what should I do with the money?
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what should I do with the money?
| Sun, 10-17-2004 - 12:54pm |
I just learned about this board and Im so happy I found it!! I have $500 in my savings account. I just got my home rebate check for $800 and I have alot of debt, cc, line of credit, etc. I also just opened an ING savings account that has $200 in it.
I dont know if I should take that $800 and put it all on one of my credit cards which will pay one off or should I put that money in my ING account where I wont be able to touch it??
What do you think makes more sense?

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Jenny
Jenny
I also encourage you to snowflake/snowball any extra money you can scrounge up...check the snowflaking website link as many of us have come together to throw nearly $110K so far this year towards our debts!
Stick around the board; at least you'll have the support of people who truly understand your situation without rendering judgement whatsoever :)
Best wishes,
Kassandra
Kassandra
"It is said that life has its peaks and valleys. The challenge is to accept them equally and experience them
Are you still charging on your cards? If you pay it off and just run it up again, then the money is safer in savings. Once the one is paid off, I'd freeze it in a block of ice in the freezer so I couldn't use it.
Once you pay off one credit card, you can take the money you used to pay to it every month, and add it toward paying one of your other debts. This way you will pay off that debt faster.
I dont use my cc anymore but I guess it does make more sense to pay off the credit cards. IF something happens and I dont have an alternative, I guess I could use a card if absolutely necessary.
Thanks for the help. I think this board is very motivating! Ive already cancelled cable and some other things I dont use anymore. But where is the snowballing info?
Thanks,
Meena
That's just my two cents.
MYM
Now, having suddenly depleted all $700, I also felt vulnerable, and my first goal is not only to replace the $700, but to build it up to $1000 before I go back to snowballing my debt. Luckily, it's bonus-time at dh's work, and check's-in-the-mail time for my small freelance business, so we should be able to replenish it fairly quickly.
So, my point is, if I were you, I might pay some debt with that money, but I would put enough in savings to feel secure. Then you can continue to bring that debt down over time while knowing that you won't have to charge it up if you're hit with an emergency.
Of course, just be sure that "emergency" doesn't include things like a sudden need for a designer blouse or that gorgeous lighting fixture that's on sale this week only! LOL
Bottom line is, do what makes you feel secure financially, and then work on the rest.
Blessings,
Heather
I just finished separating all my change (I have a round glass cookie jar Ive been saving in for a long time and its just about full) and Im taking it to the bank to find out how much I have. I wanted to buy a new dresser with that money but its going to pay a cc. I cant wait to see how much I have!!! And I cant wait to pay off another card!
I have been working toward paying off my debt for a year now (although I have used my cards on rare occasions) but its more exciting since I found this board last week!! Everyone has such great ideas and its become a focus for me to pay off as fast as I can.
Thank you all for your great ideas.
Meena
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