Should You Pull From Savings to Pay Off Your Debt? | Build Wealth w/ Lynn Richardson: Ep. 25, Pt. 4 

The person who borrows is a slave to the lender - wise words from the Book of Proverbs. Debt reduction starts with a desire and then a plan of action. Let’s go do it!

It depends on how much you have saved and how much you owe, so there is no one answer fits all.

I would think it would depend on the debt. Because if it is credit card debt, you will still have that money there because it is a revolving credit. Now if it is a loan that's a different story...

"It's not about balance, it's about harmony" ❤️‍🔥❤️‍🔥❤️‍🔥❤️‍🔥

If I had 30k in debt and had 50k in savings, I would pay the debt in full and use the funds that was paying debt to build the savings back up. What if I had a big catastrophe and the debt. Rather have it without the debt. Just saying for a friend.

You should leave 3-6 months in the emergency fund and then take the balance and start paying off debt. Debt, especially CC debt will cost you more than the return from your savings. Create a budget, stop saving temporarily and focus on eliminating debt.

Thank You Lynn! You're the whole truth and nothing but the truth! ✊🏿💪🏿❤️

When, I was $21,800 in dwbt, each pay period I would payoff 1 or more credit card in full. I add 3 different savings account & I would pay the min due on the other cards from savings. So, my paycheck covered utilities, insurance and pay off 1 or more credit card. The balance may have been $100 or $1,000, but I paid the smallest to the largest.

I have been hoarding money for years & have not paid off my $23k in credit card and loan debt. A year later I am in $8500 plus in debt, in addition to the $23k, because helping someone with legal woes. I should have paid off my credit card debt & loan with my savings, to free up my paychecks, as it has over $10k. I should have paid utilities, insurance and groceries with my paycheck. After paying this, money left over should have went back into savings to replenish it. My salary was $42k, home and cars paid in full. My salary will drop to $21,800 next month as I am moving to sales at work & not by choice. This is not looking good, but I am going to stay in faith, keep my credit score growing. I have given it to God & no longer stressing & telling my child's father about my financial problems. He does not volunteer to help & he helps far & in between with his child.

Absolutely I would.😊

A lot to think about here 👀

Did the same but i made more profit so i am thinking to go put it back cause i had saved R2,500 so this end of the month my profits are now R8,000. Now Lynn please tell me i had just started working with my business on the side, do i save that money for the business and use my upcoming salary? Please i need advice.

A word!

👍P.S. How’s Pepper doing?🐕‍🦺

Ask your husband to cook. Did it for me. I am out 🏃‍♀️