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time is on my side

April 19th, 2008 at 08:42 am

my emergency fund is getting bigger and bigger. my goal is to get $3000 as an emergency fund for now, and then keep saving on top of that to pay off my debts. What i am going to do is a bit different than others recommend; i am going to keep pumping money into the emergency fund, and then keep paying my minimums on the debts. debt #1 is about $400, so once i get to to $3400, i will transfer the $400 from my EF and pay off the debt with one payment. then, my second debt is $5200, so i will save $8200 (well, a bit less with minimum payments toward this debt) in my EF and then pay off at one time. my four remaining debts are one student loan ($8k), two car notes ($8k & $12k), and my house loan. i plan on being out of all non-house debt by christmas 2010 (32 months away). and then, with time on my side, i will invest and save for retirement. it will be dope.


-lib


time is on my side, yes it is.
oh time, time, time is on my side, yes it is.
.
ragovoy

3 Responses to “time is on my side”

  1. Thrifty Ray Says:

    Glad to hear that you are making progress. I am curious about your plan...while you are saving the money to make a lump payment,are you accruing interest charges on the debt?? If so, wouldnt it be better to pay when you can so that the interst charges are reduced??

    Certainly, you should do what works for you- whatever it takes to reach your goals---and yes, time is on your side- good for you for thinking about retirement NOW!!

  2. scfr Says:

    I am all for doing what you think will work best for you! Congrats on coming up with a plan.

  3. aliberal Says:

    @thrifty ray - yes, i am paying interest on most of the debts, but there's something gratifying about getting it all done in one lump sum. plus, that gives me a huge cushion in case of emergencies. gotta get out of debt so i can do what i want with my life!

    @ scfr - thanks for the encouragement!


    -lib

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