x-posted from BHB....Paying off vendors now?

jennandrolo Posted: Jul 31, 2007 03:20 PM

x-posted from BHB....Paying off vendors now?

FH and I have enough $$ in the savings to pay off most of our vendors right now. Should I do that or wait? Im just afraid we'll dip into it cuz we have no self control lol

AmandaLynn04 Posted: Jul 31, 2007 03:21 PM

Re: x-posted from BHB....Paying off vendors now?

If you can hold off, I say wait....... why let them gain interest on your money?

yelley77 Posted: Jul 31, 2007 03:23 PM

Re: x-posted from BHB....Paying off vendors now?

Posted by AmandaLynn04

If you can hold off, I say wait....... why let them gain interest on your money?

I agree. Also, talk to someone at your bank about putting it into a high interest savings account. I just did that yesterday; moved our money from a money market savings to a LCD which has 4.4% interest.

missliss Posted: Jul 31, 2007 03:24 PM

Re: x-posted from BHB....Paying off vendors now?

Good for you guys!!!!

But I kind of agree, let your money sit in savings a little while longer. Maybe if you don't trust yourself not to touch it (I wouldn't trust myself either), give your parents the checkbook/ATM card for that account? Then there's no way you can get the money for now.

BNBride60 Posted: Jul 31, 2007 03:25 PM

Re: x-posted from BHB....Paying off vendors now?

Posted by jennandrolo

FH and I have enough $$ in the savings to pay off most of our vendors right now. Should I do that or wait? Im just afraid we'll dip into it cuz we have no self control lol

Definitely put it in a CD. Then you can't withdraw it, and it will gain a lot more interest than usual. God forbid something goes wrong with one of your vendors, you don't want to struggle to get your money back!

Mizzdimple Posted: Jul 31, 2007 03:27 PM

Re: x-posted from BHB....Paying off vendors now?

DOnt do it., why give them money to gain interest on when you can

jennandrolo Posted: Jul 31, 2007 03:29 PM

Re: x-posted from BHB....Paying off vendors now?

Posted by missliss

Good for you guys!!!!

But I kind of agree, let your money sit in savings a little while longer. Maybe if you don't trust yourself not to touch it (I wouldn't trust myself either), give your parents the checkbook/ATM card for that account? Then there's no way you can get the money for now.

My $$ is in ING so Im thinking of putting it in their CDs.

jennandrolo Posted: Jul 31, 2007 03:29 PM

Re: x-posted from BHB....Paying off vendors now?

Posted by Mizzdimple

DOnt do it., why give them money to gain interest on when you can

I never though of that.

jsta76 Posted: Jul 31, 2007 03:36 PM

Re: x-posted from BHB....Paying off vendors now?

Posted by Mizzdimple
DOnt do it., why give them money to gain interest on when you can

I agree.

One thought though. I would see if maybe they can give you a discount for paying them early. That might make it worth it.

mrspalomino148 Posted: Jul 31, 2007 03:38 PM

Re: x-posted from BHB....Paying off vendors now?

I wouldn't give it to them, I love seeing that my money makes more money just by sitting in my account lol

jennandrolo Posted: Jul 31, 2007 04:11 PM

Re: x-posted from BHB....Paying off vendors now?

Im going to have to open an Orange cd then. Im glad I asked you ladies.

bella1028 Posted: Jul 31, 2007 04:17 PM

Re: x-posted from BHB....Paying off vendors now?

Also, I do not think you should pay anyone in full unitl you know that the services you receive from them are perfect

ant n tilde Posted: Jul 31, 2007 04:17 PM

Re: x-posted from BHB....Paying off vendors now?

i have the same 'problem' LOL
i have my money in an ING account and i made over $1000 in interest for 2006!!

also - if you have to cancel a vendor for whatever reason. . . that is more money they have and you may not get back - i hate to think like that, but unfortunately it happens.

ChristineAaron08 Posted: Jul 31, 2007 05:13 PM

Re: x-posted from BHB....Paying off vendors now?

FH wanted to do this too and I suggested we wait. Muster up all of your will power not to dip. I feel your pain. I am a dipper . (FH calls me a spend-a-saurous Rex haha)

Even if you have to open another bank account and not get an ATM card for it. Or a short term CD.

Should anything go wrong with a vendor (NOT THAT IT WILL: keeping fingers crossed:), you don't want them to have your money. It is better in your pocket than theirs.

JMO

kBr Posted: Jul 31, 2007 05:16 PM

Re: x-posted from BHB....Paying off vendors now?

i would open a special account and put it in there.. and dont touch it. dont get one of those check cards for it or any checks, that way you cant get the money out unless you actually go in the bank and withdraw it- which you can do when it comes time to pay stuff off. good luck!