 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
amother
|
 Tue, Oct 28 2008, 6:21 pm
we have a large credit card debt that we are desperatly trying to pay off but theres always new expenses, simchas, yom tov...........
at the same time my children are getting older and we literally have a few hundred dollars in savings total. I'm wondering if there is anyone out there that is in a similar situation and is saving money for children instead of paying off debt?
if yes how much do you save for your children a month?
| |
|
| Back to top |
 0
 0
|
Crayon210
|
Tue, Oct 28 2008, 6:44 pm
|
If your interest rates in savings are lower than your interest rates on the credit card (most likely), then you're throwing away money every month if you choose to put away to save.
| |
|
| Back to top |
0
0
|
avigailmiriam
|
Tue, Oct 28 2008, 6:50 pm
Crayon is right--to a certain extent. Savings act as a cushion to prevent up from piling up more debt. Therefore, even if you are trying to pay down debt, you want to put enough in savings that if something goes wrong (unexpectedly large bill, job loss, medical situation, etc.) you can pay for it without accumulating more debt.
After that, throw all your money at your debt as fast as you can.
| |
|
| Back to top |
0
0
|
NotInNJMommy
|
Tue, Oct 28 2008, 7:20 pm
I agree with the last 2 posters. Have a little cushion (a few thousand), and throw everything else at the debt.
In fact, if IYH you send off your kids with no debt, you'll be ahead of a lot of other Americans who have "savings"(bc that's usually a lot less then their debts). Also, without monthly payments, that will free up money to go to other places.
| |
|
| Back to top |
0
0
|
Crayon210
|
Tue, Oct 28 2008, 7:23 pm
|
Yes, I agree that some savings are important. But I don't think a person needs to put away for their kids while they still have CC debt.
| |
|
| Back to top |
0
0
|
avigailmiriam
|
Tue, Oct 28 2008, 7:40 pm
Oh, I wasn't talking about putting away for kids. I was talking about an emergency fund if something cv"s drastic happens.
OP--you mght be interested in this blog.
http://orthonomics.blogspot.com/
| |
|
| Back to top |
0
0
|
| Related Topics |
Replies |
Last Post |
|
|
Same day shatnez testing in BP or Willi?
|
5 |
Fri, Apr 12 2024, 3:37 pm  |
|
|
If I put two kugels in the oven at the same time
|
10 |
Fri, Apr 12 2024, 11:51 am |
|
|
Can I bake potato kugel and cake at the same time?
|
16 |
Thu, Apr 04 2024, 11:30 pm |
|
|
Is chicken soup the same as bone marrow soup?
|
7 |
Sun, Mar 31 2024, 9:29 pm |
|
|
What are you paying for backyard camp?
|
0 |
Thu, Mar 28 2024, 1:35 pm |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
