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To spend or save...

April 6th, 2007 at 07:44 am

I've noticed numerous postings on emergency funds lately and I have to say that for all of you building up those EFs one dollar at a time "Good for you!"

I have a lot of debt (look to your right if you don't believe me), but I also have a lot of savings (look to the right again...)

So why don't you just use some of that savings to pay off your debt, you may be wondering?

Ummm ... well, let's see:

1. I'd like to be able to keep paying my bills and feeding my family should my husband or I ever lose our jobs or get too sick to work.
2. I'm old (but not as old as my husband) and would like to some day retire and not be eatin' Alpo.

So whether it's an emergency you're saving for or retirement or a new fence, keep up the good work on the savings front. (And, no, I'm not laughing at those of you with $40 in your emergency funds!)

3 Responses to “To spend or save...”

  1. Cheetahwoman7 Says:

    Compulsive, can you break down your debt the way you've broken down your savings? Hard to tell if part of that $177K is mortgage or something else.

    I see nothing wrong with your saving , unless you're earning less interest on it than it's costing you to keep your debt. Then, it seems to me that it's costing you more to save than it would be to pay those other things off. Mainly, I'm talking about bills...like credit cards...not mortgages. Smile
    Emergency funds are a great thing to have. Without it, I doubt that I could have afforded my dog's operation.

  2. Cheetahwoman7 Says:

    Wow, enlightening now that you've broken it all down. You surely were telling the truth about working your way out of the "credit card pit". Smile I bet if you posted your figures in one of the financial forums that there would be several people who could help you figure ways to "dig" yourself out. Smile

    Thank you for taking the time to break it all down.

  3. Compulsive Debtor Says:

    I've already got a plan for digging myself out. It's called "Not debting anymore -- one day at a time." It works for me.

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