Living paycheck-to-paycheck greatly impacts your financial choices. You may face high credit card balances but have no way to pay down the debt, or you may wish to save for college or retirement but barely be able meet your monthly bills. However, if you land a new job that pays well or obtain an additional income source, the extra money could provide enough disposable income to pay off your debt or start saving. But which do you do first?
Opinions among financial experts vary, and there are benefits to both approaches. Consider the various reasons for both methods to figure out which would work best for you.