Comments on: Am I Tempted to Use Some Money From Our Savings? http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/ Our Journey to a Debt-Free Life Sat, 07 Nov 2009 20:44:47 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: cookie http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-448606 cookie Fri, 11 Apr 2008 12:01:49 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-448606 As tempting as it is, you're doing the right thing don't touch your savings, or 'emergency' fund as I like to refer to it. If you did and there was an emergency guess what-- you would be forced to use your credit card. Don't even make that an option. All the Best As tempting as it is, you’re doing the right thing don’t touch your savings, or ‘emergency’ fund as I like to refer to it. If you did and there was an emergency guess what– you would be forced to use your credit card. Don’t even make that an option.
All the Best

]]> By: Chief Family Officer http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-448275 Chief Family Officer Thu, 10 Apr 2008 19:08:52 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-448275 Either way you look at it, you're doing just fantastic. Personally, I have a threshold I won't let our savings get below, which is why we financed part of the new car we just bought. I think you just have to do what feels right to you :) Either way you look at it, you’re doing just fantastic. Personally, I have a threshold I won’t let our savings get below, which is why we financed part of the new car we just bought. I think you just have to do what feels right to you :)

]]> By: naughtylittledebt http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-448250 naughtylittledebt Thu, 10 Apr 2008 17:48:30 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-448250 I LOVE the way you think! I am the opposite; scared to death to dwindle the savings. Thats how we got in this mess in the first place. I would put things on the card to preserve our cash savings. DUMB. Now that I've got my 3 month cushion, I have to change that mentality. It's a lot different for people on commission only income. I wish this was addressed more by pfbloggers. I haven't found anyone with a similiar situation. I LOVE the way you think! I am the opposite; scared to death to dwindle the savings. Thats how we got in this mess in the first place. I would put things on the card to preserve our cash savings. DUMB. Now that I’ve got my 3 month cushion, I have to change that mentality. It’s a lot different for people on commission only income. I wish this was addressed more by pfbloggers. I haven’t found anyone with a similiar situation.

]]> By: Frugal Dad http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447974 Frugal Dad Thu, 10 Apr 2008 03:32:06 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447974 I've been tempted to knock off a little debt with our savings, but I keep it for security. I just sleep better knowing I have a few thousand dollars I could get to quickly in an emergency. I agree with you though, if my savings equaled my debt total I would be tempted to push the button and be debt free - start over from zero! I’ve been tempted to knock off a little debt with our savings, but I keep it for security. I just sleep better knowing I have a few thousand dollars I could get to quickly in an emergency. I agree with you though, if my savings equaled my debt total I would be tempted to push the button and be debt free – start over from zero!

]]> By: Frugal Babe http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447907 Frugal Babe Wed, 09 Apr 2008 23:53:06 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447907 When our debt was at its highest point, we stopped putting money into our IRAs and basically had no savings what so ever for about a year. I hated the debt so much that I couldn't put money anywhere else. After about a year, I realized that we needed a bit more of a balanced approach, and we started funding the IRAs again, and putting $100/month into an ING account. It slowed down the debt repayment, but it felt great to be going in the right direction on multiple fronts - up in the retirement and EF savings, and down on the debt side. I think you're doing great - keep it up! When our debt was at its highest point, we stopped putting money into our IRAs and basically had no savings what so ever for about a year. I hated the debt so much that I couldn’t put money anywhere else. After about a year, I realized that we needed a bit more of a balanced approach, and we started funding the IRAs again, and putting $100/month into an ING account. It slowed down the debt repayment, but it felt great to be going in the right direction on multiple fronts – up in the retirement and EF savings, and down on the debt side. I think you’re doing great – keep it up!

]]> By: Jesse http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447831 Jesse Wed, 09 Apr 2008 20:03:54 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447831 The good news is that it seems some CCs are continuing their 0% balance transfers so you should be fine for quite a while on balance transfers. The good news is that it seems some CCs are continuing their 0% balance transfers so you should be fine for quite a while on balance transfers.

]]> By: Tricia http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447801 Tricia Wed, 09 Apr 2008 18:17:21 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447801 That's right. It is at 0% right now until...off the top of my head...I think it's October or September. I'll have to confirm that later. That’s right. It is at 0% right now until…off the top of my head…I think it’s October or September. I’ll have to confirm that later.

]]> By: Frugalista Files http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447785 Frugalista Files Wed, 09 Apr 2008 17:54:20 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447785 It seems like either way, you will end up ahead. It seems like either way, you will end up ahead.

