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How To Spend Money
Added: 88 days ago.
Added by: femi
Section: Pregnancy.
Status: This question is Closed. (Questions will be closed after 10 days.)


I have the opportunity to completely pay off a high-interest credit card that runs me $200/mo in payments OR to put that money in the savings account for baby expenses. Which sounds like the best, logical, and financially-conscious option? Thanks!

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niki - 81 days ago Rating: 0 (0 votes) Pay off what you owe when you have the cash

heather4185 - 83 days ago Rating: 0 (0 votes) pay off the debt, i wish i had the opportunity to

MommaD - 87 days ago Rating: 0 (0 votes) Pay off the card. You don't want that debt lingering around.

mzblondex - 87 days ago Rating: 2 (1 votes) id half the money. id use half to pay off the credit card and put the other half up for the baby. you can work on them both at the same time. that way you wont be out on either.

UKMama - 88 days ago Rating: 0 (0 votes) There's always a way to cut the costs with the baby. The card is the biggest true need. Keep life simple and get rid of the card and start touching friends and family for baby things. True friends and good family will always help where they can. Credit card companies can't get personal. This is such a precious time for you. Use the money to get rid of 'the baddy' in your life.

lmo - 88 days ago Rating: 0 (0 votes) i would pay off the credit card because if you dont then you will incur more intrest and then it will end up costing you more in the long run. and you can always save up money for baby expenses.

joyfulnoise - 88 days ago Rating: 0 (0 votes) Easy....Pay off the credit card! Then enjoy having less debt, a higher credit rating, and an extra $200 bucks a month to invest in assorted savings plans. :-)

asutori - 88 days ago Rating: 0 (0 votes) As any financial analyst would say, get out of debt first!!! It will only get worse if you don't pay it off and leave it for later, i.e. more interest, something else can come along to cause more excuses not to pay it off. Just get rid of it and start with a clean slate! :) Good luck girl!

Christina1984 - 88 days ago Rating: 0 (0 votes) i would say get the one bill out of the way. instead of paying $200 mnth to them u can now use it for ur baby.

femi - 88 days ago Thanks for all of the advice! I am going to speak to my husband today about using our savings to pay off the card and, that way, we can just start saving again for the baby and not worry about having to use it for the debt. Thanks!

leanie093 - 88 days ago Rating: 0 (0 votes) pay that darn credit card off. you'll be happy to have that debt off your back AND your credit will have another PLUS & should getting better. I have a credit card thats been bugging me. Last debt i have to pay (yipppeeeeeeee) & as soon as i get that rebate check from the IRS i'm paying that card off & can happily start saving money for our baby #2.

leanie093 - 88 days ago Rating: 0 (0 votes) pay that darn credit card off. you'll be happy to have that debt off your back AND your credit will have another PLUS & should be getting better. I have a credit card thats been bugging me. Last debt i have to pay (yipppeeeeeeee) & as soon as i get that rebate check from the IRS i'm paying that card off & can happily start saving money for our baby #2.

nich-vegas-mommy2be - 88 days ago Rating: 0 (0 votes) Pay off the credit card!! Then you can save some of the money you would make in payments. Definitely get rid of the debt that you can first!

klasnaya - 88 days ago Rating: 0 (0 votes) Pay off that credit card!!! In the long run you will save money because of it...

sarahann - 88 days ago Rating: 0 (0 votes) Definitely pay off your credit card and then you can put some of what you would have been paying monthly aside for the baby. And you'll be earning interest, not paying it. That's a win win situation. Just don't be tempted to start buying more things on credit once you've cleared your card, bad situation!

Mommyof2boys - 88 days ago Rating: 0 (0 votes) I would def. pay the card off, after that what extra money you get start putting it aside for the baby.

MelissaJoanne - 88 days ago Rating: 0 (0 votes) Pay off the credit card! No contest.

Baby3OnWay - 88 days ago Rating: 5 (1 votes) PAY THE CREDIT CARD... and then those monthly payments you were paying you could take that money a month IF ITS THERE and start saving for the baby. In the long run you are saving so much more as the intrest will no longer be there. I did that and not my monthly payments are going toward three RESP's for my children to go to college!

mommauv4 - 88 days ago Rating: 0 (0 votes) Pay off the credit card! You won't be able to find a savings account that would pay anywhwere close to the interest a credit card costs you. Use the $200 you save every month for the baby savings. Really you aren't saving anything if you owe more thatn you save and the owed amount is growing faster than the savings.

mommytobe29 - 88 days ago Rating: 0 (0 votes) pay off the credit card. it will run you HIGHER in to debt!

Melanie07 - 88 days ago Rating: 0 (0 votes) I say pay off the card. The money you save each month can be put into the baby account. The credit card is going to cost you more each month.

newmommy01 - 88 days ago Rating: 0 (0 votes) I personaly would pay off the credit card. Get standing on your feet alittle better before your bundle of joy gets here.

Carlys-momma - 88 days ago Rating: 5 (1 votes) If you don't pay off the card and put the money into savings, then you will be paying more interest on the money still on the card. Pay it off right now, and then use the $200 a month you were paying on it and put it into a savings account. Instead of you paying the credit card company interest, the bank will be paying YOU interest. My husband and I got a nice chunk back from our taxes and we had the choice of putting it into savings or paying off our vehicles first. We paid off our vehicles saving us $$ on interest. Then we took that money that we used to pay to our cars every month and paid it to a savings acct. Now, we have no debt (except our house) and the bank actually pays us to have money. Can't get much better than that :)

jaydsmom - 88 days ago Rating: 0 (0 votes) Pay off the card completely. Then put 100/month into a high interest savings acct. That way no interest is paid out, and you will actually get some back.

lindamc - 88 days ago Rating: 0 (0 votes) pay off the card!

lady26 - 88 days ago Rating: 0 (0 votes) Pay off your credit because you cannot truely save if you have debts, especially credit cards with high interest.

mommy-of-3 - 88 days ago Rating: 0 (0 votes) I would pay off the credit card, then you are free the following month to take the money you would have spent on your credit card bill and put it away for baby things.

Love~2008~ - 88 days ago Rating: 0 (0 votes) I wouls say pay the credit card off or at least more than half such as 80% thus being the high interest you will only be paying much much more, this i would say would be the most logical...

vikki - 88 days ago Rating: 0 (0 votes) PAY IT OFFFFFFFF!!!!!!!!!!!LOL No truely, that is the best to do and then ( I know you didn't ask this and ignore it if you want) you can ask for you limit to be reduced! Of course nothing upsets the bank more than if you pay off you card and then reduce the limit,as they aren't making so much money off you, we did that and they tried offering a HIGHER limit! NOOOOOO bad bad idea. This way your starting to get a better handle on what is nessesary spending and what isn't. Have a good day!

RandiLee - 88 days ago Rating: 0 (0 votes) pay off the debt! for sure!

wildberry - 88 days ago Rating: 0 (0 votes) i would pay off the card there's nothing quite like peace of mind and you will save the payment you were making and be able to put that in the savings account for your baby

baby.bray - 88 days ago Rating: 0 (0 votes) pay off the card sweetie x

lizzie287 - 88 days ago Rating: 0 (0 votes) Personally, I would pay off the high interest credit card. then you can put that $200/month in savings for your baby and you save the interest that you would have paid.