Sunday, October 25, 2015

USE IT OR NOT


















Hi! I received a question after a seminar asking should I pay off some debt by using my emergency fund. I thought it was a great question to share on my blog.  In my opinion, I feel you should only use emergency funds just for emergencies. It's better to pay off debt quickly especially high interest items by

1) Reviewing your expenses and evaluating if there are areas you can cut cost in..then apply that savings each month to your debt

2) As you pay off debt use that money that has been freed up towards other debt. Continue that process until all debt is paid off

3) Sell items you no longer need for additional cash

4) Find a way to earn additional income by getting a job or starting a business  until debt is paid off

Overall I feel if you start using your emergency funds for debt then you will never
be able to save for real emergencies. Check out my post here if you need information on what emergency fund is and my other post on how to build your buckets here.
As always thank you so much for your support!!!

Pants: Ann Taylor (similar ones)
Blouse similar one I ordered for fall season here
Shoes: Sam & libby from last summer
Clutch: old similar here
Watch: Citizens

10 comments:

  1. I should learn more from you when it comes to emergency fund. You are such an inspiration! Love this look, Tiff! Simply stunning as always!! Hope you're having a wonderful Sunday! ;=)
    www.lenparent.com

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  2. Loved the pic on IG.. and definitely love it seeing you in full-size! :)

    Gorgeous heels! :D

    And it's a very good philosophy.. money in an emergency fund should only be used for an actual emergency!



    YouTube | Blog: Geekette in High Heels | Instagram

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    1. Thank you! Hope your still traveling beautifully:)

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  3. I totally agree with you Tiff! Emergency cash should be left for that purpose cause you never know what might happen tomorrow! Its a matter of planning yourself well. Sometimes things might not turn out as planned but it'd always worth it at the end!
    Good information Tiff.
    www.styledbymilly.com

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  4. I totally agree with you Tiff! Emergency cash should be left for that purpose cause you never know what might happen tomorrow! Its a matter of planning yourself well. Sometimes things might not turn out as planned but it'd always worth it at the end!
    Good information Tiff.
    www.styledbymilly.com

    ReplyDelete
  5. Very smart and helpful tips on emergency funds. It makes a lot of sense. Well, thank you for sharing that important bit. You look spectacular.

    http://www.thefashionstirfry.com

    ReplyDelete
  6. Very smart and helpful tips on emergency funds. It makes a lot of sense. Well, thank you for sharing that important bit. You look spectacular.

    http://www.thefashionstirfry.com

    ReplyDelete