Filip Telibasa, CFP and owner of Benzina Wealth in Sarasota, Florida, agrees. He suggests pausing extra debt payments beyond the minimum to focus on setting aside at least one month’s worth of emergency savings.

Then, if there is a rainy day event, it doesn’t put you into a deeper hole, he says.

Once one month’s worth of expenses is set aside, you can consider prioritizing high-interest debt before accumulating an even bigger savings cushion.

Putting those savings into a high-yield online savings account can provide additional motivation, because you see the interest payments accumulating, Telibasa says.

“You might be increasingly motivated to add more money to the account,” he says.