Not sure how to attack remaining debt

iVillage Member
Registered: 04-10-2003
Not sure how to attack remaining debt
6
Mon, 11-02-2009 - 7:50am

Well, the news that I got a parttime job is amazing! But it made me realize that I need a plan of attack. I tend to just throw money at things willy nilly and hope it works out for the best (not the smartest thing to do!!!). So here is an outline of what I have left and some goals. Which way would you go at it?


CC Mastercard:


Bex -

iVillage Member
Registered: 03-27-2005
Mon, 11-02-2009 - 8:39am

Personally I would get rid of the appliance debt and put away what you will actually need for the tires (I paid $650 for bottom end tires for my SUV last year so you are probably looking at a good sum even at cost).

Then you can snowball anything you were paying towards these smaller debts to the credit card. You'll feel better knowing that you don't have the appliance debt hanging over your head anymore as well.

JMO
stacy

iVillage Member
Registered: 12-10-2003
Mon, 11-02-2009 - 9:07am
The area that seemed to be the biggest concern for you was that your Efund was pretty low. What level of EFund would make you feel the most comfortable? You said you would like to see that level higher than it is currently so right now it isn't bringing you that sense of peace having it around should. Maybe if you use the first few checks from your part time job to add to the EFund you would feel better prepared? Since the tires are a needed expense and you already have some money set aside maybe figure out a closer estimate to what changing them on the SUV would cost and set some more money aside earmarked just for that so you won't have to raid the Efund for the difference when the time comes...any money you don't use for the tires could then be applied somewhere else and your EFund would still be intact.
iVillage Member
Registered: 10-01-2008
Mon, 11-02-2009 - 1:40pm

I suggest a 50/50 split.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-14-2008
Mon, 11-02-2009 - 1:53pm

I'm not sure how you think posting this question was going to help you LOL, simply because we all have such different answers. I will try to tailor this to Bex specifically.

Get the appliances paid off asap. It is bothering you because there is a deadline with interest. All extra should go to this.

Write down your goals for the next year and DON'T change them(make one of them a long term one, I think the one for a house or marriage was really great). Try that. You are pulling yourself in so many directions already(and add to it daily it seems) you lose site of the longer term. Take a breather and do some real planning. Don't start anything new for a few months and this will all look very different.

Did you not just get that SUV new? And it needs tires already? Put this one off a bit.

JMO

Love ya Bex!


iVillage Member
Registered: 10-01-2009
Mon, 11-02-2009 - 7:08pm

Bex...


I want to propose something a bit radical for this board...


Please don't hurt me ladies...


You seem to be excellent about paying debt...


Why not take half the money you make from your second job (I was going to say 75 percent but thought better of it) and enjoy it....


Really I would consider it...Life is short not to have a bit more ME money


Duke

iVillage Member
Registered: 04-10-2003
Tue, 11-03-2009 - 8:42am

Thanks for the thoughts! I appreciate them. Sometimes you just need someone to give you a kick in the rear to refocus (or in this case, a virtual kick). You are right, I stretch myself WAY TO THIN. This is a problem I've had for years. I don't know why I do it, but I do. So I am working on a way to refocus my energies and decide what is important to me!


So I have set a goal. With any extra money I am going to go back to what I had mentioned to Kate earlier. 25% to a ME fund. I need more balance in my life and I think part of the changing priorities is that I am constantly trying to keep myself motivated and interested. Having a little more wiggle room to do things that I want to do will really help with that (and it will make the last few years of my 20's more bearable, lol). 25% will go to building up the efund and 50% will go to the appliances until they are gone.


As for the tires, the SUV is used and we knew when we bought it that they would need to be replaced before winter. At Candian Tire we are looking at about $250 a tire so I am hoping cost can bring that down somewhat!


Thanks for the advice! Its always appreciated!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -