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Started By
Message
kid starting kindergarden in 4 weeks
Posted on 7/22/14 at 7:17 am
Posted on 7/22/14 at 7:17 am
no more daycare at $800 a month(trust me, I know, save it). new afterschool program will run $200 so basically im getting a $600 raise.
would you just put that in the bank, invest it, or what I want which is pay down our 1 year old SUV. still owe 22k and we pay $600 a month on it even though the payment is $507. I suggested to the wife us move that to 1k a month and pay it off in the next two years and have no car or CC debt. BTW our interest is 2.9%
thoughts?
would you just put that in the bank, invest it, or what I want which is pay down our 1 year old SUV. still owe 22k and we pay $600 a month on it even though the payment is $507. I suggested to the wife us move that to 1k a month and pay it off in the next two years and have no car or CC debt. BTW our interest is 2.9%
thoughts?
4
Posted on 7/22/14 at 7:24 am to dallastiger55
quote:
kid starting kindergarden in 4 weeks
Me too!
quote:
no more daycare at $800 a month
Not me.
As for your question, Why not do a combination? Without knowing your savings, investments, etc., why not put $200 toward the SUV, $200 to savings, and $200 to a Roth?
Posted on 7/22/14 at 7:43 am to dallastiger55
After you pay off the CC debt put some of it in a 529 plan.
Posted on 7/22/14 at 8:13 am to lsufan1971
quote:
After you pay off the CC debt put some of it in a 529 plan.
This is a good idea if you aren't paying for a private education you may as well use the opportunity to put away money for college.
I wouldn't be worried about paying down debt at 2.9%
Posted on 7/22/14 at 8:17 am to lsufan1971
quote:
529 plan.
Sort of a tangent here, but does anyone use the CollegeCounts 529 Visa Card? I'm considering it over my discover card due to the 1.5% cashback directly into the fund. I am curious about taxes though, say my daughter gets a full scholarship, what happens to the fund as far taxes are concerned if that money is no longer needed?
Posted on 7/22/14 at 8:29 am to vuvuzela
quote:
say my daughter gets a full scholarship, what happens to the fund as far taxes are concerned if that money is no longer needed?
you can use it for books, living expenses, university fees, etc
or transfer it to another child
college still costs money with a scholarship
Posted on 7/22/14 at 8:36 am to yellowfin
And it can be used for graduate school, law school, med school.
Posted on 7/22/14 at 8:49 am to dallastiger55
quote:Perhaps you need a refresher semester....
kindergarden
*kingergarten
Posted on 7/22/14 at 8:52 am to LSURussian
They don't teach spelling in Jennings until 6th grade
Posted on 7/22/14 at 9:30 am to yellowfin
Posted on 7/23/14 at 4:24 am to yellowfin
Posted on 7/23/14 at 6:49 am to WillieD
sorry no autocorrect on iphone
already have a 529 for both kids and its doing well
I think im going to do $300 towards SUV and $300 towards savings
already have a 529 for both kids and its doing well
I think im going to do $300 towards SUV and $300 towards savings
Posted on 7/23/14 at 8:48 am to dallastiger55
Fine option... sounds like no matter what you choose none of your thoughts have been extra spending money.
Do you have an emergency fund at the level you want?
Do you have an emergency fund at the level you want?
Posted on 7/23/14 at 10:36 am to dallastiger55
My experience with two kids that are elementary and middle school age is even though you're getting a "raise" with no more daycare, most of that extra money will get nickel and dimed through extracurriculars, sports, and other expenses. We saw a slight more residual income at the end of the month once our kids left daycare, but it wasn't as much as I thought it would be. Seems the kids are bringing something home every week from school asking for money for this or that. That stuff adds up.
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