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Posted on 12/26/21 at 6:21 am to JimEagle
Pay off the $10k debt today.
Sell the rental - as a single parent recently widowed, you don’t need that headache.
Move back close to your support group - use cash and be debt free
Don’t buy an expensive car.
Your child will need you so eliminate stress and headaches. Mortgages and rentals can cause those.
Start maxing 529, 401k
You have been through enough stress already - reset and get back to neutral. Having cash in the bank with no mortgage can allow you to focus on the child.
Sell the rental - as a single parent recently widowed, you don’t need that headache.
Move back close to your support group - use cash and be debt free
Don’t buy an expensive car.
Your child will need you so eliminate stress and headaches. Mortgages and rentals can cause those.
Start maxing 529, 401k
You have been through enough stress already - reset and get back to neutral. Having cash in the bank with no mortgage can allow you to focus on the child.
Posted on 12/27/21 at 6:27 pm to KillTheGophers
quote:
Start maxing 529, 401k
This seems like the most popular and safe way to go with reducing debt. I guess my next question is what shall I do with my pay check assuming I have no mortgage/car payment/debt? Just curious what others would do with the monthly excess.
The reality for me is we lived as if we made half of our combined income was or less really. I had a job change and large pay raise after buying the home. If I did not have any insurance on her or assets to sell I would be totally fine with maybe a slightly harder time to save for retirement which is due to my childs $500 per month private school. That is the only additional expense I took on from her and have been paying it for eight months after she left her job.
Posted on 12/27/21 at 6:31 pm to JimEagle
I’m sorry man. Huge prayers for you and your child. Ditch the $120k home. It might be a better move to keep it financially, but it’ll take you away from your child who needs you more than anything else right now
Posted on 12/27/21 at 6:39 pm to JimEagle
quote:
I guess my next question is what shall I do with my pay check assuming I have no mortgage/car payment/debt?
Buy time. Ie, Pay others to do things you would do to save money (cleaning, etc) to spend more time with your child’s
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