extra money

[maxiesmom]

I am trying to do three things: Save for a Disney trip next October, save for a mobile home, and pay down my credit cards. When you have extra money, how do you decide what to put where? Would you divide it into thirds? I was thinking of opening an ING account to put my Disney money in. I also have a regular savings plan at my credit union that I would like to build up. Does anyone have any advice?

 

[aka-mad4themouse]

If I was carrying a CC balance, ALL extra money would go to pay it down sooner. It makes no sense to put money into a savings account for a trip, drawing only 3.5% interest or less, when you're paying 9% or more in interest on your CC.

 

[JenLoy]

I'd have to agree the best thing you could do for your finances would be to eliminate the cc debt. It's insane what cc's charge in interest.

 

[BethR]

If I was carrying a CC balance, ALL extra money would go to pay it down sooner. It makes no sense to put money into a savings account for a trip, drawing only 3.5% interest or less, when you're paying 9% or more in interest on your CC.

I am in total agreement with aka-mad4themouse.

 

[ziggystardust]

Pay as much to the CC as you can. Imagine, once your cards are paid off - how much easier it will be to buy a home or go on vacation.

Its so worth it!

 

[fourfoxesinpa]

Absolutely correct to put every spare penny to those credit card bills. And, when you're ready to start putting money into a Money Market account, don't forget to check out Virtualbank.com or emigrant. They have higher interest rates than ing.

 

[nsmith]

You must pay off the credit cards before you can afford to spend any more money on wants (mobile home, vacations).