No More Credit Card Debt: Now What?

Started by: Smithee     Aug 04, 2008     Total Views: 10,199     Total Votes: 2,699

There are many options for saving or spending or investing the "extra" cash I'll have once my credit cards are paid off. Please help me prioritize.
    Vote Here:

1.

Save everything you can toward a 3-month buffer ($11,000)

By: Smithee 13,175 points  report  277 votes

This seems almost as unachievable as paying off the credit cards was. But I know that according to conventional wisdom, it should be my first priority. Right now, I have NO emergency fund.

Comments (7)
YayBoo

+209 pts

2.

Start a Roth IRA

By: Smithee 13,175 points  report  214 votes

Comments (3)
YayBoo

+158 pts

3.

Make extra car payments

By: Smithee 13,175 points  report  206 votes

Comments (3)
YayBoo

+142 pts

4.

Increase 401(k) investment (currently 6%; employer matches 25% of first 6%)

By: Smithee 13,175 points  report  184 votes

Add a Comment
YayBoo

+70 pts

5.

Make extra house payments

By: Smithee 13,175 points  report  193 votes

Add a Comment
YayBoo

+43 pts

6.

Start a 529 plan for the kids

By: TheWisdomJournal 100 points  report  164 votes

Comments (2)
YayBoo

+40 pts

7.

Save toward the goal of moving somewhere with better weather

By: Smithee 13,175 points  report  170 votes

I don't think I can stand more than one more summer here. It's absurdly hot.

Comments (1)
YayBoo

-26 pts

8.

Do something about the horrid popcorn ceiling

By: Smithee 13,175 points  report  168 votes

Add a Comment
YayBoo

-62 pts

9.

Upgrade the kitchen (appliances and storage, mostly)

By: Smithee 13,175 points  report  172 votes

This would make my wife very happy.

Comments (3)
YayBoo

-66 pts

10.

Update the sinks & vanities in the bathrooms

By: Smithee 13,175 points  report  165 votes

Add a Comment
YayBoo

-79 pts

11.

Buy new clothes

By: Smithee 13,175 points  report  165 votes

I've never included Clothing in my monthly budget. I probably should.

Add a Comment
YayBoo

-101 pts

12.

Buy a network storage system for the house (I don't need this, but I can't stop wanting it)

By: Smithee 13,175 points  report  153 votes

Seriously, we're doing fine with the storage situation. It's just that I want to be able to store a ton of movies and TV shows and never have to think about archiving anything.

Add a Comment
YayBoo

-105 pts

13.

Get a sprinkler system installed (probably $2K to $3K)

By: Smithee 13,175 points  report  145 votes

Plants die really quickly in this climate.

Add a Comment
YayBoo

-105 pts

14.

Save for one month, then throw a party

By: Smithee 13,175 points  report  170 votes

Add a Comment
YayBoo

-106 pts

15.

Buy some video production equipment (a real camera and some lights)

By: Smithee 13,175 points  report  153 votes

Video production was my first love. My current camera produces a workable image, except in low light, and the microphone is crappy.

Add a Comment
YayBoo

-107 pts

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