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Frugalistas Frugalistas

the great debate

Posted by on Feb. 15, 2013 at 1:54 AM
  • 29 Replies
my fiance and i are trying to decide what to do with our 6000 refund. i want to put it in a high interest cd account he wants so pay bills with most of it then get bonds for the kids... what would you do?
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by on Feb. 15, 2013 at 1:54 AM
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Replies (1-10):
victoriaherring
by Bronze Member on Feb. 15, 2013 at 2:10 AM
Pay bills. We always do random stuff with ours and always wish we would have just paid bills, then saved the rest.
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Lindalou907
by Bronze Member on Feb. 15, 2013 at 5:04 AM
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Pay off any high interest debt first. Then I would take ourselves out for a date, then, if there's any left I would put it in tax free college accounts for the kids.

chrissysnow22
by on Feb. 15, 2013 at 5:04 AM
I would pay bills first abs save the rest.
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JakeandEmmasMom
by Silver Member on Feb. 15, 2013 at 10:09 AM
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 Pay the bills first.  Odds are that even the highest yield CD is still less interest than you are paying on the bills.  So, it makes more sense mathmatically to pay off the bills first.

KenzieQsMommy
by Heather on Feb. 15, 2013 at 10:39 AM
Pay bills, save the rest. That's what we're doing. Eliminating debt and pocketing the rest and the monthly savings.
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mommy06and09
by on Feb. 15, 2013 at 11:11 AM
there is no interest on my bills. its things in collections and an attorney fee. we are slowly paying them all down.


Quoting JakeandEmmasMom:

 Pay the bills first.  Odds are that even the highest yield CD is still less interest than you are paying on the bills.  So, it makes more sense mathmatically to pay off the bills first.


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pinkcoffeecup
by Silver Member on Feb. 15, 2013 at 11:16 AM

I'd pay off as many bills as you can. Then put the rest away in bonds for the kids.

JakeandEmmasMom
by Silver Member on Feb. 15, 2013 at 11:34 AM
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 Well, if they're in collections, I would encourage paying them off even more strongly.  It will improve your credit score sooner, which, even if you aren't planning on needing credit anytime soon, can affect things like your insurance rates.

Quoting mommy06and09:

there is no interest on my bills. its things in collections and an attorney fee. we are slowly paying them all down.


Quoting JakeandEmmasMom:

 Pay the bills first.  Odds are that even the highest yield CD is still less interest than you are paying on the bills.  So, it makes more sense mathmatically to pay off the bills first.


 

Marz31
by Bronze Member on Feb. 15, 2013 at 11:59 AM

I'd pay off the collections amounts for sure. if the others are on a payment plan and they don't care if it's paid off early or not, and there's no extra being paid in, yeah, I'd do an interest-bearing account of some sort and keep paying those monthly. otherwise, pay it all off and then put what you've been paying on those in a savings (whatever you choose) and it'll be up to that point in no time. 

Bleacheddecay
by Bronze Member on Feb. 15, 2013 at 12:09 PM

I like his plan the best.

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