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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.
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.
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.
"Disability is not a brave struggle or ‘courage in the face of adversity.’ Disability is an art. It’s an ingenious way to live."
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.
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 =)