We all know how important it is to have a savings account. We’ve been told since we were little that saving money is important “for a rainy day.” For those of us who have encountered a “rainy day” or two, we understand just how helpful having a savings account can be. But…what if you really want to pay down your debt? Should you still invest in a savings account?

There are a couple of schools of thought on this. The first school (the “old” school, if you will) says that you should always save at least ten percent of every paycheck. Even when times are hard and that ten percent could spell the difference between top ramen and regular food for a month, you should suck it up and save as much as you can. This is largely a Depression-era mode of thinking. Of course, with the economy behaving the way it is, it can’t hurt to start thinking a little bit like our Grandparents, right?

The other school of thought is this: What good is a savings account if you are eyeball deep in debt? That’s money that could be used to pay down your debt and free up space on your credit cards (also known as: the “other” savings account). Save the saving for when you have extra money to save! Take that extra money and apply it to your debt—it will help you pay down your debt even faster!

So which do you choose?

I propose a compromise. Perhaps instead of the usual ten percent (or whatever percent you put away), you cut that amount in half. Use one half to pay extra on your debt and save the other half for those rainy days. Here’s why:

You never know when you are going to need that savings account. While you might not have saved as much as you like, it is always good to have a little money set aside for emergencies. While you could use it to pay down your debt, what happens if an emergency pops up while your debt is still high? You don’t want to be caught unprepared.

The best way to save money is to forget that it was ever there. This is when direct deposit becomes your best friend. Simply divide your deposit up into two amounts. Have one amount go into your savings account and have the other go into your checking account. Take the decision away from yourself.

Another good way to make sure that you don’t spend the money in your savings account is to not link it to your checking account. When it only takes a couple of taps on your keyboard to transfer money to yourself, you are less likely to leave it where it is—especially when week four of chicken flavored top ramen is staring you in the face.

Saving money is never as much fun as spending money, but that savings account will come in handy later. I guarantee it.