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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

I would recommend that you have at least six months to a year’s worth of your monthly expenses saved in the event of a job loss or an unexpected emergency. Wiping out high-interest debt on a timely basis will reduce the amount of total interest you’ll pay eventually while freeing up money in your budget for other uses.

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10 Things To Do When You Lose Your Job

Prairie Eco-Thrifter

There is sometimes a waiting list or it may take some time for your application to be processed so the quicker you do it the better. If you can do without a cell phone, or if you use a cleaner/gardener or any other service that you can now do yourself as you have time, cut it. If you have items you don’t use or need, sell them.

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Find out how Jessica paid off $56,000 of student loans, credit cards, and a car loan.

Family Balance Sheet

Tell us about yourself. I am used to moving a lot! It took me five years to pay off my debt but two of those years I had a job loss, I was taking care of my grandparents and I had lost my motivation and drive to pay off the debt. I no longer use credit cards – only debit cards or cash. Where are you from?