Comments on: Net Worth Update – February: Someone’s got c/c debt!

By: J. Money

J. Money — Tue, 11 May 2010 03:03:11 +0000

yeah for sure – i know it’s the same thing, but i’m just weird in that it has to be on the credit card for me to really work on wiping it away ;) if i just xfer money from savings to checking or wherever it’s not that “real” to me. but that’s what i like about the personal aspect of financial management – we all have our own ways that work.

By: Sam

Sam — Mon, 10 May 2010 17:15:52 +0000

I don’t get it. Why carry credit card debt when you have that in savings? For instance, we splurged and got our house painted earlier than we wanted to – the money was “borrowed” from what we were saving for a new truck. I’m just as motivated to get that truck so we’re paying extra into that pot now, and not throwing money into the wind by carrying credit card debt. Moving money from your savings into that credit card debt is the same as investing that money at the interest rate of your credit card.

By: J. Money

J. Money — Sun, 14 Mar 2010 05:03:01 +0000

Nice!!! I think we’re going to Prague and some other places :) LOVED Greece when I went a few years back, soak it all in!!!

By: Anonymous

Anonymous — Sat, 13 Mar 2010 02:27:49 +0000

Where in Europe are you going? I;m going to Turkey & GReece in July and I cannot wait!!!

By: J. Money

J. Money — Fri, 05 Mar 2010 21:21:37 +0000

Are we twins?! I know exactly what you mean :) that's why it's important to do whatever's best for YOU. all this finances stuff is wonderful and great, but if you don't cater it to your own personal situation it can work against ya.

so well done my friend!!! I enjoy hearing stories like this :)

By: Kevin I

Kevin I — Fri, 05 Mar 2010 19:39:32 +0000

Knowing yourself is important! We did a similar thing for our vacation this year, we put it on the credit cards (worked out to give us rewards for the vacation itself too!) and paid it right away from a general savings fund, rather than our vacation fund.

The thinking behind it was that I would be much more motivated to replace the money in the general savings fund as I hate when it gets low and could probably replace it by the time we return from the vacation. But if I dumped out the vacation fund, I would think about how I have all year to replace it, and not save as much, and then have this mad dash at the end of the year.

This way by the time we return from the vacation if things stay on track:have the vacation paid off, we'll replace the general savings fund,and the vacation fund will be intact for use next year.

I think some people wonder why I don't just leave the general savings alone, empty the vacation fund and replace it slowly, but I just know I won't do that and it'll hurt our interest as well as give me less money for savings projects later in the year.

By: J. Money

J. Money — Wed, 03 Mar 2010 21:13:19 +0000

Oh yeah, mad cash back rewards for that! I actually forgot we get the same so thanks for the reminder ;)

$10k will last about 3 months in our household, maybe a little less depending on why we're living off it :) We should probably get it up to $20k, but we have so much other savings in both our "do as we please" accounts so we still have that extra padding. Unless, of course, we just do whatever we want with it and then don't fill it back up! haha…

By: J. Money

J. Money — Wed, 03 Mar 2010 21:13:05 +0000

Oh yeah, mad cash back rewards for that! I actually forgot we get the same so thanks for the reminder ;)

By: Jason @ Frugal Dad

Jason @ Frugal Dad — Wed, 03 Mar 2010 19:12:19 +0000

Interesting strategy with the 401k - hard to argue with free money though!

EUROTRIP should be a blast! I did something similar with our recent Disney trip. I charged the trip to our credit card and paid it off when we returned (and before the bill was due). No interest, and the cash back rewards paid for our Mickey ears!

I'm considering scaling back my emergency fund to $10k as well because I'd like to do more investing with the money above that. How many months of expenses does that $10k represent for your household?

By: J. Money

J. Money — Wed, 03 Mar 2010 15:02:50 +0000

YUP! Zoolander II baby!!!! cannot wait :)

@JB – it can be as cheap or expensive as you want it really, just depends on how you want to live it up over there ;) i've gone for under $400 a week (crazy air tickets and $10/night hostels), but this time we're going to stay in nice places…probably going to be a few Gs but it's all good. 12 of us going! I'll blog all about it I'm sure :) Start saving for yours!