tag:blogger.com,1999:blog-6698917025069184978.post938926402209146477..comments2023-12-14T16:24:47.796+00:00Comments on Northern Living Allowance: Finance FridayNorthern Living Allowancehttp://www.blogger.com/profile/06663851212929175711noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6698917025069184978.post-39566938804884309542012-05-06T00:37:38.170+01:002012-05-06T00:37:38.170+01:00Sounds like you have been given some sound advice ...Sounds like you have been given some sound advice on the debts there and i would agree with paying off those smaller debts and getting rid of it. However you know your own spending habits and if it would be important to have that safety net.:-)Danniehttps://www.blogger.com/profile/04857761000072977534noreply@blogger.comtag:blogger.com,1999:blog-6698917025069184978.post-30876734115297318592012-05-05T07:00:49.460+01:002012-05-05T07:00:49.460+01:00Personally, I just hate owing money so I'd pro...Personally, I just hate owing money so I'd probably use it to (mostly) pay off the the two smaller debts as Reyna already suggested. Not having those extra payments when you go to school would be an added bonus. As long as you would still have a cushion. It about killed me leaving cash sitting in the bank knowing I could pay off my Jeep, but spring is an iffy time for me for work and I wasn't completely comfortable using up so much of my savings. I did finally pay it off and since then work has picked up - good karma? lol Anyway, you really have to do what's best for your situation and only you really can decide that.<br /><br />You have my sympathy on the kitty pilling if he's anything like mine! I have one guy who gets liquid antibiotics a week every month for a chronic respiratory infection. Thankfully he doesn't hold a grudge long. :-)Anonymoushttps://www.blogger.com/profile/01259286721266608384noreply@blogger.comtag:blogger.com,1999:blog-6698917025069184978.post-3313026143098161622012-05-05T05:46:15.648+01:002012-05-05T05:46:15.648+01:00Some thoughts that may or may not be helpful or ev...Some thoughts that may or may not be helpful or even make sense.<br /><br />* If you use the money to pay off debt, you will be less likely to "slowly" use it until it is suddenly "all gone" with not a lot to show for (and a surprised look on your face). You will ALSO save on interest.<br /><br />On the other hand you have to know your own habits because sometimes we pay off a debt and then accumulate "new" debt on a credit card "because it has all this available credit!" And end up in a spiral financial situation-right where we started from.<br /><br />* I believe financial dieting is similar to food dieting in that if you cut all the good stuff out you feel deprived. (My own theory.)And then overcompensate by going on a spending spree.<br /><br />So I don't know how much new duds & such costs but I would leave a small cushion to treat yourself.<br /><br />* This is what I would probably do if this were my situation (I am FULLY aware that you did not ask-just ignore and delete as you feel the need!)<br /><br />* Pay off the 2400.00<br />* Pay off 500.00 of the 700.00<br />(This can be reversed depending which has the highest interest: 2200.00 + 700.00)<br />* Use the leftover 100.00 to treat yourself.<br />* Then use the payment amount that you would regularly make to the 2400.00 (ex. 51.00 PLUS the regular amount you usually pay to the 700.00 (ex. 28.00 for a total of 79.00 - even it out to 80.00) to pay off the 200.00 remaining.<br />That should only take approximately 3-4 payments.<br />* Then use those 2 combined payments to pay towards the 4000.00 of course ALSO paying that regular payment. (80.00 + 111.00= 191.00).<br />* It is surprising how much quicker a loan diminishes when we do this. It encourages us to stay diligent because we can see evident results.<br />* If you ARE diligent then I would allot an allowance per pay period or per month maybe just 25-50.00. Just a small one but something that rewards your discipline.<br /><br /> Good luck in whatever you decide to do!<br /><br />Just the fact that you are aware and contemplating what's best puts you way ahead of many others.<br /><br /> Keep up the good work!Reynahttps://www.blogger.com/profile/17338898718251290682noreply@blogger.com