?? Work at Pickup Points � Flexible schedule

Should I Save for My Emergency Fund or Pay Off Debt?

Debt Free Millennials 38 views

Download

Download Video

Comments

I am a senior, not a millennial, but that is good advice!
Comment from : @glengullickson6538

I'm working on the debt first, will be paid off in 2 months
Comment from : @FloridaMark1611

My expenses are double or more of the examples given
Comment from : @Captainsaucebuckle

Doesn’t make sense to me to save up emergency fund while interest and fees builds up on your loans…
Comment from : @ALTMIX2

Saving up enough to float yourself or your family for 3 months while in debt is crazy lol pay off the debt
Comment from : @RJoelDOrr

I’m shooting for $20k in my e-fund to cover an HVAC unit needing to be replaced
Comment from : @JohnSmith-dj5gf

Savings first is best You don’t get rewarded by these companies for good payment history, so if anything comes up and you can’t make your payments that month they still penalize you and your broke struggling on top of that
Comment from : @LittleOlMo

I've noticed that my car repair bill has averaged around $1400-$1700 So, that's my target account to save How much does your repair place charge you per hour, or how much is the flat fee? This is important to know Good luck
Comment from : @cparker8439

This was great video!!
Comment from : @gageramsey2200

I’m aiming for 3-6 months of Emergency Funds
Comment from : @MelMel-28

2 years worth of living expenses set aside ??? Whaaaat they don’t need to be watching this video
Comment from : @jeromeharris5197

What about high interest debt? Aren’t you paying more in the long run the longer you don’t pay those off?
Comment from : @AshtasticAcrobat

Can you save money while paying off low monthly debt from credit card?
Comment from : @napadaanlng69

If your phone is $70, get a cheaper phone plan I have unlimited call, text, and wifi for $30 per month
Comment from : @kathryncashner3294

Uno de los mejores consejos de finanzas, feliz de encontrar
Comment from : @derekwolfgang158

I have an investment property and my home , both have large mortgages the investment property is not profitable yet as interest rates are high should I keep it? Or sell it and pay off a big church of my home loan ?
Comment from : @rushdynet1

I have an 18 month emergency fund I think I will drop it down to 12 months I am not willing to go any lower
Comment from : @shanisafan

lol yeah stop paying your debt good idea
Comment from : @DemocracyOfficer2485

Brilliant!😀
Comment from : @bigsky5526

Being in debt is an Emergency !!!! Get Rid Of It !!!!
Comment from : @cliftonhammock1152

I like how it didn’t take you 5 minutes to get to the point Thanks for saving time
Comment from : @kam1wess

good luck finding rent for $950 in any decent Canadian cityyou can barely rent a room for that price
Comment from : @louisah6020

Do you have any financial expert credentials? Or just someone sharing their opinion because you paid off debts?
Comment from : @ambivertical

1k wasn't meant to be the only starter emergency fund It was meant to motivate people to up their fund, not sit on it
Comment from : @blackbutterfly233ify

Dave Ramsey's $1,000 emergency fund is a total joke That is not enough for a month for ANYONE
Comment from : @calibby85

I do not work in the finance industry at all this is my own personal experience Do your research I have had a savings account at Synchrony Bank for about 2 years and deposit $25 per payday automatic into it It currently pays 475 A quick Google and you will see I do not get a penny whatsoever for anybody following this advice I truly have nothing to do with that bank other than a customer of it There are no locations so it's all done online They do give you a debit card but I have never used it because I'm treating this account as a way to build an emergency fund If you need a check or a transfer out I believe there's a fee but again I've never done it You can deposit by phone or mail a check to them Good luck to everybody, regardless of your situation
Comment from : @billyoung8118

DANG This was really good!!Thank you so much for clarity My sister has currently $1000 emergency saved up, I sent her this video, and she immediately cancelled her extra big debt payments back down to the minimums and my sister put small that extra big funds towards building up her emergency saving even further, bigger, and quicker My sister thanked me for sending this video and she feels soooo much better now!! MAN-OH-NAN!!! We do not learn this on school!!!
Comment from : @FairBeautyEssentials

I struggle with this I have money saved up I have debt I don't want to wipe out all of my money to pay debt Emergencies do happen My HVAC system burned up this Summer It cost $10,000 to replace
Comment from : @tcshy1903

