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re: Paying Down Debt Vs Saving
Posted on 2/7/16 at 12:57 am to Bestbank Tiger
Posted on 2/7/16 at 12:57 am to Bestbank Tiger
quote:
Sounds low to me. I like to keep at least 4 months worth of bills in reserve.
That's Ramsey's "Baby Step 3"
Step 1 is $1000 emergency fund
Step 2 is pay off all debt, except your mortgage
Step 3 is 3 to 6 months of expenses
Step 4 is 15% of gross pay for retirement
Step 5 is save for children's education
Step 6 is pay off the mortgage early
Step 7 is invest and give
2
Posted on 2/7/16 at 9:18 am to Ace Midnight
Sounds like having the debt is causing you some financial stress, so I would definitely 401k to match then dump everything else on the debt until it's gone. Mainly because it sounds like you'll feel alot better when it's gone.
Posted on 2/8/16 at 11:18 am to Ace Midnight
quote:
That's Ramsey's "Baby Step 3"
Step 1 is $1000 emergency fund
Step 2 is pay off all debt, except your mortgage
Step 3 is 3 to 6 months of expenses
Step 4 is 15% of gross pay for retirement
Step 5 is save for children's education
Step 6 is pay off the mortgage early
Step 7 is invest and give
I believe you have Steps 2 & 3 out of order.
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