what should I do with the money?

iVillage Member
Registered: 07-29-2003
what should I do with the money?
12
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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iVillage Member
Registered: 09-21-2004
Mon, 10-18-2004 - 8:37pm
I feel the same way. I have found so many tips and ideas. I can't wait to start snowflaking. Woohoo for this board!!
iVillage Member
Registered: 05-30-2003
Tue, 10-19-2004 - 11:33pm
I'm a big believer in emergency funds too, lol! It's always cool to get money in the mail and think of all the different things to do with it.

If having a bigger e-fund makes you feel secure, then that's your answer. True, you could put it towards paying down the credit cards, but you know, we all KNOW the right answers to how to do all this, but yet, here we are!

Sounds like you're doing OK with paying the cards down, and I see that snowflaking has been suggested to you. To that, I say, "It really really does work!!!" :) A good resource to get snowballing explained is Mary Hunt's "The Complete Cheapskate" ( I think that's the one, lol). She calls it a "rapid debt repayment plan", and if it's followed, it works well. (Of course, snowflaking helps a whole lot)

I'm glad for you that you're taking time to figure out what to do with the money, instead of wondering where the heck it went in a few weeks time!

Lisa

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