Hey Found your blog through face book looks good keep up the good work. I guess the only thing I am concerned with is this emergency fund. Do you still invest in emergency fund when your in a lot of debt. Shouldn't you concentrate on your debt first.
Thank you for the comments. I appreciate the feedback! As we all know, life happens. The first $1,000 is set aside for the things that come up and would first have us reach for the credit card. Minor car or home repairs, etc. While what might be considered an emergency to one may not be the same to others. If we look within ourselves, we should be able to idenitify a true emergency.
Yup, do $1,000 FIRST! Otherwise, if you pay off say $200 on a credit card first, and your car needs a new tire or two new tires, you dip back into that credit card to pay for them, right? Why did you just pay off $200 of the credit card if you just use it again for new tires. Waste of your money. BUT, if you have an emergency fund of $1,000, you use that instead of using the credit card. This is the point, since you want to GET RID OF THE CARD!
4 comments:
Hey Found your blog through face book looks good keep up the good work. I guess the only thing I am concerned with is this emergency fund. Do you still invest in emergency fund when your in a lot of debt. Shouldn't you concentrate on your debt first.
I ditto the sentiments of Cole Collins.. also I was wonder did he clarify what should actually constitute an emergency?
Thank you for the comments. I appreciate the feedback!
As we all know, life happens. The first $1,000 is set aside for the things that come up and would first have us reach for the credit card. Minor car or home repairs, etc. While what might be considered an emergency to one may not be the same to others. If we look within ourselves, we should be able to idenitify a true emergency.
Yup, do $1,000 FIRST! Otherwise, if you pay off say $200 on a credit card first, and your car needs a new tire or two new tires, you dip back into that credit card to pay for them, right? Why did you just pay off $200 of the credit card if you just use it again for new tires. Waste of your money. BUT, if you have an emergency fund of $1,000, you use that instead of using the credit card. This is the point, since you want to GET RID OF THE CARD!
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