Comments on: How to Save When You’re in Debt

By: Welkin Capital Group

Welkin Capital Group — Sun, 04 Apr 2010 21:52:35 +0000

I agree with Mike and with this blog. While it seems counterproductive to save money while you are paying off credit card debt, it’s a great habit to get into.Of course, you have to consider paying off the debt that’s at the highest rate, but tucking money away because you might need it more in the future is an effective strategy and a good insurance policy you may want to call on if and when you really need the money.

By: Great Articles To Read 3-21-10

Great Articles To Read 3-21-10 — Sun, 21 Mar 2010 11:46:58 +0000

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By: Thomas @Turnkey Consulting

Thomas @Turnkey Consulting — Thu, 04 Mar 2010 10:14:23 +0000

Great post ! Saving is the only future solution’s for our life. It can help out if any situation comes in someone’s life. And yes, it will be little hard to starts saving while the debt is following next to life. Therefore, a commitment must be make on the spending habits. Moreover, the tips you had provided here are really informative. Thanks for sharing such lovely tips.

By: Brad

Brad — Tue, 02 Mar 2010 18:50:43 +0000

Mike:

I think you’ve hit the nail on the head. It’s all about deciding what % is the unbearable debt. Obviously all of us would be happy to borrow money at 0% and we’re all reluctant to at 20%. The key is to figure out at what rate you can do something better with the money. If you’re confident you can make 8% in the stock market, it makes sense to borrow money at 4%. Just be sure to remember tax implications!

By: Mike Ramsey

Mike Ramsey — Tue, 02 Mar 2010 17:21:38 +0000

Lots of people would argue with the idea of saving money when you’ve got debt to pay off, but I think it’s a good idea. You never know when some kind of unexpected expense is going to pop up, and having some money put aside to cover it is better than going deeper into debt, in my opinion.

I particularly like the 9% rule. That’s a good way to look at it, although I suppose you could choose whatever rate you’re comfortable with as the measuring stick.

By: Saving Money When You’re In Debt

Saving Money When You’re In Debt — Tue, 02 Mar 2010 17:17:27 +0000

[...] PF&I blog posted an article today about how to save when you’re in debt with five good tips for getting some money put aside for unexpected [...]