]]> By: arduous http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447769 arduous Wed, 09 Apr 2008 17:28:46 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447769 Oh I forgot your credit card debt is at zero percent interest. Then Tricia, ABSOLUTELY let it sit in your savings account making money for you! You'll get to $0 in credit card debt soon enough! But right now with all of the moving uncertainty, the most important thing is for you to have the peace of mind that you have money in the bank! Oh I forgot your credit card debt is at zero percent interest. Then Tricia, ABSOLUTELY let it sit in your savings account making money for you!

You’ll get to $0 in credit card debt soon enough! But right now with all of the moving uncertainty, the most important thing is for you to have the peace of mind that you have money in the bank!

]]> By: Sherri http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447752 Sherri Wed, 09 Apr 2008 17:00:22 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447752 Don't forget readers, Tricia's credit card debt is at 0% interest (correct me if I am wrong and this has changed Tricia) so it doesn't make financial sense to move money from savings to debt. Interests rates may be plummeting, but you are also making some money on that savings account while your debt does not increase. So you've got money for an emergency AND it's making money. :) Don’t forget readers, Tricia’s credit card debt is at 0% interest (correct me if I am wrong and this has changed Tricia) so it doesn’t make financial sense to move money from savings to debt. Interests rates may be plummeting, but you are also making some money on that savings account while your debt does not increase. So you’ve got money for an emergency AND it’s making money. :)

]]> By: DC Smith http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447716 DC Smith Wed, 09 Apr 2008 15:52:26 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447716 Uh oh. Now you're hooked on having money in the bank. Every potential crisis you can pay cash for and move on instead of scrambling and wondering what to do will deepen your addiction. Your plastiphile friends will think you're strange if they find out you have the equivalent of a nice vacation "sitting in the bank doing nothing" (your e-fund). Uh oh. Now you’re hooked on having money in the bank. Every potential crisis you can pay cash for and move on instead of scrambling and wondering what to do will deepen your addiction.

Your plastiphile friends will think you’re strange if they find out you have the equivalent of a nice vacation “sitting in the bank doing nothing” (your e-fund).

]]> By: Maria http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447701 Maria Wed, 09 Apr 2008 15:31:00 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447701 Keeping that $ in your EF is a change in mentality. It shows alot of discipline and delays gratification. Not an easy concept when you've been used to instant gratification. I admit there is a rush that comes from paying down debt and savings is not "exciting" but once you are debt free, I just know that the "excitement" of saving will kick in. :) Keeping that $ in your EF is a change in mentality. It shows alot of discipline and delays gratification. Not an easy concept when you’ve been used to instant gratification.
I admit there is a rush that comes from paying down debt and savings is not “exciting” but once you are debt free, I just know that the “excitement” of saving will kick in.
:)

]]> By: Joe @ SimpleDebtFreeFinance.com http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447670 Joe @ SimpleDebtFreeFinance.com Wed, 09 Apr 2008 14:41:08 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447670 Here's some food for thought... Consider what you said Tricia: "Now…ask me again when we only have $3,000 left to pay towards our credit cards and we have $3,000 in savings." If you did what you jokingly imply - pay off the remainder of your debt with everything in your savings - you'd be starting with a clean slate, but at square 1. While this may seem appealing, it might not be so warm and fuzzy from a psychological view point. The flip side is that you continue a steady, disciplined plan to pay down you debt AND build up your emergency fund - making progress on 2 fronts! You'll feel pretty good going from debt to surplus too! Of course, then you get to wrestle with the urge to "treat yourself" to a reward and lop a huge chunk off your savings in the process ;-) Here’s some food for thought…

Consider what you said Tricia:

“Now…ask me again when we only have $3,000 left to pay towards our credit cards and we have $3,000 in savings.”

If you did what you jokingly imply – pay off the remainder of your debt with everything in your savings – you’d be starting with a clean slate, but at square 1.

While this may seem appealing, it might not be so warm and fuzzy from a psychological view point.

The flip side is that you continue a steady, disciplined plan to pay down you debt AND build up your emergency fund – making progress on 2 fronts! You’ll feel pretty good going from debt to surplus too!

