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September 10th, 2009 at 03:37 am

We have about $3000 readily available in a money market account as an emergency fund. Should we continue to build that up on a monthly basis, along with our 401K's and kids college funds or should we for go contributions temporarily to pay down the debt faster?

Stopping our contributions makes me a little nervous but it seems like it might be a good idea to make things move a little faster

Posted in Budgeting | 1 Comments »

1 Responses to “Question:”

  1. Broken Arrow Says:
    September 10th, 2009 at 12:39 pm 1252586356
    1252586356

    Well, if it makes you nervous, then perhaps you should keep building the emergency fund. Generally speaking, an ideal emergency fund has about 6 months of expenses, but preferably more.

    But I don't know the details of the debt or what you're getting for your 401(k), so I can't say for sure which is the best way.

    Just the same, I don't think you can go too far wrong continuing to build your emergency fund.

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