Which is best to do?
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Is is a good idea to pay off your home loan if your payment is only 300.00 a month or to keep paying and taking the interest off of your income taxes? We have almost enough in savings to pay off home but would lose our savings and not have much if a emergency occurs. We'll need a new car in about 1 year and am thinking that we need to make a good down payment to keep payments down low. Any advice would be great from a money savvy person. Thanks!
Which is best to do?I would keep the tax write-off.
While you aren't making a lot of money in any savings accounts right now, you can use that money for other things. There are many banks offering rates of 5% or more for limited amounts of time if you keep your money with them for at least 9 months.
In particular, I would never leave myself w/o emergency money.
"they" say you should have about 6 months worth of regular living expenses in case of emergency on hand. (I would also include the cost of COBRA insurance for family in that number).
Which is best to do?Welll how about taking half of it instead of all of it and paying a huge chunk on your house and try to get your mortgage payments lowered as well. You will still have money for emergencies and I would suggest saving more for a car because you are really using the car to get from point A to point B and it doesn't have to be brand new either.
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