Comments on: Savings Vs Debt Elimination: Saving’s Side of the Story http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/ Frugal living and debt reduction tips for a better financial future. This is one family's story. Fri, 27 Jan 2012 20:52:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hank http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-121695 Hank Sat, 19 Sep 2009 07:03:25 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-121695 I'm a big fan of saving and investing even while paying down debt. I’m a big fan of saving and investing even while paying down debt.

]]> By: Rachel http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-120629 Rachel Tue, 08 Sep 2009 18:15:44 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-120629 Where are you??? I've been checking the sites for updates and have been disappointed to not see any. Hope all is well....and look forward to your future posts. Where are you??? I’ve been checking the sites for updates and have been disappointed to not see any. Hope all is well….and look forward to your future posts.

]]> By: Emily http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-120378 Emily Sat, 05 Sep 2009 10:34:04 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-120378 <a href="http://www.feministfinance.com/2009/03/save-500-change-your-life.html" rel="nofollow">This</a> blog post links to a report that says that having $500 of savings makes a big difference to your financial stability and stress levels, even on low incomes. So a basic savings cushion doesn't have to be much to make a big difference. This blog post links to a report that says that having $500 of savings makes a big difference to your financial stability and stress levels, even on low incomes. So a basic savings cushion doesn’t have to be much to make a big difference.

]]> By: frugalgrad http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-119088 frugalgrad Wed, 26 Aug 2009 19:50:11 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-119088 I don't know about my perfect mix of saving vs debt elimination but I would like to do 2 things at the same time. In the mean time however, since I'm working two jobs and go to school full time, I think I need to save more and make only minimum payment for my credit cards. The job is not stable so I don't know when this income source will end. If I have a nice nest of saving, then I can survive if I lose the job and still make the minimum credit card payment without suffering from any stupid fees. If I'm eligible for student loans with the low interest rate than my credit card now, I think will take out some loans and pay off a big portion of the credit card debt. But it seems they are cutting down loans as well so this plan may not be achieved for now. I don’t know about my perfect mix of saving vs debt elimination but I would like to do 2 things at the same time. In the mean time however, since I’m working two jobs and go to school full time, I think I need to save more and make only minimum payment for my credit cards.
The job is not stable so I don’t know when this income source will end. If I have a nice nest of saving, then I can survive if I lose the job and still make the minimum credit card payment without suffering from any stupid fees. If I’m eligible for student loans with the low interest rate than my credit card now, I think will take out some loans and pay off a big portion of the credit card debt. But it seems they are cutting down loans as well so this plan may not be achieved for now.

]]> By: Marilyn http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118894 Marilyn Mon, 24 Aug 2009 20:03:42 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118894 I miss you paidtwice! I enjoy getting your updates of how your debt repayment is going. It gives me hope I can dig out of my student loans too. I miss you paidtwice! I enjoy getting your updates of how your debt repayment is going. It gives me hope I can dig out of my student loans too.

]]> By: Personal Finance Links (Robot Chicken Edition) http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118808 Personal Finance Links (Robot Chicken Edition) Mon, 24 Aug 2009 02:39:41 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118808 [...] I’ve Paid for That Twice Already posts savings vs debt elimination: saving’s side of the story. [...] [...] I’ve Paid for That Twice Already posts savings vs debt elimination: saving’s side of the story. [...]

]]> By: Jen http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118348 Jen Sat, 22 Aug 2009 14:31:15 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118348 this is the problem my husband and I are having.... we have about $12000 saved up but won't be able to buy a house for two more years (finishing grad school far from where we will live/be employed). He has about 7K in car debt, about 15K in student loans, and I have about 20K in student loans.... trying to figure out how to best use that money. Right now, interest wise, we should pay things off, but the worry is whether that is actually smartest. this is the problem my husband and I are having…. we have about $12000 saved up but won’t be able to buy a house for two more years (finishing grad school far from where we will live/be employed). He has about 7K in car debt, about 15K in student loans, and I have about 20K in student loans…. trying to figure out how to best use that money. Right now, interest wise, we should pay things off, but the worry is whether that is actually smartest.

]]> By: Shelly http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118338 Shelly Sat, 22 Aug 2009 12:59:34 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-118338 I think you should get a $1000 emergency fund going and then start paying the debt. One thing I found helped with putting money into savings was making a spreadsheet that had columns based on what the savings was for whether emergency fund, insurance premiums, etc. This way it does have a name and not just a lump sum that is easier to spend I think you should get a $1000 emergency fund going and then start paying the debt. One thing I found helped with putting money into savings was making a spreadsheet that had columns based on what the savings was for whether emergency fund, insurance premiums, etc. This way it does have a name and not just a lump sum that is easier to spend

]]> By: Jessica http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-117534 Jessica Mon, 17 Aug 2009 14:52:09 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-117534 I love this perspective. So often we hear the Dave Ramsey prescribed 1,000 or the 3-6 months rule for emergency funds. After that so many personal finance writers tell us to stop saving and go hog wild on the debt. I love this perspective that that approach just might not work for everyone. I built up my emergency fund and then we kept saving for specific purchases. Because we have several years of debt repayment in our future (student loans) I like that we can save for Christmas gifts, vacations and other enjoyments in the meantime. I love this perspective. So often we hear the Dave Ramsey prescribed 1,000 or the 3-6 months rule for emergency funds. After that so many personal finance writers tell us to stop saving and go hog wild on the debt. I love this perspective that that approach just might not work for everyone. I built up my emergency fund and then we kept saving for specific purchases. Because we have several years of debt repayment in our future (student loans) I like that we can save for Christmas gifts, vacations and other enjoyments in the meantime.

]]> By: Mrs. J http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-117530 Mrs. J Mon, 17 Aug 2009 14:04:14 +0000 http://www.paidtwice.com/2009/08/16/savings-vs-debt-elimination-savings-side-of-the-story/#comment-117530 Ah, this makes me feel a lot better: my husband and I decided yesterday that whatever money I make (we're planning to live on his graduate stipend in the event that I get pregnant and suddenly we can't depend on two incomes anyway), will alternate between additional student loan payments (we have no other debt) and savings. So I guess your timing was perfect with this post; thanks for the affirmation I needed! :D Ah, this makes me feel a lot better: my husband and I decided yesterday that whatever money I make (we’re planning to live on his graduate stipend in the event that I get pregnant and suddenly we can’t depend on two incomes anyway), will alternate between additional student loan payments (we have no other debt) and savings.

So I guess your timing was perfect with this post; thanks for the affirmation I needed! :D

]]>