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I would agree with greebo. If you have an extra $300 send it in. If you check out the new debt reduction thread or even your statement, you may save tons in interest by paying it off earlier.
 

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I am adding to my change to increase my EF but if I can get things paid off earlier I would like a goal this year of 1000.
 

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It sounds more like a sinking fund - but I'm curious as to your reasoning for waiting? Every day you leave a balance on a card, it accumulates more interest - why "save up" to pay off a card when you could get more bang for your buck by paying a LITTLE more earlier (if that's all you can pay right then I mean)?

Of course if the card is a charge-off, that's different...
I know, I know. I just feel like if I could get all the money to pay it off at one time in one lump sum, it would make me feel better, KWIM? I don't know, stupid way of thinking! And no, it's not a charge off so yeah, the interest is accumulating.
 

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Discussion Starter #44
I know, I know. I just feel like if I could get all the money to pay it off at one time in one lump sum, it would make me feel better, KWIM? I don't know, stupid way of thinking! And no, it's not a charge off so yeah, the interest is accumulating.
It makes you feel better to have interest piling up so you need MORE money to pay it off?

Really?
 

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It makes you feel better to have interest piling up so you need MORE money to pay it off?

Really?
No (hanging head in shame). I'd like to write just one check and have it be gone with in one payment. It sounds stupid, I know. The plan is to have the rest to pay it off by the end of the month. If I'm not able to, i'll just send in what I have.
 

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Discussion Starter #46
This is my biggest goal this year. I had a baby ten weeks ago, and his father and I live together, but are not married.

I am not comfortable relying on DB. There are no guarantees. Right now I have no income, no posessions, no car, no savings. Nothing. That is not okay with me.

Should something happen and I suddenly have to support my son and myself alone, I want to be prepared.

My goal is to get a $1500 EF set up just for the two of us ASAP. I won't be hiding it, but DB won't have any kind of access to it either.

When he files his taxes the end of this month, half of the tax credit for Parker is going to me. That $500 will be going directly into my EF. The beginning of February I will be getting a check for anywhere from $500-$1000+. Everything up to $1500 will go into Parker and my EF. Everything above that amount will go into the savings account for buying myself a car(that will be in my name and my name only.)

We'll also be working on getting a household $1000 EF setup (funded by his income) as well.
I cannot see that this posts report anything actually having been added yet, so this post did not affect the new total coming up. Please let me know if I misread this.
 

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Discussion Starter #47
To date, Frugal Villagers have added:
$1979.22
To their Emergency Funds in 2010!



We're off to a GREAT start - not even 4 days into the New Year!
 

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Discussion Starter #48
No (hanging head in shame). I'd like to write just one check and have it be gone with in one payment. It sounds stupid, I know. The plan is to have the rest to pay it off by the end of the month. If I'm not able to, i'll just send in what I have.
If its all within a 1 month period, that's fine - I thought you were talking about saving it over a period of several months.
 

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Added another $50 today
 

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I just added another $5.58. I know it isn't much but after I pay bills I transfer "loose change" in my acct over. I like to have only amounts that end in a 0 or 5 in my acct. What can I say I am weird!
 

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Discussion Starter #51
To date, Frugal Villagers have added:
$2,034.80
To their Emergency Funds in 2010!
 

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Sorry, I forgot I added 54.25 on Jan.1st.
 

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Should we add interest earned on our accounts into our totals? I'm thinking yes, but wanted to make sure so we can have accurate totals.
 

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Discussion Starter #54
Should we add interest earned on our accounts into our totals? I'm thinking yes, but wanted to make sure so we can have accurate totals.
I think absolutely yes - interest added to your EF is money in your EF!
 

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The original goal for our EF was completed awhile back. We have re-evaluated our current situation and possible upcoming changes and in doing so have decided to increase our EF by $2000 to $5000 this year. It will be priority until we reach the $2000 additional mark after that we will look at where we stand with other savings and re-evaluate again.

$69.85 today with additional funding planned for tomorrow.
 

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$20 added today
 

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Discussion Starter #57
To date, Frugal Villagers have added:
$2,178.90
To their Emergency Funds in 2010!
 

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oh, my! Mine is auto draft and I forgot about it. Added $20 Wednesday.
 

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Added $20 today. Good thing because I will have to pull a good amount out to replace my cook top either this month or next month.
 
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