groups/scrimpin Wanna read a good money book for beginners? "The Index Card" by Helaine Olen and Harold Pollack Get it from your public library: http://www.worldcat.org/oclc/928750850 Get it from Amazon: https://amzn.to/2Lm1iHv (To keep my videos free, this is an affiliate link meaning I may receive a portion of the purchase price - thank you for supporting this work!) -Get it from a local bookstore: https://www.indiebound.org/book/97801 ...Looking for a book a bit more advanced? "Dumb Things Smart People Do With Their Money" by Jill Schlesinger: Get it at your local public library: http://www.worldcat.org/oclc/1140204982 Get it from Amazon: https://amzn.to/2La9VUN (To keep my videos free, this is an affiliate link meaning I may receive a portion of the purchase price - thank you for supporting this work!) Get it from a local bookstore: https://www.indiebound.org/book/97805 Thanks for watching! Heads up: All the content is for educational purposes only. Ms. Moody is not a licensed financial advisor; she’s a librarian, money nerd, and educator. As personal finance is personal, to find out what is best for you, consult a financial professional. Users are solely responsible for any actions they take. This video is protected under US Copyright law. If you would like to reuse any of it for your own work, you must have explicit permission from the creator (Ms. Moody). Please contact me for permission before using any part of the video.