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BunnyBaby
Loving Motherhood!!!
Member since 11/07 1238 total posts
Name:
Audrina
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If you had money in a savings account....
Enough money to pay off your debts- completely, however if you do pay off those debts, your savings account would be significantly low.
Would you pay off those debts & start saving money from scratch
or
Pay as much as I can each month & continue to add to the savings account? (Knowing that it would take longer to save towards a goal)
What would you do?
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Posted 11/29/07 8:28 AM  |
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Long Island Weddings
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: If you had money in a savings account....
I would pay off my debts and start saving again.
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| Posted 11/29/07 8:28 AM |
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Wendy
Wheeee!
Member since 5/05 13736 total posts
Name:
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Re: If you had money in a savings account....
Posted by SweetestOfPeas
I would pay off my debts and start saving again.
Same here.
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| Posted 11/29/07 8:29 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: If you had money in a savings account....
pay it all off---and then the money you WOULD be using to pay your debt off from your regular checking account--you could start saving again--and this time save more....faster!
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| Posted 11/29/07 8:29 AM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: If you had money in a savings account....
I would look at the interest rates and see how much you are earning in interest on your savings vs how much you are paying in interest on your debt. If you are paying a lot more than you are earning - I'd pay it off. If you are earning more than you are paying, I'd continue to save and pay monthly.
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| Posted 11/29/07 8:51 AM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: If you had money in a savings account....
Posted by ali120206
I would look at the interest rates and see how much you are earning in interest on your savings vs how much you are paying in interest on your debt. If you are paying a lot more than you are earning - I'd pay it off. If you are earning more than you are paying, I'd continue to save and pay monthly.
Ditto.
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| Posted 11/29/07 8:53 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: If you had money in a savings account....
Pay it off & start new....I would much rather not have the debt hanging over my head especially at high interest rates...
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| Posted 11/29/07 8:55 AM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: If you had money in a savings account....
i think it depends on what kind of debt it is, and what the interests rates are. if its credit card debt with a high interest rate, definitely pay it off!
BUT, like, i have student loans and i have enough in savings that i could pay them off and not have to worry about them. its so tempting, but the interest rate on the loan is so low and the monthly payments are so low, that its better for me to keep the money in my high interest savings account and pay the student loan down month by month...
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| Posted 11/29/07 8:58 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: If you had money in a savings account....
Posted by Wendy
Posted by SweetestOfPeas
I would pay off my debts and start saving again.
Same here.
me too
I would then use the money i was paying my debts off with and save it!
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| Posted 11/29/07 8:58 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: If you had money in a savings account....
It depends on the interest rates. I would only pay off the debts with interest rates that are higher than the interest rate I get on the account.
For example, I have a student loan with an interest rate around 3%. My savings account pays 5%. So I make only the minimum payment on my student loan, because I am making more money on the savings account. Makes sense?
I believe it is important to have money in savings even if it means having debt. You never know when one of you may lose your jobs.
Message edited 11/29/2007 9:02:44 AM.
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| Posted 11/29/07 9:01 AM |
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kmac
Two under two!
Member since 5/07 3703 total posts
Name:
Kris
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Re: If you had money in a savings account....
Posted by Wendy
Posted by SweetestOfPeas
I would pay off my debts and start saving again.
Same here.
me too!
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| Posted 11/29/07 9:02 AM |
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Ginger123
Sooo happy
Member since 8/07 1235 total posts
Name:
dana
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Re: If you had money in a savings account....
I was in the same situation as you and i took all the money and got rid of the debt but then my car broke down, i needed cash for many other unexpected expenses, changing of locks, etc and i had to use credit cards again! if i were you I would leave enough in savings for emergencies
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| Posted 11/29/07 9:04 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: If you had money in a savings account....
Posted by angnick
Posted by Wendy
Posted by SweetestOfPeas
I would pay off my debts and start saving again.
Same here.
me too
I would then use the money i was paying my debts off with and save it!
I would do the same thing. I think you can save more money in the long run here. You might have more money to put into your savings knowing that all the debt is payed off.
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| Posted 11/29/07 9:06 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: If you had money in a savings account....
Posted by MrsPJB2007
pay it all off---and then the money you WOULD be using to pay your debt off from your regular checking account--you could start saving again--and this time save more....faster!
I agree!
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| Posted 11/29/07 9:07 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: If you had money in a savings account....
I would pay it all off and start saving again.
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| Posted 11/29/07 9:09 AM |
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BunnyBaby
Loving Motherhood!!!
