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
time is on my side
April 19th, 2008 at 03:42 pm
April 19th, 2008 at 04:34 pm 1208622865
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!!
April 19th, 2008 at 04:35 pm 1208622952
April 19th, 2008 at 06:41 pm 1208630498
@ scfr - thanks for the encouragement!
-lib