i have some outstanding bills. I owe three people some serious cash. I just got a fat chunk of change.
SHould i:
a) pay off two out of three debtors
b) pay a little bit to all 3, save some, and then buy some much needed stuff
c) pay off one out of 3 debtors, save some, and then blow the rest on a fun trip
d) any other option you can think of???
2006-07-27 08:43:54 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Here's what worked for me:
1. Pay yourself first. Take 5-10% into your pocket
2. If your debt has interest, pay this first, else if your bills have interest, pay that first. Rule of thumb: Pay the one with interest first.
3. Use the rest to pay the debtors, if by this time you don't have enough, pay a bit but not so little either, to them. This assure them you can pay.
4. Now buy what you need. Don't cut from your necessary expenses.
5. Think of how to double your income within the next 30 days.
2006-07-27 10:03:28 · answer #1 · answered by Ahmad T 1 · 2⤊ 0⤋
I would invest it. Put it in a 30 day cd. If it really is a fat chunk of change, then the more money you have, the more interest you make. Makes sense? So, even though it would be another 30 days before you could pay anybody, you would still have more money in the end. Pay your bills first, unless you have owed these people for over a year. Then pay them a little bit. Let them know that you haven't forgot to. Let them know your plans of investing to make the most out of the money you got. So, you don't even have to put all of your money in a cd or whatever else, just do what will be best for you. Only you know that.
2006-07-27 18:35:21 · answer #2 · answered by goshimwaycool 3 · 0⤊ 0⤋
If you have the money to pay ALL THREE then PAY ALL THREE. If someone owed you money what would you want them to do? Please understand I know what it is like to want things but having a good name is better then anything that you could buy.
If the "much needed stuff" is not vital to sustain life (ie food, clothing or shelter) truthfully it is not necessary.
I hope that you make a good decision.
2006-07-27 15:52:38 · answer #3 · answered by Today is the Day 4 · 0⤊ 0⤋
You should pay your bills, before you go and pay off people. You can get in bad with banks and such. But with people you really can't getin trouble, hope they understand!
2006-07-27 15:48:31 · answer #4 · answered by Celeste >> Ba Ba.. 1 · 0⤊ 0⤋
i would pay off the people and anything else i owe then if i had extra i would have a little fun ...
2006-07-27 15:50:26 · answer #5 · answered by erf1960 2 · 0⤊ 0⤋
Pay the debt that is charging the highest interest, then the next highest, etc.
2006-07-27 23:12:13 · answer #6 · answered by homerunhitter 4 · 0⤊ 0⤋
give it to me please
2006-07-27 15:55:16 · answer #7 · answered by smartblondebelieveitornot 2 · 0⤊ 0⤋