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I am not one who should be giving financial advice as I myself have made many financial mistakes in the past, but one of the things I have learned over the years is to make sure you keep an emergency fund so that should a situation arise where you have to pay for an unforeseen expense, you can cover it without having to shoulder it on a credit card. I have read the book “Total Money Makeover” by Dave Ramsey and he mentions that before you even attempt to chop your debt down you should save up and have $1,000 in a savings account that is used strictly for emergencies only. Only after you first establish an emergency fund you start focusing on paying off your debts from smallest to highest.
Recently an unforeseen expense with one of our vehicles which requires fixing had me thankful that I had put that money away for such a purpose, now to grow it back and continue the course to hack away at debt which is a long term goal.
-Justin Germino
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