This is a question that most of us who have had credit cards or loans in the past have asked ourselves. There is a certain sense of freedom knowing that you won’t have those monthly payments to deal with or the compounding interest to fight against anymore. Who hasn’t thought that life would be better without having to make that monthly car payment? And with all that extra money, just think at how fast you’ll be able to replenish your savings.

Unfortunately, this isn’t usually a good idea. Your savings is your first line of defense against disaster. It’s your heavy winter coat when you’re in a snowstorm, or your suit of armor on a battlefield. Sure you could drop it and try to use your increased speed to get out of the blizzard or take off the armor and try to out maneuver the enemy, and you may even succeed, but one accident and it’s all over.

“Divide your portion to seven or even to eight, for you do not know what misfortune may occur on the earth”   -Ecclesiastes 11:2

“The wise man saves for the future, but the foolish man spends whatever he gets” -Proverbs 21:20

Trying to gain a financial advantage at the expense of your safety net is a hasty approach to a situation where your patience will pay off. It’s better to keep your savings in place in case of an emergency and steadily and faithfully pay down your debt. If you really want to pay down your debt quickly (and safely), you would be better off diverting some of the money that you put into savings each month to paying down whatever debt is bothering you.

“Steady plodding brings prosperity, hasty speculation brings poverty”

-Proverbs 21:5

The rule of thumb is to keep between 3 and 6 months worth of income in savings in case you lose your job. If you’re at a point where your savings could support you if you lost your income, then by all means, pay down that debt. Just be sure that you don’t cripple your savings account in the process.