Comments on: Emergency Fund Going in the Wrong Direction http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/ More Wealth, Less Fat Tue, 08 Mar 2011 21:39:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Frank http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-90 Frank Mon, 05 Nov 2007 18:43:41 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-90 @SingleGuy You've summed it up perfectly! :) @SingleGuy

You’ve summed it up perfectly! :)

]]> By: SingleGuyMoney http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-89 SingleGuyMoney Mon, 05 Nov 2007 18:39:49 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-89 It's good to have an emergency fund but it sucks when you actually have to use it. It’s good to have an emergency fund but it sucks when you actually have to use it.

]]> By: Frank http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-61 Frank Fri, 26 Oct 2007 15:49:25 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-61 Danielle, interesting problem. I imagine that for most people the mortgage is always the lowest interest rate. I guess you have a tough choice there, but maybe splitting extra money toward extra payments on both the student loans and the mortgage is the way to go. Good luck again on the WW system- feel free to share your progress here if you like. Danielle, interesting problem. I imagine that for most people the mortgage is always the lowest interest rate. I guess you have a tough choice there, but maybe splitting extra money toward extra payments on both the student loans and the mortgage is the way to go.

Good luck again on the WW system- feel free to share your progress here if you like.

]]> By: Danielle http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-59 Danielle Fri, 26 Oct 2007 01:02:01 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-59 I don't think it is necessarily a bad rate, we consolidated at the lowest of the low rate time (2003) so I doubt that rate would be around anymore. In fact, when we moved we "gave up" a 5.3% mortgage for the new one since rates had gone up. ugh! seriously should I shift the extra $$ to the mortgage?????? I am such a dork, I want it all gone now! oh and this is my 3rd time on weight watchers. The other times I got pregnant and dropped right before reaching goal. ugh! But we are done having kids so I tihnk I am in the clear now! I don’t think it is necessarily a bad rate, we consolidated at the lowest of the low rate time (2003) so I doubt that rate would be around anymore. In fact, when we moved we “gave up” a 5.3% mortgage for the new one since rates had gone up. ugh!

seriously should I shift the extra $$ to the mortgage?????? I am such a dork, I want it all gone now!

oh and this is my 3rd time on weight watchers. The other times I got pregnant and dropped right before reaching goal. ugh! But we are done having kids so I tihnk I am in the clear now!

]]> By: Frank http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-57 Frank Thu, 25 Oct 2007 21:29:36 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-57 Danielle, I'm starting to realize that I have really bad student loan rates- over 7%! I guess I need to look into a new loan, but I fear my credit is rather weak right now. My mortgage rate is about the same as yours, about .5% higher. Good luck with WW. I know someone who just started that recently and likes it so far. I think the concept is similar to counting calories, the point being to just put some sort of limit on what you eat (just like budgeting really). I count calories because I'm a nerd and don't mind taking the time. I think the WW points system is probably easier to keep up with. Danielle,

I’m starting to realize that I have really bad student loan rates- over 7%! I guess I need to look into a new loan, but I fear my credit is rather weak right now. My mortgage rate is about the same as yours, about .5% higher.

Good luck with WW. I know someone who just started that recently and likes it so far. I think the concept is similar to counting calories, the point being to just put some sort of limit on what you eat (just like budgeting really).

I count calories because I’m a nerd and don’t mind taking the time. I think the WW points system is probably easier to keep up with.

]]> By: Danielle http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-56 Danielle Thu, 25 Oct 2007 21:14:16 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-56 Frank, what rate are your student loans at? We have 36k @ 2.85%. It is like "almost free" money since the interest is deductible. But we are making double payments on it now as part of the debt snowball (we recently paid of my old student loan w/ house rpoceeds) even though our mortgage percentage is higher (6.375%) I know number wise it makes more sense to put the extra $$ towards the mortgage, but I want the student loan GONE! we have no other debt btw. Oh I love the weigh ins too, I am joining WW tonight as I have a few pounds to drop myself. Keep it up! Danielle Frank, what rate are your student loans at? We have 36k @ 2.85%. It is like “almost free” money since the interest is deductible. But we are making double payments on it now as part of the debt snowball (we recently paid of my old student loan w/ house rpoceeds) even though our mortgage percentage is higher (6.375%) I know number wise it makes more sense to put the extra $$ towards the mortgage, but I want the student loan GONE! we have no other debt btw.

Oh I love the weigh ins too, I am joining WW tonight as I have a few pounds to drop myself. Keep it up!
Danielle

]]> By: Frank http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-55 Frank Thu, 25 Oct 2007 18:58:19 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-55 Hey Danielle, I agree. When I started this process saving $1,000 seemed like a lot of money- because I never had saved any money before! Now that I am facing a reality of not using credit cards and knowing that a bigger emergency could happen it doesn't really seem like enough. It does make sense that more peace would come from a nice emergency stash than from a smaller student loan balance. Good point! Hey Danielle,

I agree. When I started this process saving $1,000 seemed like a lot of money- because I never had saved any money before! Now that I am facing a reality of not using credit cards and knowing that a bigger emergency could happen it doesn’t really seem like enough.

It does make sense that more peace would come from a nice emergency stash than from a smaller student loan balance. Good point!

]]> By: Danielle http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-53 Danielle Thu, 25 Oct 2007 17:42:37 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-53 Hey, just think, if you didn't have that $1000, you would have had to charge it. then the debt load would get worse, etc. I love Dave ramsey, but when we moved south and cleared extra $$ from our house, I put it in the emergency fund rather than towards our student loan debt. I just sleep better at night knowing we are all set for 6 mos. Hey, just think, if you didn’t have that $1000, you would have had to charge it. then the debt load would get worse, etc.

I love Dave ramsey, but when we moved south and cleared extra $$ from our house, I put it in the emergency fund rather than towards our student loan debt. I just sleep better at night knowing we are all set for 6 mos.

]]> By: Poor Customer Service by Sears » Finance and Fat http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-50 Poor Customer Service by Sears » Finance and Fat Thu, 25 Oct 2007 12:05:42 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-50 [...] Customer Service by SearsEmergency Fund Going in the Wrong DirectionNot Frugal- Why do I continue to throw money away?Carnival of Personal Finance #123Debt Free - Can [...] [...] Customer Service by SearsEmergency Fund Going in the Wrong DirectionNot Frugal- Why do I continue to throw money away?Carnival of Personal Finance #123Debt Free – Can [...]

]]> By: Frank http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/comment-page-1/#comment-47 Frank Thu, 25 Oct 2007 03:47:08 +0000 http://www.financeandfat.com/archives/emergency-fund-going-in-the-wrong-direction/#comment-47 I am definitely leaning toward boosting my emergency fund before I am debt free, though I will probably wait until my credit card debt is paid off. That debt really bothers me- I only have it because I bought stupid stuff that I didn't need. The student loans and mortgage were at least taken out for good reasons. I'll probably start with minimal additions to my emergency fund for now and then bump that up nicely in the future. Thanks for the great comments! I am definitely leaning toward boosting my emergency fund before I am debt free, though I will probably wait until my credit card debt is paid off. That debt really bothers me- I only have it because I bought stupid stuff that I didn’t need. The student loans and mortgage were at least taken out for good reasons.

I’ll probably start with minimal additions to my emergency fund for now and then bump that up nicely in the future.

Thanks for the great comments!

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