What Would You Do

iVillage Member
Registered: 08-31-2008
What Would You Do
7
Wed, 02-17-2010 - 7:08pm
I have about $2k in my saving account night now. I'm unemployed and fiercely looking. Would you take the $2k and pay off everything you can? Or keep the $2k, because you don't know how long you will be unemployed?
Winter Siggy

Coexist1998WritingPennies

Fall
iVillage Member
Registered: 07-26-1999
Wed, 02-17-2010 - 7:24pm

IMO, keep the savings liquid (ie, savings account that you can access) and pay the minimums until you have an income. You never know when something will happen that you need cash for right away.

Good luck with the job search.

iVillage Member
Registered: 08-31-2008
Wed, 02-17-2010 - 7:48pm

That's what I'm doing. I just keep thinking that I can pay off 4 debts and part of another one.

I guess if I find a job in another state, I will need all the cash possible to move.

Winter Siggy

Coexist1998WritingPennies

Fall
iVillage Member
Registered: 12-04-2006
Wed, 02-17-2010 - 10:31pm
I know its tempting to use the savings to pay off the debt, but personally I would keep the money in the savings, especially since you are currently unemployed.
How much would it stink if after paying off those debts an emergency came up and you had to put it on a card?
Lyn

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Lyn

iVillage Member
Registered: 08-31-2008
Wed, 02-17-2010 - 10:58pm
I guess I knew this, but I just needed confirmation. BTW, all my cards are shredded, so that not an option.
Winter Siggy

Coexist1998WritingPennies

Fall
iVillage Member
Registered: 04-10-2003
Thu, 02-18-2010 - 9:24am

Keep the savings. As you said, if you find a job out of state, you will need to move and pay for it.


Good luck on the job search!


Bex -


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


Bex -

iVillage Member
Registered: 10-01-2008
Thu, 02-18-2010 - 10:23am

I'd hang on to the savings.

Norma


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


iVillage Member
Registered: 08-31-2008
Thu, 02-18-2010 - 10:34am

Thanks Norma & Bex.

I moved in with my parents to save money. I would love to pay them rent, but right now it's not a option. I wouldn't get unemployment money until the end of March, maybe then.

Winter Siggy

Coexist1998WritingPennies

Fall