Comments on: Getting Out of Debt vs. Saving: Which should you prioritize? http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/ A Financial Freedom Guide for Filipinos Wed, 08 Feb 2012 14:41:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Celine http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-290 Celine Mon, 16 Mar 2009 12:57:54 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-290 Thanks for sharing your post Fitz :) Very useful, and you really presented the different scenarios well. Thanks for sharing your post Fitz :) Very useful, and you really presented the different scenarios well.

]]> By: Fitz http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-289 Fitz Mon, 16 Mar 2009 12:14:54 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-289 Great post. I agree with you that you should really try to DO BOTH. Seeing your debt go down and your savings go up at the same time provides motivation. It may not be "financially smart" because you'll end up paying more in your debt. But in personal finance, what's more important is really having a persistent and consistent attitude towards improving our financial situation. Anyway, I hope you don't mind, but I'd also like to share the post I wrote regarding this topic: <a href="http://fitzvillafuerte.com/should-you-save-money-if-you-have-debts.html" rel="nofollow">Should You Save Money If You Have Debts?</a> Thanks and more power to your blog. :D Great post. I agree with you that you should really try to DO BOTH.

Seeing your debt go down and your savings go up at the same time provides motivation. It may not be “financially smart” because you’ll end up paying more in your debt. But in personal finance, what’s more important is really having a persistent and consistent attitude towards improving our financial situation.

Anyway, I hope you don’t mind, but I’d also like to share the post I wrote regarding this topic:

Should You Save Money If You Have Debts?

Thanks and more power to your blog. :D

]]> By: Celine http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-288 Celine Sat, 07 Mar 2009 05:35:36 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-288 @Kaye: Great advice. Thanks for adding it to the discussion! I agree that the best thing to do would depend on his/her situation, and without knowing the details, it's a little hard to give generic advice. @OneTamad: Good luck! @Jun: Interesting suggestion. I'll file it for later posts, thanks! @Kaye: Great advice. Thanks for adding it to the discussion! I agree that the best thing to do would depend on his/her situation, and without knowing the details, it’s a little hard to give generic advice.

@OneTamad: Good luck!

@Jun: Interesting suggestion. I’ll file it for later posts, thanks!

]]> By: jun sanchez http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-287 jun sanchez Thu, 05 Mar 2009 05:05:32 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-287 i hope to see a topic on: Using Money to Get Out of Debt vs. Using Money to Make Money to Get Out of Debt" i hope to see a topic on: Using Money to Get Out of Debt vs. Using Money to Make Money to Get Out of Debt”

]]> By: OneTamad http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-286 OneTamad Wed, 04 Mar 2009 16:04:07 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-286 Sounds like a plan. Thanks. :) P10,000 is slightly more doable for now. Sounds like a plan. Thanks. :)
P10,000 is slightly more doable for now.

]]> By: Kaye http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-285 Kaye Wed, 04 Mar 2009 10:58:56 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-285 Just a follow up to my earlier post. This is doable depending on the monthly income and the amount of debt. He has to put in the numbers in an Excel spreadsheet to find out how much he can afford to pay his debts and how much he can set aside for emergencies. I am wondering if these are credit card debts. If it is, then I suggest literally cutting the credit cards in two and maintain only one or two credit cards. The remaining credit cards have to be stashed away and they cannot be used for a certain number of months. Just a follow up to my earlier post.

This is doable depending on the monthly income and the amount of debt. He has to put in the numbers in an Excel spreadsheet to find out how much he can afford to pay his debts and how much he can set aside for emergencies.

I am wondering if these are credit card debts. If it is, then I suggest literally cutting the credit cards in two and maintain only one or two credit cards. The remaining credit cards have to be stashed away and they cannot be used for a certain number of months.

]]> By: Kaye http://www.frugalpinoy.com/debt/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-284 Kaye Wed, 04 Mar 2009 10:35:28 +0000 http://frugalpinoy.com/saving/getting-out-of-debt-vs-saving-which-should-you-prioritize/#comment-284 It will depend on what his/her personal situation is right now. If he/she is still living with his/her parents, then he could focus on eliminating his debt. Otherwise, he will have to do both. In order to eliminate his debt, he has to cut back from spending in other areas like entertainment and dining out. Then, he has to increase his debt payments. And allocate a certain amount for emergency savings. It will depend on what his/her personal situation is right now. If he/she is still living with his/her parents, then he could focus on eliminating his debt. Otherwise, he will have to do both.

In order to eliminate his debt, he has to cut back from spending in other areas like entertainment and dining out. Then, he has to increase his debt payments. And allocate a certain amount for emergency savings.

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