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trackman716d | Should I put money into savings or pay bills? |
I will be receiving a bonus at work that will be worth about $5000...My plan was was to put $2000 into my savings account and then use the other $3000 to pay off credit cards. I have $3200 on one card, $2700 on another, $600 on another and $2600 on another...My goal was to pay $500 on the $600 card....$1000 to pay off a car...and then use the remaining $1500 to pay on the highest interst card...the $3200 card.
Should I pay things this way or should I not put so much in savings and then pay more on the cards?
I will also be receiving another $8000 bonus in February in which I would again put $2000 in savings and use the remaining $6000 for the cards.
Additional Details
Wow thanks a lot!!
I currently dont have any money in savings...recently bought a house and got married (hence the high credit card balances). I'm afraid that if I put nothing into savings then if something happens we will be in a bind...Maybe Ill just do $1000 in savings as opossed to $2000.
Thanks for all the help! |
 |
 
<0>
|
Unless you absolutely need to have that money in savings, just in case something happens, I would put it ALL on the credit card. I would pay the minimum payments on some, and then pay off the highest interest. You are paying monthly fees to finance this money...why pay that amount if you don't need to? |
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Ziad K
 |
you shuold use the whole 5000 on bills, save nothing, pay your debt and move forward... |
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amosunknown
 |
The interest on your credit cards is on average about 12% higher than ANY savings interest rate.
You're LOSING more money by having the credit card debt, than you could ever save by pocketing the bonus.
Use it all to pay off the cards. The more expensive ones first. |
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ROGER S
 |
If it were me I would pay off some of the small ones! Save some for the rainy day! It will come sooner or later!! Then try to pay bills as they come do! Any extra pay on the smaller cards. The sooner you pay them down. The less interest!! You may have to wait until February to finish them off! |
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♫ Mad Luv ♫
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Yes put 2000 in your savings
then split the 3000 up between your credit cards! and pay on each of them and do the same thing in feb
reason i say split them up is you don't want any of them to defalt so put money in each! |
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HEY HEY
|
My advice is to take the entire 5000 and pay off the highest interest rate CC, then cut it up. whats ever's left use it to pay the next highest interest rate, and cut it up, while doing this pay the minimums on the other cards only. Tackle one card at a time and keep doing it until your debt free, then take the money that you would be paying towards debt and begin a savings account, once your savings account equals two to three months of your salary stop saving and begin investing. Talk to an investing accountant at your bank, they'll be able to help you out.
Doing this is difficult, but it is the best way to spend the cash, don't put 17% of your money into someone elses pocket and while only collecting 2% in the bank, it doesnt make sense. Your goal s to eventually get your money working for you, not your creditors. |
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loubie lou
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pay off the cards !!!
At least then you will know, that they are finished no point saving money when you owe! |
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Hello
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pay the bills you won't be able to buy some extra things, but you will still be able to pay off the bills, which is most important. |
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lil.hooper@sbcglobal.net
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bills so u dont get to high to pay it off so pay it all off as soon as possible then put put u didnt use in the savings bank |
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acwench2000
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Id pay off the bill with the highest interest first and go from there. Even if you pay off a little bit your still paying a ton of interest. Maybe put some in a money market or CD for savings. |
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sortaclarksville
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Depends on the interest you are paying on the cards, really. If one of those is a store card where you have a same-as-cash plan and are planning to pay it off during the promotion period, then don't put any extra on that one.
However, unless you have nothing in savings at all, I would put it on the credit cards (putting the most on the cards with higher interest rates and working down from there). If you have no savings, you need to save a little bit for future emergencies (that way you can pay cash and not finance them), but still put the majority towards the cards. No sense in sitting on money earning 5% or less when you could use it to pay off bills (which will "earn" you far more than 5% by saving you on interest).
