Okay... it feels really strange to hear all this doom-and-gloom talk...

[wolfwings]

...but it's really driven home just how well I was trained growing up with my finances, to an extent I've only realized it's usefulness since this recent global economic collapse we seem to be experiences.

I never really appreciated it, or my intuition and dump luck/Karma helpnig out, until I look back at my timing for things. WaMu? Used to bank with them, bailed about 2 years ago when they jumped some mental shark for me and went from cool to a cyst on my ass. Floated more-or-less bankless briefly, then of all things ended up with US Bancorp. Which appears to have been one of the least impacted major national banking whatever-the-term-is.

But I'm being faced with an honestly wierd decision now, especially in light of the current economic situation. I may well be able to save over $1k/month into the bank, and I'm wondering if I should just sock that away, or start paying my car off as fast as possible first? (Already checked, no early repayment penalty.)

So, thoughts out there, folks?

Comments

Savings.

[vyl.livejournal.com]

I've been playing the banking game. My savings are safe, spread between two dependable banks, and all earning me a *very* nice rate of interest. 5.75% AER, mostly, with some of it in 8%.

Unfortunatly I am unemployed, so my savings are rather small... I'm making the most I can of my unemployment handouts.

In theory I could also open a 12%, but I would need more money to put in in. One nice consequence of the financial crisis is that the banks are eager to borrow money from me.

All in all, I'm earning a whole £10 a month in interest payments... I need more money to go in the accounts before it becomes really worth something.