Of course, then you get to wrestle with the urge to “treat yourself” to a reward and lop a huge chunk off your savings in the process ;-)

]]> By: Jim ~ mydebtblog.com http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447661 Jim ~ mydebtblog.com Wed, 09 Apr 2008 14:18:05 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447661 Don't do this something could happen right after you do it. I think it's important for families to have a larger EF with a few grand in it. You're doing a great job paying debt though and you'll be below the 10k point before you know it. Don’t do this something could happen right after you do it. I think it’s important for families to have a larger EF with a few grand in it. You’re doing a great job paying debt though and you’ll be below the 10k point before you know it.

]]> By: danielle http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447656 danielle Wed, 09 Apr 2008 14:04:10 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447656 You're right. Don't listen to me. Not too long ago, I became debt free, but I left only $5 in my savings to do it. Then, my semi-annual insurance bill came, which I totally forgot about. On the Daunting Discover card they went. I was so mad at myself. Luckily, we sold our third car within about a week later (which we had been trying to sell and I kind of gave up on). The money we got from that paid off the Daunting Discover *again*, and we got a month ahead, *and* did a mega shopping trip at Walmart (for needs and some wants). Now, I am focusing on building my savings again, still debt free, but very, very tempted to take my savings and take care of things I need to take care of which can more than wait a month or more. I may be debt free, but my patience level in this area is void. I am a very bad example. :-( You’re right.
Don’t listen to me. Not too long ago, I became debt free, but I left only $5 in my savings to do it. Then, my semi-annual insurance bill came, which I totally forgot about. On the Daunting Discover card they went. I was so mad at myself. Luckily, we sold our third car within about a week later (which we had been trying to sell and I kind of gave up on). The money we got from that paid off the Daunting Discover *again*, and we got a month ahead, *and* did a mega shopping trip at Walmart (for needs and some wants). Now, I am focusing on building my savings again, still debt free, but very, very tempted to take my savings and take care of things I need to take care of which can more than wait a month or more.
I may be debt free, but my patience level in this area is void. I am a very bad example. :-(

]]> By: paidtwice http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447644 paidtwice Wed, 09 Apr 2008 13:29:06 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447644 Stay strong Tricia! I know the feeling! I do! When our credit card debt was under $1000, and we had $1000 in savings, I SO wanted to pull the money out and pay off the credit card, and I ALMOST did. Then I convinced myself to wait just one more month - and then the engine in our car died and we had a $3600 repair bill. I was very thankful I hadn't pulled the money out of savings. The temptation is high, but you *will* get there. You will. Stay strong Tricia!

I know the feeling! I do! When our credit card debt was under $1000, and we had $1000 in savings, I SO wanted to pull the money out and pay off the credit card, and I ALMOST did. Then I convinced myself to wait just one more month – and then the engine in our car died and we had a $3600 repair bill.

I was very thankful I hadn’t pulled the money out of savings.

The temptation is high, but you *will* get there. You will.

]]> By: Caitlin @ C³ http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447610 Caitlin @ C³ Wed, 09 Apr 2008 12:13:31 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447610 This is why I put my own savings in an ING account for now... I've never been strong against temptation, but the fact that it's a small hassle to get money <i>out</i> of the ING account (i.e. it's not instantly available) allows me to ignore the temptation to use savings to pay off debt. This is why I put my own savings in an ING account for now…
I’ve never been strong against temptation, but the fact that it’s a small hassle to get money out of the ING account (i.e. it’s not instantly available) allows me to ignore the temptation to use savings to pay off debt.

]]> By: JW Thornhill http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447554 JW Thornhill Wed, 09 Apr 2008 11:06:13 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447554 Tricia I struggle constantly with a similar issue. If it were up to me only I'd only put $500. into our emergency fund and concentrate only on paying off debt but, my wife has convinced me that we need at least one month's worth of living expenses in a BEF. :) Tricia I struggle constantly with a similar issue. If it were up to me only I’d only put $500. into our emergency fund and concentrate only on paying off debt but, my wife has convinced me that we need at least one month’s worth of living expenses in a BEF. :)

]]> By: twiggers http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/comment-page-1/#comment-447526 twiggers Wed, 09 Apr 2008 10:50:11 +0000 http://www.bloggingawaydebt.com/2008/04/am-i-tempted-to-use-some-money-from-our-savings/#comment-447526 The temptation would be very big for me as well! Shoot, I can't even get myself to start a savings account because I feel like it is detracting from the credit card payments (I know, I know...it's not a good thing)! The temptation would be very big for me as well! Shoot, I can’t even get myself to start a savings account because I feel like it is detracting from the credit card payments (I know, I know…it’s not a good thing)!

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