- Joined
- Jan 20, 2017
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- 116
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Hi everyone,
I need some advice about paying off debts. Since this pandemic started and a promotion nearly a year ago, I've been able to save up $15,000. I have an additional ~$7k in my checking account that will be transferred over to my savings in a few weeks after the monthly bills are pulled out. I have some money invested in the stock market at the moment. My goal is to have over $20,000 by the end of the year.
I need advice on what I should pay off first. I have student loans, a car payment, and a finance payment for work done on my house that I could pay off with my savings. Here's my thought process on what to pay off with my savings:
How would you attack these debts? I'm open to any and all advice
Thank you everyone
I need some advice about paying off debts. Since this pandemic started and a promotion nearly a year ago, I've been able to save up $15,000. I have an additional ~$7k in my checking account that will be transferred over to my savings in a few weeks after the monthly bills are pulled out. I have some money invested in the stock market at the moment. My goal is to have over $20,000 by the end of the year.
I need advice on what I should pay off first. I have student loans, a car payment, and a finance payment for work done on my house that I could pay off with my savings. Here's my thought process on what to pay off with my savings:
- Car - I bought this car last year after my house was broken into and previous my car was stolen. I was expecting the police not to find my stolen car and purchased another one 4 weeks after the break in (2013 Hyundai Elantra with only 27k miles for $9k and many more updates than the stolen car; it seemed like a steal). Well to my luck, the stolen car was found 2 weeks after purchasing the new car. I was able to sell my old car to a family friend for $5,500 and figured I'll use that money to pay off this car. I have approximately $5,000 remaining to pay off. Monthly payment = $147 for 4 more years
- Finance payment - Had basement waterproofing done on house. 10 year payment plan at $196/month. Have approximately $13k remaining balance.
- Engagement ring - Whatever I have leftover will go towards an engagement ring + wedding band
How would you attack these debts? I'm open to any and all advice
Thank you everyone