It also depends on how much self control you have with spending, too. If you can pay off the cards and then start putting those payments into savings, then that is an option. But, if you are likely to just pay off the cards without saving anything, and then using the money you are currently spending each month on credit card debt to buy more stuff (instead of saving it), then you definitely need to save first. |
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Nick O
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You need to pay your bills for the things you really want to keep. Remember, if you don't pay the bills, your credit score may suffer. I know this isn't much but that is my insight. |
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criminal_justice2007
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Sounds to me, like you already have a plan. Stick with it, sounds great to me!
Good Luck! |
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anjlbeing
|
Pay off the bills! You are better off avoiding all those interest rates! |
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shiela
 |
i don't know the interest rates in there, but let me use the interest rates here in the Philippines, you could follow on the calculations from there by substituting your present interest rates.
in here the interest rates for dollar time deposit accounts are ussually at 4% p.a. on the $2k to $5k range
the credit card rate is at 21% p.a.(yep its that high.)
example1
suppose instead of paying your credit card bills, you placed your $5k in time deposit accounts it will earn you interest income of $200 for the year.
since you owe $9,100 at the rate of 21%interest p.a. your inerest expense for the year will be $1911
if you balance it out you paid $1911 for interest and got $200 which will give out a net interest expense of only $1711
example2
following your plan to save the $2k and use the remaining $2k for credit card payments (the $1k for the car payment should not matter here anymore)
heres what you end up with
interest income on the $2k savings account, (with the assumption its also at 4%) $80
debt total from $9100 less the payment of $2k will only become $7100
interest expense for the $7100 debt shall be at $1491
to sum up you paid $1491 and gotten $80 net interest payment is at $1411
this option is cheaper than the first example where you don't pay bills at all and put everything at savings.
example3
if you opt to use the whole $5k to pay for the bills outstanding debt balance of $9100 will become $4100
nothing left for savings, no interest income
total interest expense for the year is only $861
cheapest option to go for.
So I suggest you pay for the cards first, interest charges are higher when you avail of credit card loans than what the interest rate banks will give you for your money.
Again it will all depend on you if it will make you feel more comfortable to have a savings account, but I strongly suggest pay your loans first, you can save more money this way.
GL |
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cutiebabexx420
 |
pay oyur bils with the 5000 and then your next bonus pay what is left and put the rest into savings ! |
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fennellk927
|
Any article on clearing debt/saving money will tell you the first step is to pay off credit card debt, as it does nothing but drag you down....take care of that first. |
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Bryan A
|
Hey Track,
When I advise clients on this type of thing, I advocate a 90/10 approach. Put 90% of your disposable, "extra" income into debt relief. That is essentially guaranteed return on your investment (the reduction of interest you're paying) and it helps create more cash flow down the road as debts vanish.
The other 10% should be saved, first with some "rainy day" money (maybe about 3 to 6 months of income at the top, in a regular high-interest money market fund) and then by contributing for retirement in your employer's 401(k) or a Traditional or Roth IRA.
What happens is that the 90/10 split eventually means you're getting more free cash flow as debts get retired, and your 10% becomes larger as you have more disposable income. When your debts are eliminated, you can then divide up ALL of the extra money into various savings "pots" (the rainy day fund, the 401(k) your Roth IRA, etc.)
Just some thoughts... |
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Makes Sense
|
ALWAYS PAY YOURSELF FIRST. You will always have bills. Plan now for a comfortable retirement.
Take 10% of every check you earn (including your BONUS)and put it into a savings account. Set up automatic deductions from your checking into a high interest bearing savings/CD or money market fund. Read The Automatic Millionaire by David Bach.
This is a GREAT opportunity to start a habit that will make you VERY rich if you commit to it.
I also agree that you need an additional account for little emergencies (around the house - car - or sudden unemployment - health etc) Do an additional 10% into this account until it equals 6-12 months of your total monthly expenses. Then let it collect interest.
