I’m So Conflicted

Question - I'm So ConflictedRemember how I planned to spend my tax return money? If you don’t read that entry. Anyway so I followed the plan and I reduced my debt while saving $3,000 for emergencies. That should cover about 1.5 months of expenses. Experts say that you need a minimum of 6 months with 8-12 months being ideal in this economy. But I digress. I am pretty conflicted over what I should do.

Should I save this 3K sitting in the bank earning pennies of interest in case of a rainy day or should I use some of that money to pay down my debts? I could pay off the personal loan and reduce the balance of my car note by half but I would have nothing to fall back on. My palms are itching to at least pay off the personal loan but I would reduce my savings by a half-month of expenses. I don’t know what to do. Any thoughts anyone? Reply or email me cheapskate{at}yesiamcheap{DOT}com. I have to write it that way so that spambots don’t get me.

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2 thoughts on “I’m So Conflicted

  • I call moving back with the parent “the great motivator”. You will never find more creative ways to get out of debt as when you want to get from under your parents’ thumb. I am feeling your pain. Keep me posted!

  • Yeah, I know you’re right. It would just be so nice to see another zero. I am way ahead of the payment schedule for that loan. I’m only 3 months into a 3 year 2K loan so they will have their money back far ahead of schedule and not make much of a profit off me. What I think I need to do is find some part-time or freelance kind of work and really use that money for nothing but debt servicing. The trick is just to find one!

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