Comments on: 31 Days To Fix Your Finances, Day 15: Coming In Under Budget And An Emergency Fund http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/ Simple, applicable personal finance advice for the modern world Fri, 19 Mar 2010 12:42:01 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Sean http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/comment-page-1/#comment-710061 Sean Sat, 27 Jun 2009 16:29:50 +0000 http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/#comment-710061 Pay off debt, pay off debt, pay off debt. Pay off debt, pay off debt, pay off debt.

]]> By: deymiss caraballo http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/comment-page-1/#comment-537262 deymiss caraballo Wed, 25 Feb 2009 15:46:16 +0000 http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/#comment-537262 I have been reading your column for a while and really like what you write about. i have been trying to do all these things for several years now. recently, we acquired a piece of property and as a result incurred debt. Our savings are low (almost non-existing) and we have some credit card debt. My inclination is always to put the money into the credit cards or the debt instead of the savings account. I was re-reading your column to get guidance...should i save especially now with the economic climate or should i put all of our excess into our debt. or should i do both? I was trying to remember if it was you who saved the money until you had a good amount and then paid off the debt completely. I would appreciate your input. Thank you in advance for your comment. I have been reading your column for a while and really like what you write about. i have been trying to do all these things for several years now. recently, we acquired a piece of property and as a result incurred debt. Our savings are low (almost non-existing) and we have some credit card debt. My inclination is always to put the money into the credit cards or the debt instead of the savings account. I was re-reading your column to get guidance…should i save especially now with the economic climate or should i put all of our excess into our debt. or should i do both? I was trying to remember if it was you who saved the money until you had a good amount and then paid off the debt completely. I would appreciate your input. Thank you in advance for your comment.

]]> By: John http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/comment-page-1/#comment-461083 John Sat, 03 Jan 2009 20:20:52 +0000 http://www.thesimpledollar.com/2007/01/15/31-days-to-fix-your-finances-day-15-coming-in-under-budget-and-an-emergency-fund/#comment-461083 Another option for an emergency fund is a Roth IRA. In any given year, you can withdraw your contributions (but not your earnings) at any time, penalty free. Furthermore, any money you make in your Roth IRA is tax-free (as long as you season it in the IRA for five years). Contrast that to a savings account -- you pay taxes on any interest earned. You can put your money into an IRA and most brokerages will pay some amount of interest. You can also pick very safe mutual funds/money market accounts to put your "emergency funds" into. This pretty much ensures that your money will make the best possible "safe" interest rate while avoiding taxes. Another option for an emergency fund is a Roth IRA. In any given year, you can withdraw your contributions (but not your earnings) at any time, penalty free. Furthermore, any money you make in your Roth IRA is tax-free (as long as you season it in the IRA for five years). Contrast that to a savings account — you pay taxes on any interest earned.

You can put your money into an IRA and most brokerages will pay some amount of interest. You can also pick very safe mutual funds/money market accounts to put your “emergency funds” into. This pretty much ensures that your money will make the best possible “safe” interest rate while avoiding taxes.

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