2022 Challenge Contentment

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SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: 2022 Challenge Contentment

Post by SandiSAHM »

I'd split it. If I had $1000/month to save or pay off debt, I'd split it $500 to savings and $500 extra toward the car payment. If I wanted to be more conservative I'd save $700 and put $300 on the car payment.

I read somewhere once, on the topic of paying off debt (in that case, a house), that savings, especially the first chunk thereof, "emergency" savings, take priority over paying off debt because... in a crunch from inflation or job loss or whatever, "you can't eat the house."

In your case, in a bind, you can't eat the car. Whether it's paid off or not.

There's nothing to stop you from aggressive saving now, for a year (all $1000 toward savings), and changing that later to $500/$500, once you're comfortable with your emergency fund.
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: 2022 Challenge Contentment

Post by HappyDaze »

Thanks for chiming in, Sandi, I appreciate it. I've been paying $100 extra on my car payment and saving the rest. I will probably keep doing that until I'm more comfortable with the amount I have saved.
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
ChristmasTrees
Posts: 3983
Joined: Fri Aug 28, 2015 12:53 am

Re: 2022 Challenge Contentment

Post by ChristmasTrees »

My 2 cents...I NEED a good savings account or I am uneasy. I would vigorously dump any extra money into your savings/emergency account. When you get that to where you are comfortable..then I would vigorously pay down your car loan.
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: 2022 Challenge Contentment

Post by HappyDaze »

Thank you, Trees - that makes sense.

Bits and bobs of money coming in - $50 payout from the Digital Reflection Panel, $14.25 to my Amazon gift card account from M-Turk.

My health insurance is going up $13.40 in 2023. Dental insurance (which is a joke but better than nothing I guess) is up .16 cents, vision is up .11 cents. Hopefully my pay increase will see me doing better than breaking even.

Internet just went from $50 a month to $60 a month - I need to look for a better rate but from the research I have done so far, there is nothing less expensive for the same quality service.

A repair of my good laptop (just need a password reset) and a "new to me" (refurbished) cell phone purchase are on the horizon. Ugh.

I still need to get to the DMV and turn in the plates from my old car and get a refund from the insurance company. Getting there is the problem - I'm just going to have to make time during the work day.
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
floridacatlover
Posts: 8057
Joined: Fri Aug 28, 2015 7:21 am

Re: 2022 Challenge Contentment

Post by floridacatlover »

Sheila, I just want to tell you that following your contentment challenge has been one of my favorite things on the forum this year.
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: 2022 Challenge Contentment

Post by HappyDaze »

floridacatlover wrote: Wed Dec 07, 2022 9:42 am Sheila, I just want to tell you that following your contentment challenge has been one of my favorite things on the forum this year.
Awwww, Floridacat, you are so kind - your comment made me tear up a bit. Have a blessed night.
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
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