Help! I need advice!

iVillage Member
Registered: 04-22-2003
Help! I need advice!
7
Fri, 12-17-2004 - 8:03am

Ok, yesterday we received our bonuses. Very good. In fact, I can use the whole bonus plus take $200 out of savings and pay off my CC completely.
I'm just afraid that if I do that, something will come up (Murphy's Law and all that....and then I will have wished that I'd saved that money or at least part of it.)
I have to decide soon b/c the due date to pay the bill off and avoid finance charges is the 22nd, next Wednesday.
What should I do? Save half and pay half then wait till January to pay it off?
I have an APR of 6.9%.
Help me, what would you do?
I was going to have it paid by January anyway.

slojuly

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Fri, 12-17-2004 - 8:19am

I'm kind of interested in the responses you get for this myself.

Sarah
iVillage Member
Registered: 04-22-2003
Fri, 12-17-2004 - 8:48am

I also live under the curse of Murphy's Law. =P
Isn't it great?
You have a good point. I could just use the entire bonus check, then pay the remainder when I get paid on the last of the month. That way I don't have to take any out of savings. I was going to put it right back, but why bother.

slojuly

iVillage Member
Registered: 02-19-2004
Fri, 12-17-2004 - 10:06am

How much will you have in savings? How much do you think you need in savings to cover an emergency?

I feel like I need to have a few hundred dollars as a cushion in my account so I won't ever overdraw it, and then I need about $500 to cover an emergency with my car or something like that. If I have an emergency with my car, I don't want to deplete my entire savings though, so I feel better having $1,000, or enough for two car emergencies in savings.

I just go a bonus too, so what I did was added $1,000 to my savings (I now have $1,450 in savings) and used the rest to pay off one of my credit cards. I transfered the remaining credit card debt to a new card at zero interest.

Photobucket

iVillage Member
Registered: 04-22-2003
Fri, 12-17-2004 - 10:23am

I have about 2K saved up between both my savings accounts. My deductible is $250 so I pay higher car ins, which is fine by me since I don't want to have to drop $500 if something did happen. KNOCK ON WOOD!
I guess I've just worked so hard to get that much saved up I'm worried something would happen to blow it.
Haha, this debt/budget/savings thing has made me crazy!
=)

slojuly

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 12-17-2004 - 10:25am

I like the idea of paying off the credit card with the bonus but not taking the $200 out of savings...wait until the January payment for that.


I, too, am familiar with Murphy's Law, as most of you have had to listen to my woes about it on the board!

iVillage Member
Registered: 04-22-2003
Fri, 12-17-2004 - 10:35am

Thanks for all your sound advice and suggestions. I will use the bonus check only. I can wait a little longer to pay off the card. It sure will be nice to have a teeny CC balance.

slojuy

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 12-17-2004 - 10:43am

I think that's an excellent decision. I would just use the bonus check toward the c/c. The remaining balance I would pay with the paycheck.

Just my two cents.

MYM