When your debt is paid off will you continue to
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  1. #1
    Registered User PrairieRose's Avatar
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    Question When your debt is paid off will you continue to

    roll that snowball money over into a savings account, cd or invest? I've been thinking about this for a while and I think that once we have about a year's worth of living expenses (and believe you me we are no where near that) in savings, I'd like a fully funded emergency fund and then start investing the money.
    Anyone else consider what you'll do with all that money?

  2. #2

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    Once we have paid off our debt, we plan to put some money into fixing up our current house so that we can sell it and move the "boonies"

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    Once our debt is paid off, we plan on travelling and having a well funded EF account.

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    I'd like to have a fully padded ER fund, full contributions to our 401K and an AWESOME travling acct!

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    Registered User rebecca's Avatar
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    Since my debt is paid off I am building up a 6 to 9 month EF and putting some extra money on my mortgage each month.

  7. #6
    Registered User britbunny's Avatar
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    When our first loan is oiad off in 2 months this will go into our emergency fund. When the next one is paid off it will go towards buying a new car. when the third is paid off (and the cash from the other 2 have done their job) this will all go on the mortagage.

    It really is a big help knowing the end date of all of these debts so we can make plans for where the cash will go.

  8. #7

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    Hopefully, I can get my debt ALL paid off in 2 years so I can save more for my "new home". I hoping to move out of my parents' house within 5 years.

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