Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Money and Debt??

Rent-235 CC-50 CC-50 Food-400 (although I am trying the coupon thing and hoping I can get some help from you ladies to help cut that cost) gas-200 electric (regularly) about 70 bucks everything else 260 for a total pay out a month 1265. We have about 346 left over a month when he doesn't do OT.

We need about 3,000 to fix absolutely necessary repair's on the house (although it needs to be completely done on the outside because previous owners put siding on top of rotting siding), and a vehicle that doesn't require repairs every other month!!

My question!! How much would you put in what funds?!?! We want to put at least 1000 for stupid car repair's and emergency's when they pop up. (This is all of course before we tackle the debt)

Idea's, opinions, thoughts anyone?

Answer Question

Asked by Anonymous at 1:04 AM on May. 20, 2011 in Money & Work

Answers (4)
  • First you need to decide if you want a high return with some or little risk or just want everything to be FDIC secure and earn a little interest. For your emergency fund (car repairs) you should look into a money market savings account. That would give you immediate access to your money. Sometimes financial institutions will offer a better interest rate than CDs have, expecially right now. CD's usually pay higher than just a regular savings account, but you do have to lock in your money for a certain term or you are penalized. Of course the rates are pretty low right now so the penalty wouldn't be a big deal. If your looking more at stock market funds where you can get highter returns with more risk then you're best bet would be to consult with an investor that you trust. Look at annuities (more secure). (My advice comes mstly from 11+ yrs in banking)

    Answer by tools4mom at 1:20 AM on May. 20, 2011

  • You should look into Dave Ramsey's system. If you follow it to a T, then you will be set.

    Answer by HollyBoBolly at 1:36 AM on May. 20, 2011

  • the only problem with his system is that I HAVE to get things done before debt. I was thinking about going to him after we got the repairs done and the car replacement lol. I just don't know how much of what we have left over to put where.. all of it towards the house, part of it towards the house or split it even between 2 or 3...

    Comment by Anonymous (original poster) at 1:38 AM on May. 20, 2011

  • The best way is to increase your monthly income.

    Answer by meooma at 4:17 PM on May. 20, 2011

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.