Mom and son shopping

Pay Off Debt or Save?

You’re making more money than you’re spending, and your savings has grown. But you also have some outstanding debts.

While it’s important to save for emergency expenses, paying your debt sooner than later may save you more money in the long run. But which is more important? This depends on interest rates on both your savings and on your outstanding debt. Use this calculator to find out if it’s better for you to pay down your debt or save your money.