I want to put my ef on my debt!

iVillage Member
Registered: 11-14-2008
I want to put my ef on my debt!
8
Wed, 12-03-2008 - 12:21pm
I have saved a meager $185 for my emergency fund. And I really want to put it on my loan. I know I shouldn't........but I just keep thinking about the interest I would save if I put every penny on my loan. Please remind me why i should keep building my ef. I have an itchy trigger finger!


iVillage Member
Registered: 07-02-2008
Wed, 12-03-2008 - 12:37pm

I have only $800 in my EF.


Why save it there instead of including it on my debt total? What if ANYTHING comes up that you NEED to buy that you can't afford? Tires? Car repair? Anything. You might need that $185. Keep building your efund while working on paying off c/c debt. Don't do it!!

iVillage Member
Registered: 08-22-2008
Wed, 12-03-2008 - 12:42pm

Don't do it!


We were all totally flabbergasted when my DH was laid off after almost ten years.

iVillage Member
Registered: 11-14-2008
Wed, 12-03-2008 - 12:49pm

Yes, it helps. Thanks ladies!



iVillage Member
Registered: 07-10-2003
Wed, 12-03-2008 - 1:27pm
If your finger gets really itching thinking about the interest being used, remember if you need it to prevent a late fee, an over the limit fee, bounced check, etc those fees could add up to a LOT of interest!!
iVillage Member
Registered: 01-25-2006
Wed, 12-03-2008 - 1:45pm

I will be

iVillage Member
Registered: 11-17-2007
Wed, 12-03-2008 - 2:30pm

iVillage Member
Registered: 11-14-2008
Wed, 12-03-2008 - 2:35pm
Thanks Peg Very interesting. I think the biggest thing I got from that link is there are a lot of things you cannot pay with credit, only cash will do. I will see how I feel. I won't put the ef on the debt today, but maybe as I get closer to my goal I will. I just can't picture having 1000 left on my loan and 1000 in a saving account and not flipping them. Then building the ef again. I will play this one by ear!


iVillage Member
Registered: 09-22-1999
Wed, 12-03-2008 - 8:17pm

I read that article in the posting above....I was wondering when it was written and does it make sense for the times we are