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ilovebobsaget2 | Tax Refund: Save for the trip or pay off most of my credit card? |
I am getting a tax refund of about $1150. I am planning on going to Vegas in July for my 21st birthday with my boyfriend and mom. I was wanting to save 1000 dollars for the trip, right now i have 530 in savings. I have about 1500 dollars in credit card debt, on a no interest credit card until June 2009. The debt came from having to get new snow tires and other unexpected charges. I was planning on putting half of my refund into saving and the other half towards the credit card. Should I instead pay off most of the credit card by using the entire refund for that? I have been putting $100 a month into my trip fund so if i don't have to save anymore i can put that $100 towards the credit card. What's your advice on what i should do? |
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Sheri G
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It depends on what the "no interest" deal is on your credit card. With some cards, if the entire balance isn't paid off in the "free" period, they charge interest on the entire amount from day 1. If this is the case, you need to make sure it is all paid by June so it would be best to put all the refund to the card.
If you will only have to pay interest on the unpaid balance at June, then I would put $470 into savings and the rest on the card. Then put the $100/month that you were saving towards the card along with your regular card payment. |
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Tatem
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With the present economy and the unknown future of day to day who will have a job, I would pay the credit card off and look at where you can cut costs with the Vegas trip, by shortening the time there or where you stay or what all you will do.
In this type of economy you have to plan for "when if I loose my job tomorrow? How will I pay my bills? How much do I have in savings to live on if I loose my job. What will the finance charge be on the credit card when it goes up this June? If you were not working could you make the payment? |
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Ralfcoder
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I would put the entire amount of the refund towards the credit card, especially if the card has a steep interest rate when it kicks in. Those "interest free" loans often have all of the accrued interest suddenly kick in if you don't pay them off by the cutoff date. Unless you've got the cash stashed to pay it off in June, you better pay it now.
Your savings rate of $100/month will get you the goal of $1000 by July comfortably, and you should be able to pay off the additional $350 that you owe on the card before all that interest comes due, too.
Look at it this way - if you pay off the card, you can take it with you to Vegas, and use it for SMALL things when you are there. Don't use it when you're gambling, of course, or you'll have another mountain of unsecured debt to deal with. But a dinner out, or a souvenir would be fine. |
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sunny_1_
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If you don't pay the credit card off by June you will be charged interest on the card. You already have half of what you need for your trip. You will have the full amount by the time you take the trip. I say pay off the card and avoid any interest charges. Try to pay the card off in full before you take your trip. That way you are debt free, not being charged interest, you will have the $1,000 cash for your trip AND you will also have a zero balance on your credit card (just in case). Then you can relax and really enjoy your birthday. |
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xanthalolly
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Pay off the credit card, in order to save on the interest. After that continue to save, save and save. ---And try not to spend all your money on your Vegas trip, its always good to have some saved up in case you need snow tires again...or other unexpected things come up. Have fun in Vegas! |
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Ambrielle
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While it is tempting to say that you don't need to worry about paying off the credit card until the interest shows up, it's always always always a good idea to pay off credit cards as soon as you can. What if the economy continues to plummet and you lose your job, will you have the 100$ to put toward the credit card bill.
It might be okay to hold onto the refund in your savings if your trip is after June, so you could see how much you end up saving and then making your decision as to how much you want to pay vs how much you still need for the trip before the interest shows up.
But if the trip is coming up right away I'd really just put most if not all of it into the credit card. It's a lot less fun, but it's even worse when you're one of those people on the debt commercials talking about how they've got 50 grand in debt. Obviously you're not to that point yet, but they definately started at some point.
Being responsible sucks, but you won't be worried about having made the wrong decision when you lose all your money in vegas to booze and gambling :D
Also, happy birthday, and have fun! |
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LT
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Pay off the credit card which has a high interest rate. Then if you save enough money for the trip great, if not the worse that can happen is you need to borrow the money again, but should be less than you owe now and you will have saved money (interest payment) between the time not needed and needed. |
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Shawna F
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Always pay off debts first. That is money already promised to somebody else. You'll save enough for your trip, don't worry! |
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Sahara
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I think you have a good plan. Use half of your refund to pay down your credit card debt and half for savings. |
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Ross S
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I would go for savings then credit card as you can earn interest off it |
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A. Popa
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You should always pay yourself first. |
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mmh917
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Pay off the card and then use the money that you would have used to pay the card towards the trip. |
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