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October 6th, 2009

What Do I Do First — Invest, Save, or Pay Debt?

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It might be rare these days, but if you have a little extra money left over at the end of the month, what should you do with it — pay debt,  invest it, or boost your savings?

This is a question we hear a lot, and it just so happens that personal finance experts Ken and Daria Dolan posted a video on their Twitter page this morning that helps to answer that exact question.

Here are Daria’s suggestions:

  1. Pay off, or pay down, your credit card balance: This should always be your number one option, says Dolan.
  2. Contribute a little extra to your retirement plan: Whether it’s a 401k or an IRA account, this is always a smart option for your money.
  3. Put it towards your mortgage: It may surprise you that the Dolans ranked this option last, but with real estate prices falling and the probability that they will continue to fall, says Dolan, this should be last on this list.
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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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