The remaining 80% is for your expenses. |
|
nest
 |
pay off the bills and save as much money as you can. |
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V B
|
Depending on the interest rate on your savings account,
your plan sounds great! But if your highest interest charge card charges double the amount of interest your savings
account pays you, it might be wise to place another spin on
your plan. Now remember it is the rate I am speaking about,
not the the amount of interest you pay per month. But regardless, put at least $1000.00 in savings. When you have a handle on the charge cards, you will be able to pay the full balance every month on at least 2 cards, cut one in half,
and be paying off the one with the lowest interest rate.
(That way you can use the card, pay almost nothing, and get free airline miles, and other benifits for just using and paying the card!) |
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Bri
|
Pay off the debt now. if you choose not to pay off the debt you may incure more intrest charges. the sooner you pay off the debt the better. Think about the return on your investment. you banks some. most banks are not giving up much...I think the average is about 5.5% APY (not much) while your credit cards could be as high as 19-25% while you have a balance. You say that you will have 8k in february save then. |
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Pdawg
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It's entirely up to you. In my opinion it depends on how the rate of interest is. I currently work for a bank, and our savings account rates are a measly 0.5%. So you will not be making much money on the savings. CD's are about 5.10% which is a lot better, but then you are also taxed on the interest.
I would assume that the credit card rates you are paying are between 15% and 28%. So unless you have an investment opportunity where you can recieve that much interest, you should pay off the credit cards with the highest rate of interest first.
You are going to have to invest in some volatile stocks if you wanted to earn a good rate of return, which means they are risky, and you could possibly loose money.
So depending on the rate you pay on the cards, I would pay off the credit cards with the highest rate of interest. |
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irish398
|
I know it sounds risky not to save any money but the last thing you want to be financially is in debt. First thing you do is list out your debts. With whatever money you have or will have pay off the smallest one to the largest in that order before you start saving. By doing it this way you will start eliminating all of your debts one at a time until they are all gone. Another thing you need to do is get rid of all of your credit cards immediately. With the debt you are in you shouldn't have any right now. They are causing you to rent your own life one month at a time with the minimum monthly payments. Another thing you need to start immediately is paying for everything in cash. If you can't afford to pay for it in cash, you can't afford it right now. Follow this plan and you should be out of debt fairly soon. |
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5_for_fighting
|
First things first. Get on a written budget. If you haven't done that already, you can gain complete control over your finances by doing it. Money will go farther and you can pay off debt quicker.
Second, you need $1000 - 1500 in the bank for emergencies. Since you don't have anything in the bank right now, do like you said and put at least $1000 - 1500 in savings. I wouldn't argue too much with $2000. You want to maintain this amount because when emergencies happen, you can pay for them instead of borrowing. So, if you use some of the emergency fund, build it back up ASAP.
Third, start paying off your debts smallest to largest. You could make an argument about interest rates and paying off the highest first, but if we were thinking logically all along, you wouldn't have this debt to begin with. ;-) (BTW, been there, done that). The key is that all humans need encouragement. Taking a long time to pay off the highest dollar, highest rate debt doesn't encourage us because the end isn't in sight. As you pay off the smaller ones, it encouraging to see progress.
Pay as much as you can towards the smallest and the minimums on the rest. After paying off the smallest, roll the full amount you have been paying on it into the payment on the next largest. Once that one is paid off, you will then be rolling the payment amounts of the first 2 debts into the 3rd. This is the debt snowball that Dave Ramsey teaches.
Apply your bonuses in the same manner. After putting aside your emergency fund with the first bonus, use all of the 2nd bonus for debt. |
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Frizzel
 |
Me personally i would try to pay off as many debts as i can, once you have everything paid off then you start saving money. Also i never put anything on a credit card that i dont have the money for. |
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Mary Anne
|
Put $1000 in your savings account, and use the rest of the money to pay off the cards with the highest interest rates. |
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kys
|
Pay the entire highest interest cared off and cut it up. Put the remaining into savings. On the next bonus, pay off the rest of the cards. Meanwhile, pay cash. Get rid of those cards. Plan to keep one for emergencies only. |
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