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Advice for Moms Advice for Moms

Keep saving or pay something off?

Posted by on Jul. 21, 2013 at 6:17 PM
  • 14 Replies

So long story short, I recently got divorced and moved myself and my three kids back home with my parents.  I am currently working and trying to get out of debt.  I have about $600-ish in savings and am debating whether to keep saving it for future deposit/1st months rent so we can move out or put it towards one of my debts.

What would you do?  I can't move out anytime soon but it would be nice to have that money there and ready when we can move out.


by on Jul. 21, 2013 at 6:17 PM
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Replies (1-10):
atlmom2
by Ruby Member on Jul. 21, 2013 at 6:23 PM
1 mom liked this
Always pay debts off.
Posted on CafeMom Mobile
mstef99
by on Jul. 21, 2013 at 6:59 PM

 Personally debt is always the best to get rid of but you could take a percentage of the savings and tuck it away and use the rest for the debt.  Hard to say without really knowing your circumstances.

frndlyfn
by Platinum Member on Jul. 21, 2013 at 7:23 PM

Pay debt and continue to save up as you get income.

ELFs_Mommy
by Bronze Member on Jul. 21, 2013 at 7:26 PM
Debts should take priority here. Some places require credit checks before they will rent to you, and it won't matter that you have the money now for rent/deposit if they see too much debt.
iHEAVENn
by Member on Jul. 21, 2013 at 7:26 PM

Pay off the debt if you are okay to stay where you are for awihle. 

aurora.dove
by Bronze Member on Jul. 21, 2013 at 7:27 PM

Pay off debt first!! It will pay off in the end to have debt paid off, and your credit score decent!

armyvet06
by Ashley on Jul. 21, 2013 at 7:31 PM
I would pay off debt first. I currently live with my parents and am putting about 1/4 of what i make into paying off one of my debts. I would love to save my money but i just cant right now due to not making a lot and having quite a bit to pay off.
snowangel1979
by Silver Member on Jul. 21, 2013 at 7:40 PM
If everything's fine with you taking your time moving out, definitely pay off your debt first.

It would be bad if you moved out and were just getting by and say they garnish your paycheck and you couldn't pay your rent.
Plus your credit is really important.
Posted on CafeMom Mobile
cjsmom1
by Silver Member on Jul. 21, 2013 at 7:56 PM
1 mom liked this

I would make sure I have $1000 in savings in case an emergency comes up and then pay off debt after that.

Numom61507
by on Jul. 21, 2013 at 8:09 PM

As long as it's emotionally/mentally feasible for you to stay there, I would work on paying down debts. It will help you in the long run.

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