IMO generalized advice typically isn't good advice There are a lot of factors that come into play; how consistent is your income? How liquid are your assets? How much interest are you paying on your debt? What's your risk tolerance? In my experience, usually the underlying question here is "Should I focus on paying off my credit cards, or start my emergency fund?" My answer would be to pay off your credit cards because if you do have an emergency that comes up you can use your credit card as a worst case scenario
Comment from : @jared_does_hardmoney

The best advice i heard
Comment from : @itisim

rent is $1800, internet is $180, etc my numbers are so high!
Comment from : @ShenitaRamos

I've saved $1000 I'm going to pay off my credit card before savings 3 months of expenses solely because I can pay off the credit card in 2 months
Comment from : @amandataylor682

Paying off debt is not cool Stay in debt and be cool
Comment from : @lucuslopez6866

Emergency funds should be stored in PUAs of whole life IBC style life insurance -@InfiniteVelocityUSA
Comment from : @InfiniteVelocityUSA

If your under 40 and you live in or near a city & your childless DONT GET A CAR !!! I asked 3 different people today about car cost ALL 3 SAID $800/MONTH 😢
Comment from : @ocgm9426

great video, I like to keep 5,500 in a savings account and would like to get to 8,500
Comment from : @jtowles5409

Do you used Ally money market account?
Comment from : @fewsproducts

Thank you so much for the information you provide! I have learned a lot so far I just found your channel today and subscribed I’m really glad I did Thank you 🙏💕
Comment from : @fewsproducts

Baby steps, #1 $1k emergency #2 pay debt
Comment from : @joemeyer2726

I’m aiming at 9600 That’s three months for me and I’m using my part time jobs to fund it
Comment from : @twistnloc3247

A months rent here locally ,for a one bedroom is between 1250 to 2000 a month rent alone not including car groceries etc
Comment from : @patrickpearl169

All the money fees you mentioned are DOUBLE what you say costs are!!!
Comment from : @cgm246

As Caleb Hammer likes to say, "Not having an emergency fund IS an emergency!"
Comment from : @sourdoughsavant22

$9300 // $12000 -- as soon as i finish will be saving for my roof
Comment from : @3813-t5t

Inflation is eating up my savings
Comment from : @daug1783

Thank you
Comment from : @isaiah58cry

Great tips Would you suggest investing the emergency funds in safe stocks?
Comment from : @cherylm6448

I stated with the emergency fund first
Comment from : @lorphic777

Very informative video Thank you Subbed and thumbs up!
Comment from : @eyebrow1

This has helped my husband & I so much! Thank you for your videos! We now have $6500 in our emergency fund A 3 month emergency fund would be $9000, we are getting closer & will hit that goal in 2 months!
Comment from : @malloryross4829

Had 10k left in debt and 12k in savings just decided to pay off the debt definitely weight off my shoulders and am gonna re build my e fund
Comment from : @Jedislayer_

Do you include debt in your emergency fund? Like student loan payments?
Comment from : @jenna5488

The timing on this video was just perfect! My husband and I are expecting some major life changes in the next year with jobs and family and want to really focus on our emergency fund savings I agree that $1000 just is not nearly enough brbrI just opened up our Ally savings account! It was SO easy to open We are aiming for $10k-$15 for our savings (We live in CA and basic living expenses plus our debt payments is just so expensive) I’ve been binging your channel and we are using your budget spreadsheet - with a few tweaks! Thanks so much! ❤️❤️❤️❤️❤️
Comment from : @daniamani2799

Once I get my debt paid down, I want a whole year's worth, which is around 11,000 I should have all my student loans paid off by next May
Comment from : @noahsiegle1058

I'm glad you made this video at this time I'm debating about which one because doing both at the same time is overwhelming Plus trying to finance my small business 100 in cash The debt is decreasing but my emergency fund non-existing no sinking funds I look forward to watching this video as I am getting ready to budget for March
Comment from : @ashleywilliams1632

If you don't need brick and mortar locations, SoFi has some pretty decent APYs right now 25 for checking and 375 for savings
Comment from : @stephenroberts2526

I am aiming for 5k in my emergency fund, which would be 3 months of living expenses for my husband and I I am about halfway there 🎉
Comment from : @electricpenguin32