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summer_phlox | Save Money or Pay Debt First? |
Should I be saving money or paying down my debt first (credit cards, etc)? I'm not sure what to do first or how to go about it. Do you know of any website that can help with this topic? |
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Elizabeth R
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Pay off your debt first. Sit down and make a budget. Rent, car payment, insurance, weekly gas expenditures, groceries, utilities, etc. to see how much you will be able to pay on your debt each month. Pay off your lowest debt first, then when your pay that off, apply that payment to your next lowest debt. It's called the Snowball Effect (Dave Ramsey, Financial Peace).
Example: You owe JCPenney $500, Sears $800, and Visa $1000. If you pay $50 a month to JCP and $30 to Sears, then when you pay JCP off, put that 50 bucks to your Sears balance making it a monthly payment of 80. It works, trust me.
Then your next step is to save. The first thing to save for is an emergency fund, which should be $1000.
Read Dave Ramsey's book (check it out at your local public library) and check out his website. Seriously, his stuff works.
As for paying your debt, you have to be diligent about it. If you can or need to, get a part-time evening or weekend job and put 100% of your earnings toward that debt.
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Core
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You pay debts off first, obviously. Saving money that you owe to someone else doesn't even make sense. |
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Thomas W
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I personally say pay the debt first. The debt will grow faster than any savings, get it out of the way before it bites you in the butt. |
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BIKER DUDE
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Pay the debt. the interest on the credit cards has to be higher than what you can make on your savings thus the end result is that you keep less of your money. |
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Stephanie73
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Pay down your debt first. You'll actually be saving money by doing that because you will pay less in interest charges. You should keep all your accounts current, but focus first on the account with the highest interest rate. Send as much as you can afford on that account. Then, once that is paid off, move to the card with the next highest rate, and continue that way until all the cards have been paid. |
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golferwhoworks
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put away an emergency fund first of at least $1000 prefer 6 months living expenses then pay off your debt starting with the smallest to largest. Use a debt snowball effect. Stay current with every account and when you get the smallest paid off add the amount you were paying to the next largest and so on and so on.
Good luck |
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dg
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I would pay all the debt you can first. Then save. Interest alone would suck up all of your savings after a while. If there is interest |
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labia69
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pay debt ...but put aside $10.00 or $20.00 a week into a savings account but you should be paying off debt so you don't have huge finance charges accumulating |
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Ben D
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yea pay your debts first...you don't want to be saving up money knowing that you owe some. so yea pay first because you will feel a lot better when you pay it off. and then from there on it will feel great knowing you have money saved and dont owe any of it. hope that helped |
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Chad R
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Unless you're exceptionally savvy at playing the stock market (or picking the ponies), the most efficient use of your money is going to be to pay down your credit card debt first and foremost. This is important for a few reasons:
1. The interest rate on a savings account of even a high yield CD is not as much as the interest rate on your credit cards. So you'll end up spending a lot more money by saving money than if you had payed off the credit cards.
2. Paying off your debt improves your credit score. If you're unfamiliar with credit score (although I'm sure you are), its the number that effects everything from other credit card payments to a mortgage. It all has to do with risk. If you can prove that you pay off your debts on time, companies trust you more, and give you a lower rate to borrow money at. If you were inconsistent with paying off your debt, the credit agencies would hedge their bets that you won't pay them back by charging a high interest rate. So by paying off the credit cards, you can save more money in the future
However, I don't mean to discount the importance of having some kind of savings fund. However, if you have enough money in the bank to deal with some minor catastrophe (car breaking down, temporary loss of job, etc), then its going to be important to pay off the debt. |
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brian d
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I recomend Horizons Graphic and Designs. Only because I have personally used them and I'm still currently a member of their website.
Their website is all based on free stuff, and therefore they pay people to upload websites and templates for myspace and we get the most out of it.
It's truely a great website.
I've made nearly over $53,000 in the past 3 and a half months.
Now thats a great online job if your looking for less work, a lot of money, and FREE sign up.
http://horiz.webs.com/home.html |
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