This site, as well as most of the other finance blogs, all strongly recommend saving money. But is saving money more important than paying off your old debts? If you have $3,000 should you put it in your savings account or should you pay down your credit card debt? The answer is actually quite simple. It’s all about the math. If you’re making 2% interest in your savings account yet paying out 18% in interest for your credit card debts, you should pay off your card as soon as possible. With that said, this assumes you already have some sort of emergency fund. If you don’t, then do half and half until you have a solid emergency fund.