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*Happy Dance* - Come dance with me! | by Dazed | 2005-03-08 15:36:16 |
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can you explain the system? (n/t) | by Nightwind | 2005-03-08 15:41:24 |
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I can sure try! | by Dazed | 2006-11-19 12:55:59 |
| That looks like a good plan. I'd arrange it a |
by ChuckAB |
2005-03-08 16:58:13 |
little different:
The 'pay yourself first' is very good. This should include an 'emergency fund'. An emergency fund is what you use to keep yourself out of debt. This fund should contain a minimum of 3 months pay (up to 6). If an emergency pops up (furnace, stove, washer, etc.) you pay for it out of the emergency fund. You don't put it on a credit card or incur other debt. Then you pay your emergency fund back over time as if it was a debt.
Another way to line up your debt for rapid pay-off is to divide the amount owed by the payment for each debt. Then you choose the debt with the smallest number and add what you can extra. You pay the scheduled amount on all the other debt. Once that first debt is paid, you apply the payment from the old debt, plus the extra to the next debt in line. As your number of debts decrease, the amount you're paying on each debt quickly increases until you pay things off very quickly.
Then you can focus on a serious savings plan.
The goal is to be able to pay cash for everything. |
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[ Reply ] |
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Heh, that's what I said | by PsychoI3oy | 2005-03-08 17:04:52 |
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actually, "pay cash for everything" is not that | by shminux | 2005-03-08 17:07:18 |
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Pay by credit card requires discipline, | by tskelton | 2005-03-08 18:40:29 |
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Oh, I'm working on the emergency fund | by Dazed | 2005-03-08 23:13:12 |
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