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Semi-bragging but compared to last December I had 10k car debt and like 10k credit card debt. I'm now at 0 CC debt, and 9k in car debt. I plan on selling the car when I return from this deployment (which is worth more than I owe), and buying a small used 4 door. I've approached this topic with my wife, but she's said it's my turn to pick the car I want. I also will have 15 grand saved up by August so I can go back to school full time. All it took was my wife practicing self control and a nice raise from a deployment. We've actually got our spending down to: 260 jeep payment 220 total bills (cell, storage, car insurance) 525 Dave Ramsey envelopes (animals, groceries, gas, food, spending money) 90 dollar Afghanistan Internet, which is basically gently caress troops rate 100 bucks a month for my spending here. Could we cut back a little bit more? Yes, but the extra 50 bucks is for peace of mind especially when I'm only spending 1/3 of what I'm earning.
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# ¿ Feb 13, 2013 02:47 |
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# ¿ May 2, 2024 07:54 |
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Just moved to a new location and in addition to savings and paychecks and school money (not loan). I have a bit more money than I am used to. As of right now I have a little over 14 grand in my savings. But I am currently unemployed and a full time student. Based on grants, unemployment, and my other military payments (gi bill, some 6 week school they are sending me to, and a bonus upon completion) I will be receiving a further 40-50 grand in compensation by July of next year. I had to take out a small student loan a few weeks ago because I had to pay to relocate myself and the reimbursement took nearly a month. During that time I had to dip severly into savings but have since recouped. Due to this I have in debt: 7.3k in my vehicle, and 3.7k in student loans. I just checked and while we used to be positive on the jeep it appears that now the recall means that we will only get money through a private sell. Trade in will net -700 dollars while private sale will net 1k. The car will net 1.8-3k depending on trade in or private. Since we now live near Boulder, CO we are wondering about replacing both vehicles for a used 4wd vehicle. I plan on getting the car ready for private sale and trying to get rid of it for a while and trying to determine the type of vehicle I'll be getting. I bike to the bus and only need a vehicle for my wife so only having the jeep isn't an issue. Wife doesn't work either but my weekly UI is about 500, and my monthly Gi bill stipend is about 1600. If I had no savings this would cover my bills until my next grant payment in the spring (mid-january). That being said I really like the idea of having this much in an emergency fund but should I go ahead and pay off the jeep or should I just wait until I have a buyer lined up? The money to pay the jeep off is in a savings account in a different bank from the bank that maintains the loan. It'd take about 5-7 days for the funds to clear through a ACH transfer. Plus if I paid off all my debt I'd have about 3k in savings but be completely debt free. I'm not really sure what to do in this situation but I know that we want to get a 4wd before the snow starts.
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# ¿ Sep 14, 2013 18:54 |