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Change of focus

August 21st, 2007 at 11:36 pm

I'm not totally loosing sight of my original goals just recent events made it readily apparent that I should have more than just $1k stashed away for emergencies. So my new focus looks something like this:

1-pay off personal loan that's now just under $600. Should be able to do so in a relatively short amount of time. By December actually I reckon if not sooner.

2-bulk up each savings account with $2k each (so $6k total). That's roughly 3 months of take home pay, well not quite but I like round numbers and it's close enough.

Then when either a] I find out the cushion isn't necessary or I hit b] goal of $6k in savings then I'll start paying down debt again.

Thing is, most of my debt is fixed as far as payments go. So bombarding it all now with extra money won't really help if say, I become unemployed suddenly because it's not going to be paid off any time soon even with extra. I think I'd rather have money in savings to supplement whatever does come in vs a lower balance but the same payment. Well I do have a balance transfer at 3.99% for life of balance who's minimum payment does change monthly however there's still like $10.5k on it.

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