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?
Showing posts with label Savings. Show all posts
Showing posts with label Savings. Show all posts
Saturday, August 2, 2008
Friday, August 1, 2008
whoohoo!
I was checking my Wamu online statements tonight and realized that the APY for my Wamu online savings account has increased by .45%! That's great! That prompted me to check both Emigrant Direct (o.25% increase) and ING Direct (no increase, but that's ok b/c it has the least amount of savings in it. To be honest, I opened that account simply for the sign up bonus. I am not that impressed by the "subaccount" feature and will most likely keep the majority of my savings with Wamu and Emigrant).
That being said, now this has caused me to reconsider my options. Next year, I am planning on going on a cruise to the Britsh Isles with my family. This is going to be such a steal, b/c our family friend works with a cruise ship, and get us an Ocean view cabin for a little under $300/person. 10 days, $300. Sweet! So basically I am just saving to cover the cost of airfare + spending $. I was planning on securing some cash in an 8 month Wamu CD. The last time I checked, the rates were 4.25% with a minimum deposit of $1000. Easy peasy. I don't locking my money up, b/c I figure that the exchange rate will probably NOT be in my favor (as I learned when I studied abroad 3 years ago). Might as well let interest collect on until I'm ready to use it!
Should I wait to see if the CD APY will increase as well?
I will ponder that over dinner (the BF and I are going to try this amazing Beachside seafood restaurant, but don't worry...it's his treat!). Perhaps I'll even check the rates when I get back!
Have a g'night, to all of my phantom (read: non-existent) readers.
That being said, now this has caused me to reconsider my options. Next year, I am planning on going on a cruise to the Britsh Isles with my family. This is going to be such a steal, b/c our family friend works with a cruise ship, and get us an Ocean view cabin for a little under $300/person. 10 days, $300. Sweet! So basically I am just saving to cover the cost of airfare + spending $. I was planning on securing some cash in an 8 month Wamu CD. The last time I checked, the rates were 4.25% with a minimum deposit of $1000. Easy peasy. I don't locking my money up, b/c I figure that the exchange rate will probably NOT be in my favor (as I learned when I studied abroad 3 years ago). Might as well let interest collect on until I'm ready to use it!
Should I wait to see if the CD APY will increase as well?
I will ponder that over dinner (the BF and I are going to try this amazing Beachside seafood restaurant, but don't worry...it's his treat!). Perhaps I'll even check the rates when I get back!
Have a g'night, to all of my phantom (read: non-existent) readers.
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