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Author: mlk58 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308229  
Subject: Re: Lurker no more! (very long) Date: 11/21/2002 11:41 PM
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Welcome to the board!!

It sounds like you have a basically good plan. I do have a couple of comments:

1. Do you have a Freedom Account -- i.e. money set aside for normal but irregular expenses like insurance premiums, car repairs, health co-payments, clothing, etc? (Here's a great thread about Freedom Accounts: http://boards.fool.com/Message.asp?mid=17784153, and here's another: http://boards.fool.com/Message.asp?mid=18003548.) For me, the Freedom Account has been the number one tool in reducing our debt by $118,000 in the past 3 years.

2. I think it would be a good idea to bite the bullet and let your expenses catch up with your Amex bill. I use my Amex a lot, too, but I keep track and I deduct each expenditure from my checking account as I charge it, then send a check for the full amount at the end of the month. That way I don't get a month in arrears. To get you over the hump, you may have to skip a month of putting a bundle in your e-fund, but it will be worth it.

Good luck, and keep posting!
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