But other than that we do not have emergency savings.
We do make more than the minimum payments on our debt and are slowly chipping away at it.
However, one unforeseen emergency and all the progress we have made would be wiped out.
-K.
Dear K.,
I vote for going 50/50 here.
Put half in an emergency fund and the other half toward your credit card debt.
Thats not quite as satisfying as seeing most of your credit card debt wiped away.
That will leave you with credit card debt of around $5,500.
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Aim to build at least asix-month emergency fund.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].