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What would you do with...

SO's bonus this year. Original plan was to pay off some credit cards and save a little of it. Debating now if I should just save all of it in case down the road he should get layed off. They have told him he has nothing to worry about but they layed off two guys this week. Paying off bills could save 200 a month. What do you think?

 
lalli_lalli

Asked by lalli_lalli at 2:21 PM on Feb. 24, 2009 in Money & Work

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Answers (7)
  • If there is a real fear that he could be laid off, then you should save it just in case. Also continue to pay on your bills like usual, and as time goes by and you guys feel like things are more stable THEN you can use the money to pay off the bill. If you use the money now and pay off those bills(now), what are you going to use to pay your rent/mortgage, electricity, and food if he does get laid off? Wait on paying off the unsecured debt until things look better (note:continue making normal payments while he is still working). Having an extra $200 a month isn't going to mean anything if you don't have an income at all.
    slw123

    Answer by slw123 at 6:44 PM on Feb. 24, 2009

  • Pay off the bills then save that $200 per month. You will feel a lot less worry if you are not so much in debt. Then if he does get laid off you have a few less payments to worry with.
    AprilDJC

    Answer by AprilDJC at 2:31 PM on Feb. 24, 2009

  • Well pay off bills, becuase if something does happen, at least those will be taken care of!
    KGeist86

    Answer by KGeist86 at 2:32 PM on Feb. 24, 2009

  • Pay off the bills, I say..If he get layed off. Those bills you payed off. you won't have to worry about trying to pay, or ruin your credit if you couldn't pay them..
    louise2

    Answer by louise2 at 2:34 PM on Feb. 24, 2009

  • just realized how completely stupid I am. lol should be LAID off oh my
    lalli_lalli

    Answer by lalli_lalli at 2:39 PM on Feb. 24, 2009

  • Save it. Even if he keeps his job the economists have already said were going to have hyper inflation in 2010 and 2011 you might need it to buy groceries or pay bills later.
    gemgem

    Answer by gemgem at 2:41 PM on Feb. 24, 2009

  • Pay it off. One less thing to worry about if he gets laid off and your income is less. I don't agree with saving it in the bank to spend on expenses if he gets laid off. If he has been working at his job 6 months or longer and gets laid off he should get unemployment which should help cover the bills. Secondly, you could get a job (or another one) to help pay for the extra expenses. The debt will only increase if you continue to put it off.
    dhsredhead

    Answer by dhsredhead at 12:48 AM on Feb. 25, 2009

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