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The 10 Commandments of Money
Title: The 10 Commandments of Money: Survive and Thrive in the New Economy
Author: Liz Pulliam Weston
Publisher: Hudson Street Press
Type: Non-Fiction
Released: January 20, 2011
Length: 304 pages
The recession has shattered many people's notions of how money is supposed to work. The old rules of money management no longer apply in this economy. In her new book, The 10 Commandments of Money: Survive and Thrive in the New Economy, personal finance columnist Liz Weston advises readers on how to avoid critical mistakes, survive the bad times and thrive in the good ones. Weston offers several ideas and advice such as: Balance Your Budget, Pay Down Toxic Debt, Get the Right Mortgage, Pay for College, Save for Retirement and Maximize Your Financial Flexibility.
- Listen to the Marketplace Interview with Liz Pulliam WestonListen Now
- Buy Moneymakers on Amazon Buy Now
- Read an excerptRead Now
I have a question about the 50/30/20 breakdown. Where does paying down credit card debt fit into that? I just made a list of all the "musts" I have to pay every month, including mortgage, student loans, childcare. I also have a high credit card balance I am working at paying off. I've included the minimum in the "must pay" amount. I am currently using a big chunk of monthly cash to pay toward that balance, over and above the minimum. Do I take that amount from the 30% discretionary amounts? Or from the amount I should be putting toward savings? I am not putting cash into savings right now. If something awful happened right now, we have a fair amount of available credit (including low-rate HELOC) but no emergency cash.
My thinking has been to get the credit card balance paid way down and then start putting money back toward savings.
