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What to do with our money? *LONG*
Posted on 7/23/13 at 11:14 am
Posted on 7/23/13 at 11:14 am
So my wife and I just moved back to North Alabama. We own a house in North Carolina (we are renting it out), and we also own a separate piece of land up there as well. We have decided to live with her parents for now to save up some money to buy a house when I graduate in a little over a year. My wife owes about 15-16K on student loans, and so far I have close to 26K in student loans. Our mortgage note is for roughly 93K, and land note is about 6K. We have one vehicle loan for 17K. Our monthly bring home is about 4.5K. My question is, where should we be putting our money? Paying things off? Savings? The house in North Carolina we have no intention of keeping, just waiting out the market right now. The land we are holding on to for a while. Help me out money board.
3
Posted on 7/23/13 at 11:17 am to HoLeInOnEr05
Since you have no intention of keeping the house, I would not put it there.
I would knock out whichever debt has the higher interest rate OR start with the smallest debt, in this case her student loans, and work to pay it off completely. Referred to as a "Snowball" approach, it would give you two a sense of accomplishment and the motivation to get the next one paid off.
Are you contributing to retirement plans?
I would knock out whichever debt has the higher interest rate OR start with the smallest debt, in this case her student loans, and work to pay it off completely. Referred to as a "Snowball" approach, it would give you two a sense of accomplishment and the motivation to get the next one paid off.
Are you contributing to retirement plans?
This post was edited on 7/23/13 at 11:18 am
Posted on 7/23/13 at 11:25 am to HoLeInOnEr05
Without knowing interest rates, pay off her student loans, then yours. I did not have student loans, but from what I've gathered from those who did, it's the most aggravating monthly cost hanging over his/her head. Like the above poster said, pay those off to boost morale, sense of accomplishment, etc. and move away from the "student" portion of your lives.
Posted on 7/23/13 at 11:29 am to OnTheBrink
My wife is putting in to retirement. I'm not, because i just have a part time gig. I've never spoken to anyone about a roth IRA account, but maybe that's something we could dump 5-600 a month in to.
Posted on 7/23/13 at 11:30 am to AlexLSU
quote:
move away from the "student" portion of your lives.
Good point! Once those are paid off, they will be gone forever. Most people will finally pay a vehicle off only to sell it and finance another one. If you are worried about that, focus on the loans first.
Also, it kind of sounds like you are a perfect candidate to tune into Dave Ramsey's radio show or pick up one of his books.
Posted on 7/23/13 at 11:32 am to HoLeInOnEr05
quote:
I've never spoken to anyone about a roth IRA account, but maybe that's something we could dump 5-600 a month in to.
I would pay the debt first. Or at least split it, instead of $600 into an IRA, $300 into an IRA and $300 to the student loans.
That's just me, others will have better ideas.
Posted on 7/23/13 at 11:34 am to OnTheBrink
Well we will have about 2300 a month left over after all monthly bills have been paid.
Posted on 7/23/13 at 11:38 am to HoLeInOnEr05
quote:
Well we will have about 2300 a month left over after all monthly bills have been paid.
You could easily pay her student loans off by spring of next year.
Posted on 7/23/13 at 11:40 am to HoLeInOnEr05
Well if you have that much left over, the. Maxing out the Roth would be a pretty good idea and using the rest to pay off the debt. It is never too early to starting putting money away for retirement.
As for the debt to tackle first, I go for the highest interest first, however the snowball approach does work. May not be as efficient, but it gets the job done.
As for the debt to tackle first, I go for the highest interest first, however the snowball approach does work. May not be as efficient, but it gets the job done.
Posted on 7/23/13 at 11:43 am to GoCrazyAuburn
Thanks all.
Posted on 7/23/13 at 12:42 pm to HoLeInOnEr05
quote:Prayers sent.
So my wife and I just moved back to North Alabama
jk
Posted on 7/23/13 at 12:45 pm to HoLeInOnEr05
You need to read dave ramsey's book. He puts it into steps you should follow. With owning a house, you are gonna need an emergency fund.
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