Saving in case of redundancy or paying off debt?

heliozoan

Hi fellow debtfreewanabees,
I've set myself a target of being debt free by the end of this year (aside from my student loan). I have approx £2,500 left to pay, which is 0% until November. Like millions of others my job isn't very secure and I have no savings or emergency fund if I'm let go. I'm aiming to pay off £300/month, should I put half of that in a savings account just in case redundancy happens? I'm slightly reluctant to do this, as knowing myself the temptation of having money sitting there maybe too much. I'd be interested to hear either your advice or what you've done if you've faced a similar situation.
Heliozoan x

McKneff

If it was me i would pay off debts as quickly as i could.
0% or not. At least you would be out of debt if you lost your job so it would be one less thing to worry about. And like you say the temptation is there,
you could be in a position where you are in debt, out of work and with no savings. Good luck with your job.

pink_princess

Thats good advice from annie,We had several months notice of redundancy,we paid of debt then paid all our insurances up front for a year.
Oh has been laid off for 10 months now,and we are surviving with the help of this site and no debt.
Pay off every thing possible,then look on here for matched betting etc to get you extra income flowing in.
Good luck
pp

GeorgeUK

It probably seems better to have a buffer just incase. What i would do is make the minimum payments on the 0% card and put anything you would notmally throw at it in a savings account. Then in November, when you still have not been made redundant, pay it off.

McKneff

GeorgeUK wrote: »

It probably seems better to have a buffer just incase. What i would do is make the minimum payments on the 0% card and put anything you would notmally throw at it in a savings account. Then in November, when you still have not been made redundant, pay it off.

While i think this is a good idea, but the OP said it would be tempting to spend it if it was in savings, so she could only pay it off in November if it was there to pay it off with.