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Savings first or payoff debt first


Forum: Financial Planning and Budgeting

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  #1  
January 24th, 2011, 08:47 PM
JessP's Avatar Lovin life and family
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If you knew it was going to take a couple years to pay off your debt would you stack your savings before starting to pay off the debt? Or is there a better way to build up savings while paying off debt? Thanks ladies.
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  #2  
January 25th, 2011, 05:43 AM
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Most of the time, you should build a small emergency fund so that in the case of emergency with home repair, car repair, etc you can cover it without using a credit card. Then all the extra money should go to debt payoff. Look for ways to free up more money for the debt payoff. A little extra paid each month can help quite a bit in the long run.
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  #3  
January 25th, 2011, 12:55 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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I am not sure. I would think paying off debt would be more efficient. But then I also agree with the person above me.

good luck with your savings and paying the debt off
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  #4  
January 25th, 2011, 01:34 PM
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I agree with Kris, the only way to be sure you won't get in more debt while climbing out is to make sure you have a bit set aside. Think of how upsetting it'd be to be doing really well with paying it off and then your a/c goes kaput. That kind of set back would be disheartening.
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  #5  
January 25th, 2011, 02:23 PM
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Ditto to everyone else. Small emergency fund and everything else to debt. Good luck!
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  #6  
January 29th, 2011, 08:59 PM
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Thanks ladies. We decided to put $2000 from our tax refund into savings and use the rest to pay off debt. I appreciate the help and advice. It is better to have something so we can avoid using the cc again.
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  #7  
January 31st, 2011, 09:55 AM
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That's a great start!
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  #8  
February 5th, 2011, 02:18 PM
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Im in the same situation....I wanted to pay off ALL our debt with our tax refund but if I did we wouldnt have any left to put into savings. So were paying off our 2 credit cards that have interest and sticking $1600 into savings, bringing it up to $2300. And we will have one zero interest c.c. with a balance of around $800 left =)
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  #9  
March 27th, 2011, 11:37 AM
2pinks&ablue's Avatar Chantelle
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I agree, without some set aside for emergencies it's hard to ever get out of debt (since if something goes wrong, you may end up having to charge it to pay for it).
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  #10  
March 28th, 2011, 06:17 AM
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Sounds like you came up with a great plan!
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  #11  
June 16th, 2011, 10:24 AM
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It was a great plan but helping family took most of it dang it. I need to get us back on track. Hence me hanging around again .
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