Need a little advice

iVillage Member
Registered: 05-26-2004
Need a little advice
3
Tue, 05-12-2009 - 2:44pm

Hi there.

I wrote a note to the board about a week ago, freaking out about finances (who isn't)because my husband went from working 5 days to 4 days a week (this is also considered a cut in pay as well, about a $400 dollar loss every 2 weeks for the time being). Here is my question:

Just until he goes back to 5 days, do I pay the minimums on EVERYTHING. Example: I have a credit card (bad idea I know) with a 15 dollar minimum payment, do I pay the 15 and not put anything extra on it?? OR do I put like $50 on it to try and get rid of it??

HELP HELP!!

Kelly

iVillage Member
Registered: 08-02-1998
Tue, 05-12-2009 - 3:02pm
It would be good if you were able to put the $50 on it, but if doing that will make you short for other necessities, then I would just make the minimum payments on things until your husband gets back to regular hours. JMO




iVillage Member
Registered: 08-29-2006
Tue, 05-12-2009 - 3:11pm

Hi,

iVillage Member
Registered: 01-25-2006
Tue, 05-12-2009 - 3:21pm

Kelly,
I personally would hold on to every dollar I could until things settle down and you are assured he is going to be able to go back to his full salary. I don't remember the specifics of what you shared but this would be particularly true if you do not have much in the way of emergency savings in place. You could put the difference between your minimums and your payment the month before you got this news for each account in a savings account. When the storm clouds have settled you can decide if that is better maintained as an eFund or if you can throw the whole wad at one or more debts.

Peg