A question about savings

[disney2]

I've saved up a bit of money (to be honest, it's a lot more than I've ever saved up before but not a lot for most people) and am torn on what's the best option for what to do with it.  Going on a shopping spree isn't the answer (but wouldn't that be fun?!).  Here are the considerations.  I could do a few on these except not pay all of it off.

Pay down some credit cards.  If this, pay off the smaller store cards or pay larger amounts on the bank cards

Pay off 401K loan (payment is about $250/ month)

Pay off personal loan  (payment is $372/month)

Pay off car  ( payment is $442/month--would take most of it)

Save up in case down payment is ever needed in a hurry (if this, how much is needed? Is there a usual percentage?  Is it better to have a higher score or more down payment?)

I want to do the most practical thing with it.  What do you suggest?

[Slabenstein]

My advice would be to set aside a sufficient rainy day fund and then apply the rest of it to your highest-interest debt.  That way you're better braced for unexpected financial trouble down the road and have saved your future self the most money with the remainder.

[coldfusion]

In an ideal situation you would calculate out 3-6 months worth of monthly expenses like rent, payments on your loans (roughly $1050/month right there) groceries,  credit card payments, etc. and set that money aside in a cash-equivalent account that you can draw on relatively quickly (e.g. NOT a CD) in case things go off the rails.      That really should be your first goal. 

Beyond that start attacking the loans with highest APR first - probably your store cards - and then move on accelerating payments on the highest-APR CC/loans remaining.

[RSX]

more numbers would help

amount that you have saved

list of CC with

Outstanding balance - CL - Interest rate

this will help us give you a plan

if not, i would payoff the car - save $100 of that payment per month - and use the $340/mnth to start paying down your cards

it sucks having savings make 0.001 % when you are paying 15-29% on debt