On to the Emergency Fund!

28 08 2010

This past week, I’ve had house fever.  We’ve seen some enormous foreclosures (by enormous, over 1800 sqft, hardly a mansion for most) for very low prices, and it seemed silly to pass up such good “deals” when we could’ve covered the downpayment and closing costs pretty easily.

Or not.

Reality was we would’ve regretted these purchases. One is in a chi-chi neighborhood, but it required a lot of work. And legal obstacles abounded.  So we got over the home buying and decided to tackle our credit card debt once and for all.  This week, we’ll pay off the remaining 2800 balance with some of our savings.  It brings our savings down to a less than what makes me comfortable, and yet I have no regrets. We were getting 1.3% interest on the savings and paying over 5% on the CC (yes, we were at least blessed with extra low rates).  It will all be gone within a week.

Now what?  We are going to start paying ourselves with each paycheck.  We still have the car note and the student loans, but no revolving debt left.   With the economic uncertainty, those can wait.  Next paycheck (from hubby’s second job) goes straight to savings.  Wow!  It feels so good.  It’s taken 17 or 18 months to get this far, and while we still have far to go, we’re on the right side of this debt.  Not drowning anymore.

Such a relief.




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