Comments on: Save for a rainy day or pay off debt? http://www.blisstree.com/thriftymommy/save-for-a-rainy-day-or-pay-off-debt/ Time and Money Saving Tips from Thrifty Mommy Tue, 15 Dec 2009 19:42:03 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Save money while bringing up baby : Thrifty Mommy - Time and Money Saving Tips from Thrifty Mommy http://www.blisstree.com/thriftymommy/save-for-a-rainy-day-or-pay-off-debt/comment-page-1/#comment-51672 Save money while bringing up baby : Thrifty Mommy - Time and Money Saving Tips from Thrifty Mommy Sat, 24 Oct 2009 03:38:49 +0000 http://www.blisstree.com/thriftymommy/?p=6544#comment-51672 [...] an emergency fund asap, I mean the second you find out your expecting, if you haven’t [...] [...] an emergency fund asap, I mean the second you find out your expecting, if you haven’t [...]

]]> By: Karen Weideman http://www.blisstree.com/thriftymommy/save-for-a-rainy-day-or-pay-off-debt/comment-page-1/#comment-27889 Karen Weideman Wed, 01 Jul 2009 15:20:04 +0000 http://www.blisstree.com/thriftymommy/?p=6544#comment-27889 We are going through this decision now. Last year, my husband was laid off for 5 months. I kept saving every bit that I could because I didn't know when we would need the money. In the meantime, we accumulated about $2,000 in debt. I know that's not a huge amount, but I've been debt free for a little while and would like to keep it that way. Then our house was on the market after we moved and we were making two house payments. Again, I was saving all the money that I could and not paying off the $2,000 in debt. Our house just sold and so now I'm working on paying off the debt. I'm sending in over $1,000 today and hope to have the rest paid off soon. I'm all for paying off debt and building an emergency fund, but for our situation, I had to hang on to the money. We are going through this decision now. Last year, my husband was laid off for 5 months. I kept saving every bit that I could because I didn’t know when we would need the money. In the meantime, we accumulated about $2,000 in debt. I know that’s not a huge amount, but I’ve been debt free for a little while and would like to keep it that way. Then our house was on the market after we moved and we were making two house payments. Again, I was saving all the money that I could and not paying off the $2,000 in debt. Our house just sold and so now I’m working on paying off the debt. I’m sending in over $1,000 today and hope to have the rest paid off soon.

I’m all for paying off debt and building an emergency fund, but for our situation, I had to hang on to the money.

]]> By: becca http://www.blisstree.com/thriftymommy/save-for-a-rainy-day-or-pay-off-debt/comment-page-1/#comment-27882 becca Wed, 01 Jul 2009 13:35:10 +0000 http://www.blisstree.com/thriftymommy/?p=6544#comment-27882 We are facing this decision right now too-it is so hard to decide what is best...We could pay off about half of out debt with the emergency fund we have but then what happens if my husband is laid off from his job-we are a one income family. Suzy Orman recommends paying minimums on credit cards at this time until you have a fully funded emergency fund. We like both Dave Ramsey and Suze Orman and we are taking a mixed approach. We will keep at adding to the emergency fund while making the minimum payments on debt until we reach $10,000-$12,000 in the emergency fund then we will start putting all of the money we were putting into savings on debt. In this current economy we just think it is too risky to be jobless with only $1,000 in an emergency fund. That is out approach looking forward to hearing other's plans! We are facing this decision right now too-it is so hard to decide what is best…We could pay off about half of out debt with the emergency fund we have but then what happens if my husband is laid off from his job-we are a one income family. Suzy Orman recommends paying minimums on credit cards at this time until you have a fully funded emergency fund. We like both Dave Ramsey and Suze Orman and we are taking a mixed approach. We will keep at adding to the emergency fund while making the minimum payments on debt until we reach $10,000-$12,000 in the emergency fund then we will start putting all of the money we were putting into savings on debt. In this current economy we just think it is too risky to be jobless with only $1,000 in an emergency fund. That is out approach looking forward to hearing other’s plans!

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