I've managed to wipe out my credit card. Now I'm working on my line of credit, but with very necessary new car payments, that will take longer than I had hoped before the car emergency happened.
The personal savings is a great idea. I contribute regularly too but I try to absolutely not touch it, and I can't take it out anyway without visiting the bank. Given what I can contribute per week it will be quite a while before it's a sizable nest egg. Still, the more it increases, the more safe I feel. I'm hoping it can build until it equals my descending line of credit balance, then I'll pay off the debt and not be charged interest on anything, diverting it all back into savings.
I've managed to use only cash or debit for almost a year now. The only charge on the line of credit is the monthly interest. My credit card gets some unavoidable use, but is paid off as soon as possible.
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Date: 2012-12-15 04:51 pm (UTC)The personal savings is a great idea. I contribute regularly too but I try to absolutely not touch it, and I can't take it out anyway without visiting the bank. Given what I can contribute per week it will be quite a while before it's a sizable nest egg. Still, the more it increases, the more safe I feel. I'm hoping it can build until it equals my descending line of credit balance, then I'll pay off the debt and not be charged interest on anything, diverting it all back into savings.
I've managed to use only cash or debit for almost a year now. The only charge on the line of credit is the monthly interest. My credit card gets some unavoidable use, but is paid off as soon as possible.