| Posted By |
Message |
MrsMC107
LIF Toddler
Member since 1/10 451 total posts
Name:
Meg
|
Saving vs Debt
DH & I are trying to get rid of some debt to increase our credit scores as well as start to really save for a house...
Are we better off saving any extra money we come across or using it to pay down debt?
I know there really isnt any hard fast rule to this, and it's really a case by case basis - but i figured it'd be okay to hear some opinions 
Thanks!
|
Posted 10/5/10 9:25 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
LadyBug1209
Mommy to FOUR little men!
Member since 8/08 9655 total posts
Name:
|
Re: Saving vs Debt
I would wipe off your debt before you start putting money aside for a house. I know from experience, once you buy a house, your debt will most likely increase and I would try to avoid that situation if you could!
Suzy Orman always tells people that there is no such thing as 'saving' if you are still in debt... sort of an oxymoron.
HTH! 
|
| Posted 10/5/10 9:29 AM |
| |
|
MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
|
Re: Saving vs Debt
Get rid of the debt first and then it will be much easier to save.
|
| Posted 10/5/10 9:35 AM |
| |
|
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
|
Re: Saving vs Debt
debt first because once you buy the house you will find debt creep back into your lives.
|
| Posted 10/5/10 9:38 AM |
| |
|
Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
|
Re: Saving vs Debt
Pay down your debt
|
| Posted 10/5/10 9:57 AM |
| |
|
maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
|
Re: Saving vs Debt
I'm the type that needs to have money in the bank. I would take half of what you have left over pay your debt and save the other half. I would not even consider buying a home if you have debt like credit cards.
for ex. we have a car loan and student loan we can pay off w/ our savings but I would rather have that cash in the bank
|
| Posted 10/5/10 10:00 AM |
| |
|
GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
|
Re: Saving vs Debt
Your debt is also costing you much more in interest than any savings you could earn.
|
| Posted 10/5/10 10:01 AM |
| |
|
Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
|
Re: Saving vs Debt
debt first, definitely. we just went through this too.
|
| Posted 10/5/10 10:10 AM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: Saving vs Debt
you don't want to have the debt once you own a house trust me! It will give you a little relief each month once you have a mortgage payment...
|
| Posted 10/5/10 10:51 AM |
| |
|
JDubs
different, not less
Member since 7/09 13160 total posts
Name:
|
Re: Saving vs Debt
def get rid of your debt. DH and I find it so hard to save when now we have our mortgage and other bills coming in each month...
|
| Posted 10/5/10 12:02 PM |
| |
|
Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
|
Re: Saving vs Debt
First make sure you have an emergency fund in the bank. Then pay off debt before savings.
|
| Posted 10/5/10 12:32 PM |
| |
|
bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
|
Re: Saving vs Debt
Posted by Kara
First make sure you have an emergency fund in the bank. Then pay off debt before savings.
ITA. the interest you pay on debt is a lot higher than the interest you earn on savings.
|
| Posted 10/5/10 4:21 PM |
| |
|
IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
|
Re: Saving vs Debt
Debit first. Three years ago I read the book from Dave Ramsey The Total Money Makeover. It totally changed the way I thought about money. Other than my mortage, DH and I do not have any debt and have accumlated a very large amount of savings as well as contributing to the max to our retirement accounts.
Good luck!
|
| Posted 10/5/10 5:48 PM |
| |
|
