My fiance and I have decided this weekend to use my emergency fund and some money from some stock I just sold to pay down some credit card debt. I have an emergency fund saved up of $1,000. On top of that in the same account I have been saving a set amount each month for my next car insurance payment. My fiance and I decided that she has a big enough emergency fund for both of us, close to $19,000 and that my emergency fund would be better off used to pay down my credit card debt. We have decided to leave $200 from the $1,000 in the account to help with the fiances auto insurance and this leaves us $800 to use. We decided that I would use $500 to pay towards the credit card debt and the other $300 would go into our wedding fund.
On another note, I owned some preferred shares in Countrywide which recently had a nice run up due to being bought out by Bank of America. I sold these shares today for a nice 17% profit and have decided to withdraw the money from my stock account and use it to pay down more credit card debt. This will leave me only a couple hundred left in my stock account which is invested in Bank of America. I don't want to completely close the account but have decided to put my dreams of being a rich stock trader on hold until we are more financially stable in other areas of our lives.
So, I will be putting a total of $300 into the wedding fund and a total of $1,150 paying down my credit card. This will leave me with credit card debt around $1,500 which I will still be working towards paying down!