Savings

[autoxer]

Re: Savings

I'm already paying more then is currently due each month on the loans. My loan amounts per month are:
1. $150 (should only be paying $140)
2. $155 (should only be paying $150)
3. $325 (should only be paying $320) This one is a variable rate so the amount due keeps changing.

What are the interest rates on these loans? Instead of paying a little extra on each loan, why not focus all of the extra money on the loan with the highest interest rate?

[Big G]

Re: Savings

What are the interest rates on these loans? Instead of paying a little extra on each loan, why not focus all of the extra money on the loan with the highest interest rate?

Someone else brought that up .... the 2 $150 loans are fixed rate so the amounts don't change ... the bigger one is variable. Since I just paid off my car and my credit card will be paid off with my tax return I will pay at least $400 a month on the big loan

[autoxer]

Re: Savings

Does the bigger loan with a variable rate have a higher interest rate then the fixed rate loans?

[Big G]

Re: Savings

Does the bigger loan with a variable rate have a higher interest rate then the fixed rate loans?

I don't have the info in front of me, but I'm 90% sure it does ... I know that the payment amounts have gone up on me a few times because of changes in interest rates where as the others have stayed the same.

[Savingmonster]

I agree that it's a good idea but I really want to have some money set aside in case of an emergency ... which is what I use the savings account as.

I am in a situation very similar to yours.

I Have no CC card debts, and I am very proud of it. But I owe about 25,000 in Student loans.

I feel better saving and paying off the school loan debt slowly, Im taking my time with it. I am aware in the long run, it's going to cost me more, but its a great feeling having money in my savings account.

Since I am contributing a LOT to my savings account, I am confident I will be able to pay off my 25k loan in 7-10 yrs.

The thing is, when I start paying down on my loans aggressively (doubt or triple the min), I want to be sure I have 40-50k in my savings account when I am done.

SavingAdvice turned me into a Monster when It comes to saving lol, so you guys are to blame .

Again, I am aware, it will cost me a little bit more if I take my time. But I personally want SAVE aggressively for about 5 yrs, then I will start to pay down on my School loans very aggressively. In 5 yrs, My Bank account should be looking really good.

[Savingmonster]

I know some of you guys are gonna kill me here, but I really feel saving is a little more important than paying off school loans aggressively. Having a nice savings account gives me a sense of security.

Starting to save was one of THE MOST DIFFICULT thing I had to do in my life, now I am very comfortable with it, and can't live w/o saving.

Paying off my school loans and being broke after, IS NOT going to give me a great feeling.

[Daylily]

I know some of you guys are gonna kill me here, but I really feel saving is a little more important than paying off school loans aggressively. Having a nice savings account gives me a sense of security.

Starting to save was one of THE MOST DIFFICULT thing I had to do in my life, now I am very comfortable with it, and can't live w/o saving.

Paying off my school loans and being broke after, IS NOT going to give me a great feeling.

I agree with this totally if it is what makes you comfortable. That's what is important.

[veronak]

I have an HSBC account but I simply prefer ING. I would not move only for a few months