I live, write, and garden in the PNW with my husband of 30 years, disabled daughter, autistic son, and my 85-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!I finally sat down and quit procrastinating and ran the numbers on my EF. After I take the money out for income tax and property tax I will have $277.36 left in my emergency fund. I will also have $204.30 in my holding tank (where I am now setting aside money for bills that are not monthly.) So it's definitely a major hit, but I think we can recover from it okay.
As eager as I am to pay off our debt, after we pay off the Master Card this month, I am going to take enough from what we would be paying to the VISA in the future to build the account back up to $1000 and then I'll add whatever I can to it. I would just feel better with at least $1000 in the bank quickly and then work on building it back up to $8000. Eventually higher, but I will feel a lot more secure with at least the $8000. We will still be able to pay the VISA off by the end of the year, it would just be December and not November.
Ran the EF Numbers
April 2nd, 2011 at 03:51 am
April 2nd, 2011 at 10:22 pm 1301782927