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Thread: The balance between paying down debt and savings

  1. #1
    Senior Member Tradd's Avatar
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    The balance between paying down debt and savings

    I have credit card debt Iím working on paying down. But I also need to build savings. The balance between the two is the thorny issue.

    Iím putting 10% in my 401K. $4K in a savings account.

    Given the ongoing situation at work Iíve detailed elsewhere, I feel the need to have more in savings than I currently do. I would also like to replace my car within the next year, but I can probably just push that out some.

    The big bugaboo for my budget is fast food. Coffee at McD in the am. Although I do use the app so itís only $0.99.

    I donít have any streaming services. I have digital subscriptions to the Economist and NYT, plus Apple Music, that only come out to about $40/month. I read, I donít watch TV. Itís winter now so except for the occasional WI mine diving, I wonít be diving until April or May. I can hunker down in the winter and really save. I want to get the credit card debt GONE. I really need to sit down with the numbers.

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    I did not serious with savings until I kept a one year record book of all expenditures down to the penny. Fast food is bad for your health so there's that reason to skip too. Not sure why but I get email offers for various digital pubs like NYT or WaPo that are $4 a month - just have to cancel before they charge full price.

  3. #3
    Senior Member Tradd's Avatar
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    I have the $4/month for NYT. Economist is $20/month and Apple Music is $12/month.

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    Senior Member jp1's Avatar
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    A tip for the NYT (and possibly the economist). Cancel it when it’s time to renew. I wud that with WAPO and they immediately offered a significantly discounted price.

  5. #5
    Senior Member Tradd's Avatar
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    Quote Originally Posted by jp1 View Post
    A tip for the NYT (and possibly the economist). Cancel it when it’s time to renew. I wud that with WAPO and they immediately offered a significantly discounted price.
    Thanks

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    I am going to throw out something different but only for this situation due to job issue. Put everything into savings right now (pay minimum on CCs) until there is more stability in your current job or you get a new one. Reason: You can always pay minimum on CC debt but if you have any emergency need for funds, it will be immediate and necessary.

    Would be great to not have CC debt but your emergency need could come fast and be for necessary living expenses. Maybe reevaluate every 3 months.

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    Could you pick up extra work teaching beginning divers?

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    Senior Member Tradd's Avatar
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    Quote Originally Posted by Tybee View Post
    Could you pick up extra work teaching beginning divers?
    I’m not a dive instructor. You have to be trained and have the certification to do that, as well as the insurance for it. Apparently a lot of instructors are giving it up due to the insurance costs.

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    Quote Originally Posted by Tradd View Post
    I’m not a dive instructor. You have to be trained and have the certification to do that, as well as the insurance for it. Apparently a lot of instructors are giving it up due to the insurance costs.
    That is too bad, but I can see why.

  10. #10
    Senior Member rosarugosa's Avatar
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    Would you consider a part-time side job? Maye something just temporary for the holidays?

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