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savings and paying off debt

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sunnygirl
loving life

Member since 1/07

5413 total posts

Name:
D

savings and paying off debt

I am in the process of paying off some debt we are also trying to save for a house, we do have a small chunk of savings already but need more
my question is would you put some money towards debt and some towards savings or wait on the savings and just work towards paying off the debt faster
also we have about $15,000 in debt and I actually have more than that is savings, should I just pay off the whole debt at once and then work on the savings
I am petrified of not being able to save money for a house so I would rather not touch the nest egg I already have
thanks
eta I know about the whole debt snowball thing from posts here and reading a little on line that's what I plan on doing

Posted 2/2/14 12:32 AM
 

MorningCuppaCoffee
Tired!

Member since 12/07

16353 total posts

Name:
Allison

Re: savings and paying off debt

I think it depends what kind of debt it is.

If it's credit cards or a car loan, I would probably pay it off.

The only debt we've really kept on is my student loans.

I'm also glad we didn't drain our savings a few years ago for that because DH had a bad year in business and we needed it to pay our mortgage.

ETA: You can also just throw the amount you've been paying towards the debt back in savings and it should build up quickly again.

Message edited 2/2/2014 7:09:14 AM.

Posted 2/2/14 7:07 AM
 

sunnygirl
loving life

Member since 1/07

5413 total posts

Name:
D

Re: savings and paying off debt

It's credit cards and what you said about draining the savings is my fear dh owns his own business and there are times he has no income. So I must have some savings

Posted 2/2/14 11:05 AM
 

babyfever24
LIF Adult

Member since 1/11

3340 total posts

Name:

Re: savings and paying off debt

I am in a similar boat. DH can be laid off from a month to three months every year so i cannot use my savings to pay cc's. Can you use a small portion to pay off high interest rates?

Posted 2/13/14 3:45 PM
 

MorningCuppaCoffee
Tired!

Member since 12/07

16353 total posts

Name:
Allison

Re: savings and paying off debt

You can also keep a certain amount in savings that you never touch no matter what.

Posted 2/14/14 5:33 AM
 

kimbalina
Bring on the glitter and bows!

Member since 6/08

15158 total posts

Name:
Kim

Re: savings and paying off debt

Posted by MorningCuppaCoffee

You can also keep a certain amount in savings that you never touch no matter what.




I agree. Keep a set amount as an emergency fund.

From the debt snowball it would be paying of smallest balance first. But if you are uncomfortable with that then pay off the highest intrest rate or maybe knock out one (or a few at once) to get the momentum going.

Maybe save monthly into your home fund and then throw the rest at debt.

Posted 2/15/14 8:51 PM
 

alexb
LIF Adult

Member since 5/13

960 total posts

Name:

savings and paying off debt

Maybe pay off half of the debt ? At least this way you will still make a dent but have money in savings for an emergency. I know its tough to part ways with a large amount of money but think of how great it will be when the debt is completely gone!

Posted 8/5/14 11:27 AM
 

alexb
LIF Adult

Member since 5/13

960 total posts

Name:

savings and paying off debt

Maybe pay off half of the debt ? At least this way you will still make a dent but have money in savings for an emergency. I know its tough to part ways with a large amount of money but think of how great it will be when the debt is completely gone!

Posted 8/5/14 11:27 AM
 

Drock
LIF Zygote

Member since 4/14

3 total posts

Name:

savings and paying off debt

pay off whatever interest rate is highest.. if your paying a higher rate of interest than getting in your savings (which now a days is always unless your invested), its best to eliminate debt

edit: my fault, didn't know this board was dead.. just started posting.

Message edited 7/20/2015 7:51:40 PM.

Posted 7/20/15 7:50 PM
 
 

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