I added a progress bar for my Emergency Fund with an initial goal of $1,000. Can you tell I am doing Financial Peace University? :) Eventually I am going to aim for $10,000, but that will definitely wait until I am at least free of my car and credit card debts. I am only putting $100 per month into my savings, so this one will grow slowly, which is not going with Dave Ramsey's advice. He says to save $1,000 right away, but I just can't bring myself to do that when I know I am paying interest rates on those credit cards.
Which reminds me: I need to call Capital One this week and see if they will lower my interest rate. As one of my friends reminded me, you never know until you ask. I am thinking of telling them I am going to do a balance transfer if they can't work something out for me. Hopefully I will have good news to report by Friday!
great job - you are already 28% into your CC Debt! rock on, long beach!
ReplyDeleteI won't have my Emergency Fund at $1000 until Wednesday. I also couldn't see paying all that interest and put my Emergency Fund first. I personally think its OK to bend things a little to fit you!!!
ReplyDeletei remember when i first started my emerg. fund i had some car debt with interest and i wanted to put all extra money towards that, but i soon realized that having that extra security (emerg. fund) would make me relax a little. i am now free of that debt, and have 10,000 and growing in my emerg. fund.
ReplyDeletedo what works for you!
Good luck with CO, those guys are jerks. I tried to get my limit raised and they rejected me flat out. I had a list of reasons and am in good standing, but nope!
ReplyDeleteGood luck building the efund- being financially responsible is no fun until it starts to pay off down the road.
Once you get to that $1,000 it feels SO wonderful! Keep on pluggin' ;)
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