Monday, March 30, 2020

Pay off debt or start saving?

Hi there,

My name is Laurens, 22 yo and live in The Netherlands. Due to some unfortunate events and stupid decisions, I've managed to accumulate over €10k+ in debt over the years. I've been paying them off seriously for about a year and managed to have about €1.5k leftover debt.

Some info: I earn € 2k after-tax a month, and my monthly expenses are around €1100.

- I have €500,- worth in bitcoin at the moment and want to keep them for the long term

- I have literally 0 savings due to monthly debt payments. I try to pay as much as possible.

My question is: Should I continue to pay my leftover 1.5k debt in one go? Or is it better to accumulate some savings and pay the debt off over the longer period? I'm allowed to pay €100,- every month so it's not an issue to pay it over the longer term.

I hope you guys understand my question as English is not my native language.

Thanks for your help!


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