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money left over?
its_maths_not_magic
Posts: 214 Forumite
Hi all. From this week's pay I have a bit of money left over. I want to put it towards both my debts and savings (quick recap, I don't have to pay any interest on my debts and don't have an emergency fund and really don't want to give myself access to a credit card). I was wondering should I split it 50/50 so 50% goes towards my debts and 50% goes towards savings or if I should concentrate more on paying off my debts asap or building an emergency savings fund?
Any thoughts?
Any thoughts?
Debt as of March 2018, £794 rent arrears £4273.7 debt, £900.70 in pay day loans, total £5968.40 :eek:. Total debt today £5968.40
Rich people stay rich by living like they're poor. Poor people stay poor by living like they're rich.
Rich people stay rich by living like they're poor. Poor people stay poor by living like they're rich.
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If there is no interest on your debt I would put it All into the emergency fund and keep doing this each month.
Once your emergency fund is big enough then keep paying it into the emergency fund.
Once the amount of money in your emergency fund is equal to the amount you feel you need plus the outstanding amount on your debt then pay off your debt.CHALLENGES MAR'14:
CHALLENGES 2014: £1-a-day#43 £84/£365; £3350k BY MAY £2700/£3350; £1500 BY JULY £0/£1000
EMERGENCY FUND £0/£2500; 2014 MFW #61 £0/£2500; CC £290/£2270
2014 SUMMARY (POAYD 2014 #120 £3074/£12485 24.6%
101 MONTHS... MORT: [STRIKE]£63,000[/STRIKE] £66850 | LOANS: [STRIKE]£26,000[/STRIKE] £0 | CARDS: [STRIKE]£33,000[/STRIKE] £1980
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Have you got savings to pay for your car/house insurance, your medical fees like dentist or prescriptions....probably need to save for these things first, which can be part of an emergency fund, but really you need both. Well done for thinking about itits_maths_not_magic wrote: »Hi all. From this week's pay I have a bit of money left over. I want to put it towards both my debts and savings (quick recap, I don't have to pay any interest on my debts and don't have an emergency fund and really don't want to give myself access to a credit card). I was wondering should I split it 50/50 so 50% goes towards my debts and 50% goes towards savings or if I should concentrate more on paying off my debts asap or building an emergency savings fund?
Any thoughts?Debt -it's a fight that I'm winning, dealing with debt one day at a time.
Estimated DFD August 2018 - 2031 - now 2027 :T
Guide dog Tess, missing Scotland 2 years
DMP support no438.0 -
Thanks for the replies. I consider things like insurance, medical fees etc bills so I worked out how much per year to put aside for alll bills, divided it up by 52 and put that money aside each week. So I do have a small fund for all those eventualities. Hopefully I can save enough for six months living to make a decent emergency fund, well thats the goal anyway. Either way, every penny counts!Debt as of March 2018, £794 rent arrears £4273.7 debt, £900.70 in pay day loans, total £5968.40 :eek:. Total debt today £5968.40
Rich people stay rich by living like they're poor. Poor people stay poor by living like they're rich.0
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