Is it better to put $ away for emergencies-then start paying down the cards so that you can use the savings instead of the cc? Or is it better to put every dime towards the cc's then only if an emergency comes up use them?
What is best? Unofficial pole
December 20th, 2006 at 01:17 am
December 20th, 2006 at 01:42 am 1166578925
my budget for next year has $400 per month alotted to short term savings: gifts, household items, car repairs, medical, etc. all of this money could and would be used in the event of an emergency. if there's no emergency, then these funds can be used for their 'budgeted' purposes. all extra is hopefully going to go towards debt.
December 20th, 2006 at 02:24 am 1166581456
There are arguments to do it all sorts of ways but I like his approach.
December 20th, 2006 at 02:26 am 1166581615
December 20th, 2006 at 04:59 am 1166590777
December 20th, 2006 at 10:43 am 1166611424
December 20th, 2006 at 11:06 am 1166612786
December 20th, 2006 at 01:33 pm 1166621630
December 20th, 2006 at 04:17 pm 1166631473
I recommend to crunch some numbers and see which way to get you further ahead.
It may also be worth alternating in smaller increments, such as doing a little bit here, and then a little bit there.
You can do a mix of both, in whatever proportions that you feel is best.
Lots of choices, and lots of controvery for that matter. But in the end, so long as you're diligently working on your finances, that's the most important thing.
December 20th, 2006 at 04:19 pm 1166631573
December 20th, 2006 at 05:01 pm 1166634087
small being 1000 for us...that way we bought our new dryer without adding to the CC...so we felt..competant....but it didn't take over our budget, that was focused on debt...actually right now we have a slightly higher EF..and the spare money goes to the car.
December 20th, 2006 at 05:57 pm 1166637470