I’ve been reading Dave Ramsey’s book, Financial Freedom and I’ve decided I need to beef up my emergency fund. I already have some money in a savings account but I’m thinking I should built it up a little so I have a little cushion in case when something comes up. So for the next few months I’ll be paying the minimum on my credit cards and putting some money in my savings account. With my credit card interest rates as low as they are now, after finance fees, I’ll still be paying off approximately $431 dollars of my debt per month. I should be able to put about $100 - $300 in my savings account per month. I’ll still be making progress towards becoming debt free and beefing up my savings account at the same time.
I know following this plan is going to set back my goal date of being credit card debt free but I’m also hoping that by doing this, should an emergency come up I won’t be reaching for my credit cards to help me out.
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