Debt: Debt

Debt Dept: Should you save first and pay your debts later? What if I lose my job and I don t have any money to live on?, according to CTV. I like that you re thinking of having a contingency plan in place because good people lose their job all the time. I always recommend having 6 months of living expenses set aside for an emergency. However, right now I think it s more important for you to pay off your debt before you start to save. You re paying debt with after tax dollars so it s very costly. When you pay off your debt you are building up your balance sheet. So pay debt off aggressively and then take the amount you were using to pay off the debt and apply the same discipline to your savings strategy. That can be your emergency fund, and in the meantime, you might want to ensure you have a credit card strictly for emergencies such as losing your job as a back-up and lisa asks: Patti says: (www.immigrantscanada.com). As reported in the news.