For those who are unaware, I am 25 years old and currently have ~$14k in credit card debt. Can you believe it? Neither can I. Never in my life have I been this deep into debt. Combine this with ~$25k in student loans (and mayhaps even more once I get into graduate school) and it's easy to see why I have a - net worth.
The silver lining of all this is that I have ~$9k in my Efund. Clearly I have spent more time saving money than paying off debt, and that's not alway a decision I am proud of.
Sooo. Should I take money out of Efund and use it towards paying down debt? Should I just stop putting money into the Efund and aggressively tackle the debt? Should I try to find a balance between both?
Subscribe to:
Post Comments (Atom)
2 comments:
I think saving for your emergency fund has been wise because now as you switch to paying down debt, you won't be derailed by a surprise expense.
Hi Angie,
Thanks for the comment. I guess I've been focusing so hard of the E Fund because I like having the security that financially, I'll be OK with any issue that may arise.
Post a Comment