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"What if?" is a good practice when planning for the future, but, leads one to over-react when dealing with potential near-term emergencies.
It's always a good idea to live within one's means and avoid more debt than one can reasonably manage "IF" the sky falls.
This is a good time to get your house in order for the future (reduced cc debt, increased emergency savings) ... as though your job might be safe in the foreseeable future. Then, whether you keep or lose your job, you will still be on a better path ... if/when something happens in the future.
I was preparing for a layoff in July and was saving so I could have 6 months of rent in my savings. But the manager announced yesterday that we will all have jobs after june due to a new contract.
So I have one card with $3000 balance and another with a $800 balance.
No keep saving rent, things can fall thru in a month.
Yes start paying them a little more than minimum and the most you can but don't use your reserve.
Do the debt snowball. Save as much as you can, but put the money you WOULD be paying towards the paid off card towards the 800 card. Then add those two pay me ts to discover . Tgat way you can save and pay it off.
If your job is really that volatile, id be saving lije mad till i had a generous one years gross incone saved. On austerity budget it can last longer.
It will feel goid to have back up in case you fave the same again.
Then start investing the snowballed total c.c debt payments for retirement.
Do the debt snowball. Save as much as you can, but put the money you WOULD be paying towards the paid off card towards the 800 card. Then add those two pay me ts to discover . Tgat way you can save and pay it off.
If your job is really that volatile, id be saving lije mad till i had a generous one years gross incone saved. On austerity budget it can last longer.
It will feel goid to have back up in case you fave the same again.
Then start investing the snowballed total c.c debt payments for retirement.
I was preparing for a layoff in July and was saving so I could have 6 months of rent in my savings. But the manager announced yesterday that we will all have jobs after june due to a new contract.
So I have one card with $3000 balance and another with a $800 balance.
I would keep saving until you have six months' worth of expenses. After that, pay things off. If you are working for a company that is that hand-to-mouth in terms of business, it does absolutely no good to have a zero balance on your credit cards if you have nothing in savings.
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