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Started By
Message
How would you break down a $2,000 cash flow?
Posted on 1/14/16 at 2:52 pm
Posted on 1/14/16 at 2:52 pm
28 Single Male
After paying taxes, my net income each month $4,400. Following paying off all requirements - insurance, both mortgages, etc., I have a positive $2,000 on average each month.
Now, how would you advise I break down where this money goes? My only two debts (besides mortgage) is student loans ($6,700 @ 6.25%) and one credit card ($3,700 @ 0% until 2/2017).
Roth is around $20k and liquid funds at $5k. I have $0 in an emergency fund, but I can pull from the liquid fund pretty easily if worst came to worst.
My current thinking was to knock off both debts at sum/12 to clear them in one year...about $333/month credit card and $600/month student loans. This still leaves me $1,000 which I was planning to use as building my emergency fund. Should I reassess this - throw more money the debts, invest all the difference, build emergency fund?
Anymore info needed to give opinion?
After paying taxes, my net income each month $4,400. Following paying off all requirements - insurance, both mortgages, etc., I have a positive $2,000 on average each month.
Now, how would you advise I break down where this money goes? My only two debts (besides mortgage) is student loans ($6,700 @ 6.25%) and one credit card ($3,700 @ 0% until 2/2017).
Roth is around $20k and liquid funds at $5k. I have $0 in an emergency fund, but I can pull from the liquid fund pretty easily if worst came to worst.
My current thinking was to knock off both debts at sum/12 to clear them in one year...about $333/month credit card and $600/month student loans. This still leaves me $1,000 which I was planning to use as building my emergency fund. Should I reassess this - throw more money the debts, invest all the difference, build emergency fund?
Anymore info needed to give opinion?
1
Posted on 1/14/16 at 2:57 pm to rpg37
Pay the minimum on the credit card and pay more on the student loan and your plan looks good.
Always pay as little interest as possible.
Always pay as little interest as possible.
This post was edited on 1/14/16 at 2:58 pm
Posted on 1/14/16 at 3:00 pm to anc
True. If I doubled up on the student loans, I could knock them out in five months. Doing that while paying the minimum on the credit card in the meantime would make more sense. Dang. That was dumb of me.
Posted on 1/14/16 at 3:31 pm to rpg37
quote:
If I doubled up on the student loans, I could knock them out in five months. Doing that while paying the minimum on the credit card in the meantime would make more sense.
This is the correct route. Of course, while building emergency fund with the extra, and making sure you have enough to finish off the credit card come 2/2017.
Posted on 1/14/16 at 3:41 pm to Indigold
You also have access to all your contributions to your Roth so if in a real emergency don't be afraid to use that.
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