by Watchman » 17 Dec 2022 10:42
In my opinion, the top two financial goals for most folks should be setting aside an emergency fund, and paying off high-interest debt items such as most credit cards and car loans. Between the two, I would actually prioritize the emergency fund until you have at least $1,500 set aside. Most money experts suggest having an emergency fund of at least 3 to 6 months of expenses, but that is a large number and a daunting challenge for many. The $1,500 goal is more realistic. You can always add to it later.
Don't stop making your minimum payments, of course, since late fees and penalty interest rates add up extremely fast. But put any extra money into the savings for now. Once you have an emergency fund, then you can tackle the debt with extra payments.
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In my opinion, the top two financial goals for most folks should be setting aside an emergency fund, and paying off high-interest debt items such as most credit cards and car loans. Between the two, I would actually prioritize the emergency fund until you have at least $1,500 set aside. Most money experts suggest having an emergency fund of at least 3 to 6 months of expenses, but that is a large number and a daunting challenge for many. The $1,500 goal is more realistic. You can always add to it later.
Don't stop making your minimum payments, of course, since late fees and penalty interest rates add up extremely fast. But put any extra money into the savings for now. Once you have an emergency fund, then you can tackle the debt with extra payments. [url=https://www.dystopiansurvival.com/2022/12/how-to-build-your-emergency-fund.html]➡️ READ FULL ARTICLE HERE[/url]