Should you aggressively pay off debt or focus on saving money when you’re self-employed with irregular income?

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Posted by Kentrell Martin (MONEY FORUMS: 1, Answers: 0)
Asked on August 9, 2016 5:27 pm
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I agree with Catherine. Emergency funds are critical, especially if you income is irregular. This is because funding emergencies, if you have no savings, is done with very expensive debt (credit cards, payday loans, etc.) While it is a good idea to pay down debt, especially if the interest rate is very high, don’t leave yourself without a cushion in your effort to get rid of it.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: September 3, 2016 9:35 pm
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When you’re self-employed, you need a bigger emergency fund than most. However, once you build up that emergency fund, you should aggressively pay off your debt. I am self employed and I give myself a set paycheck each month. I also have a business savings account and a personal savings account. Anything above and beyond that goes to debt repayment.

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Posted by Catherine Alford (MONEY FORUMS: 0, Answers: 23)
Answered: August 29, 2016 2:31 pm
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