Hi guys im 24 years old and a marine thats been in 5 years now but going to get out at my 8 year mark to go finish my degree and get into a job i really like to do instead of doing what pays the bills if you know what i mean.Ok i save right now $250 a month. I put the rest of my free money $400 toward my CR and credit card bill. I aslo give myself $350 a month of just spending money. Now should i put that extra $400 toward savings due to me geting out in about 3 years or pay down my debt. I have a litttle saved as of now i borke down my debt and saving below. All of my savings is not in one account i have a money market,IRA, and 2 CDs as of now.And should i not give myself $350 a month of spending money and put more of that in savings??? Thanks on any help with this would be great

S2000 CR-$34,000
Credit card-$2,400
Savings-$22,000

 

I would dip into the savings to pay off the credit, then what you were putting extra towards the CC...put it towards your s2000 and pay it down.

.02 given

 

yeah, dip into savings and pay the card off. then never use the card but for emergencies.

 

Thanks for the advise so far guys. It looks like i should pay the CC off first than the Car and just keep saving what i am

 

David, I told you my advice already so it sounds like you have everything worked out

 

credit card debt = bad. Pay that off ASAP, then take what you were paying on CC debt and plow that into paying off your S2k.

Better debt-free sooner.

 

Thanks guys and good looking out chris

 

supercharge your s2k! haha jk.. pay off the card and chip away at your car payment!

 

pay off credit card and then dont use it.

 

You should always pay off the highest interest debt you have, as quickly as you can, then the next highest, until you have no debt, THEN you can save. But try to have a little emergency fund before you stop saving and paying off your debt.

 

LOL thanks man yea i want to so bad but im like i got to hold back untill its payed off.
And thanks every one else again i know what has to be done now and i have $22,000 in savings right now so even though i will put all the extra money every month toward the CC than the car i still have a ok savings

 

I also reped all of u for that thanks again

 

That's a good savings account! Now go and pay off the credit card debt.

 

That about covers it.

22K in savings and a 2.5K credit card bill...knock that bill out, that's why you have savings. I also agree with trying to not use the credit card once it's paid off.

 

Debt isn't all bad. My bro has 1.9% APR on his car loan. He should have financed the whole car instead of putting a downpayment. He could've placed the money on a 3% CD and earn money on the spread (3-1.9).

I pay with my CC all the time and pay off the whole balance on the due date. I get an interest free loan on my purchases for a couple of days until the due date. I rake in the cashback rewards. Plus I own stock on all the major CC brands (Visa, Mastercard, American Express, Discover).

I tried to pay for my Fit with just plastic but the dealer only allowed me to put 3k. I paid cash for the rest since the lowest rate on finance they can offer is 4.9% (which is much higher than the CD rates available).

Being responsible with credit means using it wisely too, not just completely shying away from it. My credit score is 750 and it qualified me to competitive mortgage rates.

 

Cool i have ok credit too last i looked 730. I i have 2 CDs right now one for $6500, and ther other for $7,000 well both are for a little bit more but have not checked them in a while. I also have a IRA and a sort of 401k plan at work which i put in 5% every month of my pay. oh and i have a emergency account with $5600 in it just in case. I'm 24 i would say im doing ok for my self. I have my own place and drive a nice car have a ok amount saved good credit for my age and still going to college. I'm not sure many my age can say the same. I am still working on paying off my CC and my car. Once my first CD ends in Dec i will use that to pay the final amount off my CC. I make right now around $60 a month off my cd's and ira. But my car alone costs me $150 a month in interests its at 6% but on a $35k loan. So i am looking to start in Jan to pay a $1,000 a month on it to pay it down and try and get a better intrest rate on it. This car i am keeping for a long time i have spent way to much money on cars in the past close to $70k in the last 4 years. I had a cobra and evo i payed off than i got a fit payed that off and traded it for the CR. Plus all the mods i put into all the cars. Im done trading in cars every couple of years. Well thanks everyone but i have my plan it will take me a couple of years to pay the car off. But it will get payed off before i have to, to save on intrest.

 

are you going to get another Fit for a DD???

 

Hmm i want to. For one to keep the CR as a fun weekend or date night car. And 2 to keep millage low on it and i love the fit. But right now no i need to pay more of the S2000 off first. But i do have plans to get another one sooner or later its such a good car cheap all around lots of space not bad looking. I should have kept mine i just hated how slow it was. But i really miss it. But i love the s2k too

 

alright cuz i just can't believe you DD an S2k CR lol

 

Yea its not that bad though. i dont need alot of space im also about 5ft 7inch tall. And the ride seems nice compared to my old evo. Every one says that a S2000 is to loud well the evo was moded so this is a nice ride to me. But i am back and forth on it. When i get enough of it payed off i might sell it and buy a used fit as a DD and get another used evo as a project car