I've read many articles and posts from my favorite PF bloggers that explore the pros and cons of focusing one's discretionary income on savings versus debt elimination (if you don't believe me, look here).
Recently, I shared that I went "a little" overboard on my credit card spending in preparation for a trip. I used my "car payment" money to pay the credit card bill, and now I'm looking at postponing my payoff date to September. Unless.....
I use $348.67 from my ING savings account for the car payment this month. This would leave less than $100 in the savings account. I've reasoned that in the event of an emergency, I can use my credit card and pay the balance (in full) with car payment money (like I've done before). Of course, an unexpected expense of such sort would mean that I'd have to postpone my payoff date, anyway. On the other hand, if I don't have any unexpected expenses between now and August, then I'll be done with the note and can stash away hundreds of dollars a month.
What would you do? Nearly deplete your savings to pay of the car note a month earlier or stick to the current circumstances and finish the note in September?