I just got a bonus from my summer job. It's about $500. I also owe a lot. I just got my car fixed and that's $232. And then what I have left to pay on my car insurance is $160. I also owe a lot on my credit card. I could put that $500 towards those things and completely not even think about it (would it be worth it?) However, I also would like to do this on my own, put that money away, and use my regular paychecks to pay that stuff off. I get paid this Friday. My paycheck should be around $400, which is just enough to pay for my insurance and car bill. I don't have to pay my car bill until mid-January, so I don't HAVE to use this paycheck for that. I know that I can pay off all of my debt on my own. It just may take a couple months, which is fine with me. I'm also afraid that if I put that $500 onto my credit card that I'll just charge $500 again and then that $500 would've gone to waste! Should I just save the money? I've been wanting to start up a savings account.
2006-11-27 11:43:18 · 6 answers · asked by goshimwaycool 3 in Business & Finance ➔ Personal Finance
pay your credit card ur being charged intrest.if your afraid u'll spend 500 again after you pay it off give your card to a family member*mom,dad,brother,etc and tell them not to give it to you unless its a emergency only!!!u dont want to fall in the trap of postponing things and getting that thought in ur head well i can pay it when i get this...pay ur bills first credit is very important from getting jobs to cars to homes etc.i learned my leason i screwed up so please listen to what im saying! ~ryan~
2006-11-27 11:50:15 · answer #1 · answered by ry h 2 · 0⤊ 0⤋
It depends on your age and situation. Are you self supporting or do you have a mom/dad to fall back on? How old are you? Based on the fact you referred to a summer job I'm assuming you are in school and have mom/dad. So based upon that here is what you do.
1. Cancel and tear up your credit card
2. Pay your car.
3. Pay your car insurance.
4. Pay your credit card bill.
5. Pay cash for everything going forward.
6. Build up a savings account for future expenses
I know it's not the fun answer but it is the way to financial success!
2006-11-27 12:46:25 · answer #2 · answered by AirDevil 4 · 0⤊ 0⤋
Split it up- pay $250 for the bills and save $250.
And: avoid the credit card! What good is a savings account at all if you keep running into temptation? It'll be empty before you know it.
2006-11-27 11:53:49 · answer #3 · answered by upside down 4 · 0⤊ 0⤋
Pay off any interest incurring debt. That means your credit card first! Pay off as much as you can. If you shove the money in the bank, you'll just end up owing more interest on your credit card. Why give the credit card company more money when you don't have too?
2006-11-27 15:02:39 · answer #4 · answered by Roman Soldier 5 · 0⤊ 0⤋
I think opening a savings account would be a good idea. Try to put a little in each payday, but still apply what you can to your bills.
2006-11-27 11:46:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
easy. Create a funds. do no longer spend greater effective than you earn. something is going into mark downs. in case you could no longer distinguish the version between "needs" and "needs", you will constantly finally end up spending money on pointless products. and you will no longer be waiting to maintain and get a head. something is as much as you. sturdy luck ;)
2016-12-10 17:22:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