To pay off your debt make monthly payment plus next month's interest if you can this will help pay off your principal balance faster. Don't put money in a bank savings account too many fees and very low interest, better bet is a Money Market account. I have been asked by many what is a Money Market Account? A Money Market Account is basically a savings account but earns higher interest rates. It's a good place to put an emergency fund in with at least 6 months of your monthly take home income into. Another great way to save is to start with a $1.00 or $5.00 every week and double that amount you have the next week for the entire year. Ex. $1.00 to $2.00 to $4.00 to $8.00 etc.