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20 Comments
This September, I am gonna be organized with my savings and expenses as I have still loans to pay. My goal is to lessen it more that I did in August. The fact that Christmas is near, I’d definitely need to monitor every money for.We can fight this financial battle we are dealing with.
Jayson @ Monster Piggy Bank recently posted…Blogging is Still One of the Best Ways to Make Money Today
That’s great, look forward to finding out how your September goes Jayson!
Wow – that’s crazy about the front end loaded loan! It seems super unfair, but then I suppose business is business….ugh! I would be super frustrated, but as always, you are powering through. Keep up the good work!
Gretchen recently posted…Yakezie Challenge Update 9/10/14
Yeah it seems crazy but at the time, this type of loan seemed really logical. How things change! We obviously didn’t read the small print… Thanks for your support Gretchen!
You’re on the home stretch, Hayley, so maybe robbing your emergency fund in this case will be manageable. When you have a long time to go though, it would not be advisable. You guys are doing great!
debs recently posted…Financial Mistakes of the Worst Kind
Thanks Debs! The finish line is in sight and I can’t wait to get there!
Once the debt is gone, you’ll be able to quickly rebuild the e-fund. I’m glad August is over. 🙂 We had added back to school expenses, but the good news is my wife is heading back to work so income will increase shortly.
Brian @ Debt Discipline recently posted…Sweet Side Hustle
That’s great news about your wife earning more income soon! Hope you have a much better September Brian.
I can understand where that decision is really, really tough! Right now if it wasn’t for my emergency fun I would be in deep sh*t because my income was terrible this past month and it’s looking any more promising until I find a full time job, but i also understand the desire to get out of debt as quickly as possible. All I can hope is the gamble pays off for you!!
Tonya@Budget and the Beach recently posted…What Up September?
Thanks Tonya! If our debt was manageable in the first place i.e. we weren’t in a debt management plan, then I guess I wouldn’t feel the same sense of urgency about getting rid of it. We have the issue of bad credit hanging over us and we really need to start getting the ball rolling with improving our credit score so that’s also a factor. I know what you mean, a couple of bad months and no emergency fund would be devastating. I hope things pick up for you real soon. 🙂
I thoroughly agree with your decision to use the emergency fund to pay off this debt. We did the same with our savings. One creditor was giving us a hard time, charging interest upon interest. I wanted to get that sucker paid off quickly and was dumping all I could toward that debt. I realized that with what we had in savings, I could just pay it off and be done with it. What a relief!! Now I’m working on that savings account again but so glad to be out from under that debt!
Good luck with yours!
I’m glad you think this is the right thing to do Rosaline! Sometimes the mental burden of debt is heavier than the financial implications if that makes sense. I feel we’ll be able to face any challenges that come our way once this creditor is out of the picture.
Oufff about the loan situation! Yes it is a risk to empty out both the E-fund and the rental E-fund but only you and your spouse can decide if the tradeoff is worth it. If I were in shoes, I’ll be honest and say I’d likely have done something similar. Best wishes on getting rid of the rest of the debt ASAP!
Kassandra @ More Than Just Money recently posted…Epic PF Fail: I’m Making the NYPD Rich!
Thanks Kassandra! If we hadn’t have had this debt for so long, maybe I’d be tempted to wait to clear my debt. But I just can’t wait to get rid of it.
What a concept. I’ve never thought about using my EF for paying back debt, because I didn’t consider it an emergency. I will head over and read that post now. Thanks for sharing Hayley! So excited for you to become debt free! What will your plans be for after that? Will you continue blogging? I sure hope so!
Kayla @ Shoeaholicnomore recently posted…Online Income: August 2014
Thanks Kayla! Yes I will still continue blogging because I really enjoy it. I’m actually undecided of where to take this blog though afterwards. I don’t want to redesign it but I will want to focus on other financial matters as well as writing about debt stuff. Hopefully I will be able to do both!
Keep going! I would totally use my emergency fund to pay off debt. Debt eats people alive. Dave Ramsey would suggest putting $1,000 as an emergency fund, then paying off your debt, but honestly whatever gets your debt paid off quicker. Get rid of your debt and your possibilities are endless. 🙂
Thanks for the mention, btw! You’re welcome!
Kalen Bruce recently posted…8 Little-Known Financial Benefits of Being in the Military
Thanks Kalen! I agree, debt does eat people alive. The thought of being debt free is totally worth the financial risk to me…
The old saying of “You do what ya gotta do!” comes to mind. Your emergency fund will rise again and you’ll all be better off for making the choice you made…no matter how scarey at the onset!
Take care Hayley and as always, thanks for sharing your experiences with us all 🙂
My best to all.
Lyle
lyle @ the Joy of Simple recently posted…A Simple Summer 2014 Farewell…For Now!
Thanks Lyle! I’ll keep you all posted on how things are going when the time comes. Thanks for following my progress Lyle, really appreciate it! 🙂