The best approach would generally be to pay down your debt first. Focusing on reducing debt can help lower interest payments and improve your financial situation in the long run. However, it's also important to have a small emergency fund (usually around $500 to $1,000) to cover any unexpected expenses that might arise while you're working on paying down your debt. Balancing debt repayments with a minimal emergency fund may provide a safety net without significantly impacting your debt reduction efforts.
If you are in a great deal of debt but want to save for an emergency fund, you should _____.
(1 point)
Responses
save for the fund while paying down your debt
save for the fund while paying down your debt
pay down your debt first
pay down your debt first
consider getting a second job to pay down your debt first
consider getting a second job to pay down your debt first
consider getting a second job, and save that job’s money, and then pay down your debt
1 answer
1 answer