Answer this riddle: what’s the one thing that will eventually happen to everyone, but generally, no one wants to discuss? Death is a subject that immediately conjures up all sorts of emotions. But, death is also cause for practicality.
The saving versus paying off debt is an age-old quandary that has plagued people since the advent of consumer debt. Pose this question to a group of financial planners and the responses will be split, roughly down the middle. While there might be as many advocates for savings as there would be for paying down debt, the broad consensus will likely be that it really depends on the situation.
At the core of any successful financial enterprise, be it a household or a business, is a sound an effective budget plan that is used to drive all cash flow decisions, large and small, on a daily basis.