I understand that we all need cash reserves for emergencies but, can being a saver and being in debt be a good strategy? With interest on debt being higher than savings would it be better to pay off your debts first?

I am a big advocate of saving money. And I don’t mean just by spending less through coupon clipping and general frugality. I mean actually saving money — setting aside for some future date and/or emergency. Over at Passion Saving, Rob Bennett offers 10 very interesting  and somewhat unconventional tips for saving money. Here are my 5 favorite unconventional tips for building your savings:

Add income tax to purchases. Before buying something, think about how much extra you would be paying to fund a specific purchase.  Bennett points this out: “The sales tag on the leather jacket you want says that …read more