Member since 11/07 1238 total posts
Name:
Audrina
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Re: If you had money in a savings account....
Posted by charon54
It depends on the interest rates. I would only pay off the debts with interest rates that are higher than the interest rate I get on the account.
For example, I have a student loan with an interest rate around 3%. My savings account pays 5%. So I make only the minimum payment on my student loan, because I am making more money on the savings account. Makes sense?
I believe it is important to have money in savings even if it means having debt. You never know when one of you may lose your jobs.
Good point... What would you think is a good amount to have saved for emergencies??
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| Posted 11/29/07 9:10 AM |
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ChilisWife
God Bless America
Member since 5/05 3571 total posts
Name:
A.K.
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Re: If you had money in a savings account....
Ideally I'd *like* to pay off my debts and start over, but I wouldn't do it. Things can happen - medical emergencies, loss of a job, unexpected household expenses, etc. - and it is too dangerous not to have any money in savings.
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| Posted 11/29/07 9:12 AM |
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Ginger123
Sooo happy
Member since 8/07 1235 total posts
Name:
dana
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Re: If you had money in a savings account....
i would say 3-4 months of expenses . for me that would be rent, utilities, cell phone ,car payment, insurance, and food budget
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| Posted 11/29/07 9:16 AM |
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BunnyBaby
Loving Motherhood!!!
Member since 11/07 1238 total posts
Name:
Audrina
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Re: If you had money in a savings account....
Posted by ChilisWife
Ideally I'd *like* to pay off my debts and start over, but I wouldn't do it. Things can happen - medical emergencies, loss of a job, unexpected household expenses, etc. - and it is too dangerous not to have any money in savings.
See?? This is the dilemma I'm having!!!
I'm paying a crazy amount of interest on my credit cards- I feel that if I continue this way, I will never pay it off!! 
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| Posted 11/29/07 9:16 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: If you had money in a savings account....
Posted by BunnyBaby
Posted by ChilisWife
Ideally I'd *like* to pay off my debts and start over, but I wouldn't do it. Things can happen - medical emergencies, loss of a job, unexpected household expenses, etc. - and it is too dangerous not to have any money in savings.
See?? This is the dilemma I'm having!!!
I'm paying a crazy amount of interest on my credit cards- I feel that if I continue this way, I will never pay it off!!
i would leave enough in savings to sustain your DH and you for 3-4 if something happened. such as enough for 3 months rent, utilities, payments, etc.
but if you are paying ridiclius credit card debt--i'd pay off as MUCH as possible while leaving behind enough for an emergency fund.
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| Posted 11/29/07 9:19 AM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: If you had money in a savings account....
I would pay off my debts and start from scratch.
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| Posted 11/29/07 9:20 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: If you had money in a savings account....
I would only pay off the debts with interest rates higher than the interest rates I'm earning in my savings accounts. And I'd keep a set sum in savings in case there were ever an emergency.
If the interst on the debt is less than I'm earning on my savings or MMA, then I'd be in no rush to pay it off.
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| Posted 11/29/07 9:20 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If you had money in a savings account....
Posted by ali120206
I would look at the interest rates and see how much you are earning in interest on your savings vs how much you are paying in interest on your debt. If you are paying a lot more than you are earning - I'd pay it off. If you are earning more than you are paying, I'd continue to save and pay monthly.
ITA!
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| Posted 11/29/07 9:21 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If you had money in a savings account....
Posted by BunnyBaby
Posted by ChilisWife
Ideally I'd *like* to pay off my debts and start over, but I wouldn't do it. Things can happen - medical emergencies, loss of a job, unexpected household expenses, etc. - and it is too dangerous not to have any money in savings.
See?? This is the dilemma I'm having!!!
I'm paying a crazy amount of interest on my credit cards- I feel that if I continue this way, I will never pay it off!!
can you consolidate to a 0% card or something low?
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| Posted 11/29/07 9:22 AM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: If you had money in a savings account....
Posted by BunnyBaby
Posted by ChilisWife
Ideally I'd *like* to pay off my debts and start over, but I wouldn't do it. Things can happen - medical emergencies, loss of a job, unexpected household expenses, etc. - and it is too dangerous not to have any money in savings.
See?? This is the dilemma I'm having!!!
I'm paying a crazy amount of interest on my credit cards- I feel that if I continue this way, I will never pay it off!!
I posted a very similar question a couple of months ago. Can you contact any of your cc companies and ask that they lower your interest rates, or can you transfer any of the balances to a 0% interest card?
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| Posted 11/29/07 9:22 AM |
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