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Thread: The balance between paying down debt and savings

  1. #341
    Senior Member Tradd's Avatar
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    Quote Originally Posted by SiouzQ. View Post
    Is it some random percentage of your usual paycheck? Long ago at my bead store job for my first Xmas there I got a bonus of $600 (which was amazing back then for a single parent working a low-wage retail position). It turns out the owner gave back in the bonus $1 for every hour I had worked that year. (I had started that job in August of that year). 600 hours x $1 was my bonus. Doesn't seem like anything now but I remember the feeling of getting an extra $600 tax-free at the end of the year!
    Bonus was $1700 pre-tax when I looked at stub online. Turns out medical and 401K was taken out of it in error. So I’ve got about $200ish I’ll see in 12/31 paycheck.

    So that $1700 is a bit less than half of regular paycheck.

    I took $200ish of bonus to buy a new desk chair for home. The one I have is a cheapo I bought in 2020 when I had the remote job. It currently sells for $35 so very cheap. I want something more comfortable.

  2. #342
    Senior Member Tradd's Avatar
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    Woo hoo! Just paid off the last $1600 on cc.

  3. #343
    Senior Member iris lilies's Avatar
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    Oh that is big big big!

    so what are you going to do to keep from using the credit card again? Do you have strategies in place, or in your mind?

  4. #344
    Senior Member Tradd's Avatar
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    Quote Originally Posted by iris lilies View Post
    Oh that is big big big!

    so what are you going to do to keep from using the credit card again? Do you have strategies in place, or in your mind?
    Just will use for a few recurring small things.

    Some savings building next and then car loan.

  5. #345
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    Quote Originally Posted by Tradd View Post
    Woo hoo! Just paid off the last $1600 on cc.
    Hooray for you!!!

  6. #346
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    Congrats, Tradd! That's a huge accomplishment!
    To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
    Be nice whenever possible. It's always possible. HH Dalai Lama
    In a world where you can be anything - be kind. Unknown

  7. #347
    Senior Member catherine's Avatar
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    Congratulations!! That is wonderful! As Dave Ramsey says, quoting Mel Gibson: FREEDOOOMM!
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  8. #348
    Senior Member Tradd's Avatar
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    Quote Originally Posted by catherine View Post
    Congratulations!! That is wonderful! As Dave Ramsey says, quoting Mel Gibson: FREEDOOOMM!
    Well, still have car loan, but yes, freedom not having the cc debt.

  9. #349
    Senior Member rosarugosa's Avatar
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    That's a great milestone, Tradd!

  10. #350
    Senior Member Tradd's Avatar
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    Today is payday and there’s now a bit more than one month’s expenses in savings. Yay.

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