Wednesday, November 9, 2011

Can't Pull the Trigger

I just went to my various accounts, trying to make myself transfer the money from my savings into my checking so that I could make a $2,500 payment to my student loan. I had both screens pulled up and ready to go.

I couldn't pull the trigger.

Maybe because I've flip-flopped on what to do. Maybe because seeing over $6,000 in my savings is so satisfying I don't want to move it. Maybe because my student loan has never bothered me all that much.

I just can't do it.

Here's a crazy idea. What if I just leave that money in my savings and build my E-fund now. As in, six month E-fund goal? Check! I have it now. I could pay my $300 payment to my loan to accelerate it a little, but put the rest of my money toward my savings. Once it's funded, I can start my house fund. Yes, I'd still have a student loan. A low-interest loan, which right now is an $81 per month commitment. Even if I got laid off, I could make that amount with unemployment benefits.

This does confirm that I need to set up my Roth payment to be automatic, or I won't want to send it all at once. That's for sure. I emailed my financial manager guy about how to do that.

So right now, that's the new plan. On a scale of 1 to 10, how annoying is my flip-flopping? Actually, don't answer that. I don't want to know.
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10 comments:

  1. MichelleNovember 9, 2011 at 9:48 PM

    I know exactly how you feel. It's so hard to decide. I like that cushion in my savings.

    ReplyDelete
  2. Katy's CornerNovember 9, 2011 at 10:13 PM

    I agree - a cushion in savings is so helpful and can relieve anxiety. And working on retirement funds is a good idea - I know!

    ReplyDelete
  3. Out My windowNovember 9, 2011 at 10:46 PM

    I have done this before. In fact my last post is about not paying a debt in full so I don't have to touch my emergency fund. It is fun to have a large savings account.

    ReplyDelete
  4. LouiseNovember 9, 2011 at 11:56 PM

    I flip flop between savings and debt too.

    ReplyDelete
  5. Newlyweds on a BudgetNovember 10, 2011 at 9:23 AM

    it's tough.. I'm trying to decide when to send in the $4,000 payment to pay off my car.

    ReplyDelete
  6. ~Carla~November 10, 2011 at 9:41 AM

    I woud probably do 1/2 & 1/2. I'd hate having a debt hanging over my head... but in the end, you have to do what gives you peace & security.

    ReplyDelete
  7. AnonymousNovember 10, 2011 at 10:09 AM

    You decision to not pull the trigger on the debt appears to be a decision to pull the trigger on the eFund. Sounds like you are pretty committed to this and ready to move foward. Now you just have to pull the trigger to get all the little stuff in place (automatic IRA, new addition to your loans, etc)

    ReplyDelete
  8. smart sorority girlNovember 10, 2011 at 12:34 PM

    Believe me...when I saw my bank account this morning after making a huge credit card payment...it hurt a little. Do what you think is best for you. If savings is what is important for you then that's what you should focus on. Have a great weekend! :)

    ReplyDelete
  9. Little LambNovember 10, 2011 at 1:23 PM

    You have to do what you feel comfortable with. If it doesn't feel right then you need to do what does feel right. Having that cushion might be a lot more important to you then being debt free. Plus you have to wait for your extra pay off to come in which means being debt free is not completely in your control at this point anyway.

    Your flip-flopping is normal when you have to make such a big decision. :)

    ReplyDelete
  10. chrisNovember 12, 2011 at 6:27 AM

    For me, one positive to paying off a chuck of debt is seeing the savings balance smaller and getting extra-motivated to grow it back again.

    ReplyDelete

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