Millions of individuals across the world live in debt. However, some live with their debt more comfortably than others, while others neglect to pay off their debt and ignore collection calls and loan payments, further piling up excess debt.

However, if you have a significant amount of debt, is it worth putting some money into savings? Or should you give all of your extra money to repay your debts? Here is advice from five people who experienced this situation or a similar one.

You need to be able to support yourself and keep your living situation stable. This user suggested that after paying rent and bills, put money toward high-interest debt to save further down the line.

The interest amount depends on the kind of loan or credit you take out. For example, rent and bills come first. So revisit the debt, see which credit lines and loans accrue higher interest rates, and pay those off first. This helps credit scores and financial well-being later in life.

A slew of users praised emergency funds, but only in small amounts of $500 or $1,000. These people said any quantity above the budgeted emergency fund helped reduce their debt.

That cushion allows you to have extra income in emergencies without garnering even more debt and higher interest levels. Plus, an emergency fund could prevent you from working paycheck to paycheck.

Like those who advocated for emergency funds, another individual said they saved $2,000, and every cent of income paid off their debt. With the newly resolved debt, they continued to save money. Once you’ve achieved a savings goal of $2,000, you’ll have enough to cover you if you run into any financial issues or need to pay unexpected fees or bills.

This tactic also lowers interest rates on debt and increases interest in a savings account. The longer money sits in your accounts, the more interest it earns, and that goes for debit and credit cards.

A certified professional financial planner chimed in with their expert monetary advice. This qualified individual suggested that the best way to pay off debt and save for the future is to mitigate all debt before saving money.

For example, the person who asked for advice about their savings account claimed they had $4,000 in debt. The financial adviser said the best way to get back on track is to note the amount of interest on the credit cards and loans if they have 0% interest rates; great! If not, transfer all the debt to a 0% interest rate card.

This method works for a few reasons.

1. Credit scores. While paying off your debt, your credit limit and credit score increases. This can’t happen if you never pay off your debt. If you never pay off your debt, your credit score drops and affects your finances in the future. Stagnant amounts of debt also prevent you from taking out loans, renting apartments, or financing houses in the future.

2. Interest rates. Interest rates are no joke. Even if you think you’re close to paying off debt, an increase in interest can set you back further into debt than you expected. If you pay off your debt before saving, you will have more money to save later. And you won’t have to worry about mountains of debt.

Many people, myself included, use rainy day funds for miscellaneous activities. For example, one user said they have a rainy day fund, and if they don’t use it, they tap into the money and allocate it toward their debt.

This thread inspired this post.

This article was produced and syndicated by Invested Wallet.