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Since we’ve paid off Beaker this month, Mr. M and I have gone back and forth on if we should take the $250 monthly car payment and apply it towards debt or place it in a savings account. We will need to replace Mr. M’s car soon. Hopefully, we can keep it alive until a year from now but I’m not really counting on it.
What do you all think? Throw the extra $250 towards our snowball or save it?
I'd throw it at the debt, you;ll really see that snowball do some damage then!
ReplyDeleteI also think that you should get it into snowballs. Since it will help you eliminate debt faster, when and if you have to replace M's car, you will be in a better position. Also, you could do like $150 for snowballs and $100 for a car fund (or any other way you'd prefer to cut it) to prepare for when you have to replace the car.
ReplyDeleteI say it depends on the disparity of your car. If you don't think it will make the next year then I would definitely save the money for your next car. If you think it will last 3 to 5 more years then I would put it towards debt snowball for 3 years then start saving. Either way whatever makes you feel better and not go into debt is good.
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