[Nevuk]

Originally Posted by birdman

If I pay everything off I will be left with about a month of living expenses. But I am also going to have a lot more money because I am not paying bills on my debt, so I could probably get up to 6 months of savings pretty quickly. There are some things I want to do to my condo next year.

That mostly comes down to how likely you think it is that you keep your source of income and how risk-averse you are. If you're very sure (ie above 95% that you won't lose your job or whatever it is) then it's probably a good plan.

There are some actual statistical tests for this but they ask for quantifications of emotions... so I don't really like them.

[Regards]

Make sure you have 1k in an account, then pay it all off. I'd recommend doing it as soon as possible, pay off all but 1,000 of it, then pay off the rest over the next couple of months.

[Explode]

Neither. Just pay off your debt faster than you normally would. Don't wipe it out all at once.

[knash9]

Originally Posted by Love As Arson

Send some money to my pay-pal. Show some charity that you libertarians are always talking about. lol.

[Dicebox]

Keep a 3 month safety cushion. Use the rest to pay off the smallest debt account, then work your way to the biggest. Repeat until all is gone.

Then give the money you would be using on debt to Love As Arson or maybe a charity of some sort.

[birdman]

Welp, went to my bank after work today and approved the payments. Just hit "submit" to pay everything off. Feels weird.

[birdman]

Originally Posted by Love As Arson

Send some money to my pay-pal. Show some charity that you libertarians are always talking about. lol.

Charity is for people who need it, not you.

[loveisdead]

I have a good feeling about this thread.

[loveisdead]

Originally Posted by birdman

Welp, went to my bank after work today and approved the payments. Just hit "submit" to pay everything off. Feels weird.

Congrats.

[birdman]

Originally Posted by Dicebox

Keep a 3 month safety cushion. Use the rest to pay off the smallest debt account, then work your way to the biggest. Repeat until all is gone.

Then give the money you would be using on debt to Love As Arson or maybe a charity of some sort.

Well, in all honesty I would take the money I would be using for debt and save for a wedding.

I don't feel like I am in any danger to lose my job, so I at least have enough time to save a 6 month cushion. After that a wedding fund begins.

[birdman]

Originally Posted by Regards

Make sure you have 1k in an account, then pay it all off. I'd recommend doing it as soon as possible, pay off all but 1,000 of it, then pay off the rest over the next couple of months.

1k is waaaaay too low. I agree with a lot of people here that you need to look at your savings from the perspective of your expenses. So instead of a dollar amount you look at 3-6 months of expenses and have that tucked away.

[birdman]

Originally Posted by loveisdead

Congrats.

Thanks! I'll probably wake up in the middle of the night panicking though haha.

[Regards]

Originally Posted by birdman

1k is waaaaay too low. I agree with a lot of people here that you need to look at your savings from the perspective of your expenses. So instead of a dollar amount you look at 3-6 months of expenses and have that tucked away.

3-6 Months is what you have in savings after you pay off your debt. Your best source of income and savings is your own dollar bill, which is currently marked by your debt.

I follow the principals of Dave Ramsey, I'd definitely recommend checking him out.

[birdman]

Originally Posted by Regards

3-6 Months is what you have in savings after you pay off your debt. Your best source of income and savings is your own dollar bill, which is currently marked by your debt.

I follow the principals of Dave Ramsey, I'd definitely recommend checking him out.

I have 1 month of savings after I pay off my debt. So it's gonna be a year or so before I can get 3-4 months of savings built back up.

$1k isn't 2 weeks of expenses, way too low to have in savings. Though I agree that 1k is a good emergency fund in case something happens with your car or something.

[deFobbed14yrs]

wipe out student since you can't file bankruptcy on it and make nice payments on the other things to keep your credit score nice.

/suzy orman

edit: nvm congrats!