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This seems elementary, but I'm having trouble doing it.
I have $xx,xxx in cash in a MM fund earning 5.4%...and I like it there for liquidity
I have about 6k in a business checking i need to move. If i put it with xx,xxxx in the MMF, I will have my 'goal' for $$$ in the MMF easily accessible. Everything above and beyond can be invested differently
I also have $6k in cc debt...mainly from business ventures. My effective APR is around 10%.
If I pay off the CC's, I will lower my expenditures by $400/mo in cc payments (min payments ive chosen...not the standard 1 or 2 %)...and roughly $50/mo in interest
But then I wont be at my target $$$ in liquid funds Ive been shooting for over that last year. I try to NEVER tap that MMF $$$...just add to it....but its there if needed.
I dont know what to do. On one hand , I want to hit my arbitrary goal for liquid cash reserves. On the other I want to be smart and save $50/mo in interest and reduce monthly outlays by 400 or so. Why is my mentally stimulating arbitrary goal so much more enticing than SAVING 50 bucks/month?
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