While using credit should never be at the expense of a savings plan, an important decision is whether to use any excess cash to pay off your debt or contribute further to your savings. By purchasing your credit report from ITC Fixer you get a clear, holistic view of your financial landscape (as the lenders see it). Your credit score is a good indication of the manageability of the various loans and credit facilities in your portfolio. If you find that you are heavily over-indebted it may be necessary to prioritise paying off that debt, but if your credit score is in the good to-excellent range, savings could become a priority.

Also consider the cost of credit versus the returns from your savings. The prime interest rate is currently 10%. Most credit attracts interest rates of prime plus, whereas liquid savings instruments usually offer lower than the prime interest rate. In general, a holistic budget should prioritise paying off high interest debt, while contributing to a retirement fund and putting some money aside for emergencies.