paying myself first

**inneedofhope** · 08-13-2006, 01:30 PM

This may not be the wisest strategy, but since my EF is drained and I've had some bad overdrafts, I have decided to go back to paying only the minimums for a while so that I can get a reserve built back up. Hard times are coming for me, my hours are being reduced at work in October, so I will need that EF to be there more than ever, especially if spring sees me out of a job.
The CC is going in the freezer, and I will be dealing in cash only. We will be spending lots of time at home this year, unless I take a second job.
$$ goes so quickly, but comes very slowly.

**chatterweb** · 08-13-2006, 01:53 PM

It makes sense but I would pay a bit above minimum, unless the cards or debt is 0% interest...IMO...

**couponchic** · 08-13-2006, 04:20 PM

You have to do what makes you comfortable and if having an EF helps, I would do it.

**MOMMYDEAREST** · 08-13-2006, 04:44 PM

sounds like you have your mind made up.........stick to your plan & when you stay home its hard to spend money!!!!

**autumnlynn** · 08-13-2006, 06:52 PM

I think building up your emergency fund is very important, especially if storm clouds are looming. I think it is wise to build it up as much as possible until your job situation is settled. Also staying home and out of the stores is a good idea for all of us!

**tervsforme** · 08-13-2006, 07:34 PM

I agree, you have to do what makes you comfortable. I figured my budget on my regular pay. I work overtime October through January, so I decided that I'm going to save half of my overtime money and put the other half on my one credit card. I just bought a new house and you never know what might come up, so I figure this way, I'm still paying some extra, but I'm also saving, so if something comes up, I don't have to charge.

**Lorelei** · 08-15-2006, 06:02 PM

I think you're right to build up the emergency fund.

**dolphin** · 08-15-2006, 08:14 PM

Good thinking! Sounds like you have a good plan going.

**Jellybeanz** · 04-22-2008, 02:20 PM

I think that probably is your wisest strategy if your EF is gone and you are going into overdraft. That alone wipes out any good paying extra on your bills does.

Good for you for making a plan! When things smooth out and you have your Emergency funds in place and work becomes more steady, then you can switch back to adding extra.

Sometimes you gotta think long term and be realistic. Good luck!

**C@rol** · 04-22-2008, 03:13 PM

At least your planning ahead and paying attention to
your finances. If you could add even an extra $5 to
that minimum it would help. I wish you the best with
your plan.