Dave Ramsey question
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Dave Ramsey question
| Sun, 07-03-2005 - 3:39pm |
Hi,
I have been reading some of the Dave Ramsey info -- I'm wondering about the emergency fund. How do I fund it really -- I'm spending every penny I can get on trying to pay down the almost 40,000.00 we have in credit card debt. We had paid it down to about 33,000 after lurking somewhat on this board and getting motivated. Then our dog got really sick, and before we knew it, we owed an additonal 7,000.00 so back up our debt went. So do I cut back just a little on the credit card payments and add to the emergency fund? I just got one of those ING savings account fliers in the mail -- they would give me 25.00 for opening the account. Anybody have one of these accounts? Are there any surprises with this account.
Thanks for the advice.
Megan
I have been reading some of the Dave Ramsey info -- I'm wondering about the emergency fund. How do I fund it really -- I'm spending every penny I can get on trying to pay down the almost 40,000.00 we have in credit card debt. We had paid it down to about 33,000 after lurking somewhat on this board and getting motivated. Then our dog got really sick, and before we knew it, we owed an additonal 7,000.00 so back up our debt went. So do I cut back just a little on the credit card payments and add to the emergency fund? I just got one of those ING savings account fliers in the mail -- they would give me 25.00 for opening the account. Anybody have one of these accounts? Are there any surprises with this account.
Thanks for the advice.
Megan

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We used the Total Money Makeover Plan ourselves, and paid off about $10K in credit card and medical debt in 13 months.
You are so right about the pet insurance. If we ever get another pet we will definitely do that! Lesson learned.
Megan
Thanks to all of you who responded. I'll get working on the emergency fund. I can see that if we had it, we would stop floundering when we get hit with unplanned (or even planned) expenses.
Megan
For sure we will get the pet insurance if we get another pet (and I'm pretty sure we will).
I plan to open a savings account. I did find out that you have to have "quicken" or something similar to access an ING account. But maybe I should learn how to use this anyway to track our spending? One thing I have found out is that if I balance my checking account every day it really helps -- because then, in the back of my head, I know how much money I have and what I have been spending it on. 40,000 is a long way to go, but hopefully things will stay on an even keel and we can start to make a dent in it.
Thanks for the advice.
Megan
Megan,
I don't think that is correct about needing to have quicken or some such to access an ING direct account. I just opened one a few weeks ago, and just needed to set it up to work with my checking account with my local bank. I can access it right over the WWW. The interest rate is 3% right now, which is fantastic. This is my new emergency fund. It's very small right now, but it's a start.
SpyWeb
Someone wlse just told me the same thing! I'm so glad to know that -- I'm going to open the account today.
Thanks!
Megan
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