Comments on: Build Up Savings or Pay Down Debt?

By: miranda

miranda — Mon, 12 Jan 2009 11:52:45 +0000

Thanks for stopping by, debt guy! You are welcome to use excerpts (properly attributed and linked) but not full posts. I look forward to reading some of your posts on your journey to get out of debt!

By: thedebtguy

thedebtguy — Sun, 11 Jan 2009 15:56:38 +0000

Some very interesting ideas that you bring up Miranda. I’ll definitely take them into consideration while trying to tackle my own debt situation. I just started a blog on my journey to financial freedom. Maybe I can use some of your blog posts and references? http://thedebtguy.wordpress.com

By: miranda

miranda — Sat, 10 Jan 2009 17:05:10 +0000

Thanks, @dealman, for the recommendation. And, thanks jenny, for weighing in. I think that, depending on how comfortable you feel, it can make a difference. And it is a nice feeling to be out of debt. Good for you!

By: jennydecki

jennydecki — Sat, 10 Jan 2009 04:49:44 +0000

I like your ratio.

We saved a little and paid off a lot. When my husband was laid off it was SO nice to not have bill collectors calling on the phone, because we didn’t owe anyone money.

It meant we have less savings but we’re lucky and could increase the freelance load in the household. I know many can’t do that.

By: dealman

dealman — Sat, 10 Jan 2009 03:49:07 +0000

Great article!

You can submit it to BankFiesta.com to share with others, hopefully will get you some additional visitors too.

Cheers

By: miranda

miranda — Sat, 10 Jan 2009 01:17:59 +0000

Good for you! I think you make a good point about feeling better about being able to pay it off later. It may be more fiscally accepted to pay it off now, but it may not be good for your emotional peace of mind. It’s all about what you’re comfortable with.

By: MrsMoney

MrsMoney — Sat, 10 Jan 2009 00:44:31 +0000

I am going back and forth between paying off our student loans and car loan, extra on mortgages, and saving. We’ve got a nice sized emergency fund but with today’s economy I feel better if I have more cash in the bank knowing I can pay off the debt if I want to later. :)

By: miranda

miranda — Fri, 09 Jan 2009 21:12:33 +0000

I love the cat savings account, Anne! If you know you’ll have to spend money on it at some point, you should have a savings account for it.

By: Anne Wayman

Anne Wayman — Fri, 09 Jan 2009 19:40:44 +0000

Paying down high interest debt only makes sense. Saving also only makes sense and with some practice both can be done.

I’m almost debt free and regularly save 12% of everything that comes in, plus another 12% for my business… heck, even my cats have a savings account for vet bills and such.

Anne Wayman, now blogging at http://www.aboutfreelancewriting.com

By: miranda

miranda — Fri, 09 Jan 2009 18:33:28 +0000

I like this idea in theory, Passive, but I am a little wary of not having ANY savings. Especially in uncertain times where anything can happen. But if you are going strictly on a money paid out in interest v. money earned in investments (including savings), the current environment lends additional weight to your argument.