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Old 01-30-2013, 07:35 PM   #1
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SO excited!! And a question

I was really nervous about our tax refund this year, but it looks like we're getting a decent chunk back.

We will be able to get the 32k mile maintenance done on my car and the oil change for DH's, get the water and air filters and ink we've been needing at the house, and get DS2's glasses fixed (he's been using the back-up pair and they're too flimsy).

Then we can start on DR!!

First is paying DS1's tuition current. She has been SO wonderful and understanding of our whole situation and insisted that she would have him go for free before letting me pull him out. So that makes paying her an even bigger priority for me. It's the only bill we're behind on and it will feel SO good to have it current.

Paying off our furniture loan. This is a higher priority than the EF for us because the end of the promotional period is coming to an end soon and we can't chance eating all that interest.

Then we should still have enough to completely do our BEF.

And finally, anything leftover, no matter the amount, is going to the credit card. Then I can double the credit card payment by adding the furniture loan payment to it. Plus the balance will be significantly lower, making the interest payments less and then it will be easier to pay off. My goal is by June, but that's only realistic if one of us gets a job. Otherwise probably Sept.

After that, I can't decide what to focus on. We owe about $19k on my van at 8.5%, $12k on my student loans at about 2% and about $9k on DH's student loans at about 2%. Do I do the car first since it has the highest interest rate and by far highest payment, even though it's the highest balance too? Or do I knock out the student loans starting with DH's?

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Old 01-30-2013, 07:46 PM   #2
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Re: SO excited!! And a question

i'd probably do the car first
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Old 01-30-2013, 07:52 PM   #3
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Re: SO excited!! And a question

Car first because it has the highest rate, and the highest balance.
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Old 01-30-2013, 08:10 PM   #4
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Does DR put student loans in a separate category in the debt snowball? At that rate and amount though, I would definitely hit the car like crazy.

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Old 01-30-2013, 08:36 PM   #5
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Re: SO excited!! And a question

DS1 graduates preschool in May and will be starting K. That will free up his tuition payment. That combined with what we currently pay on the furniture and credit card are another car payment (just more than actually). So, assuming I can attack the credit card like I want to and pay it off by June when the tuition stops, I will be able to start making double car payments in July!! We will have had it for 1 year that month. It's a 5 year loan, so it will have 4 years left. If I make a double payment every month, it should pay off in about 18m after that!!!

And God willing, we will get jobs that will significantly improve our income, and then I can be either doing it faster, or doing the student loan also or something. I'm just so excited! lol
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Try SWAGBUCKS and get paid!! I've earned over $1000 just since Jan 1, 2013!!!

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Old 01-30-2013, 08:41 PM   #6
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Re: SO excited!! And a question

I know that Dave says the smallest debt first, but his reasoning is that the small wins keep you motivated. I'd hit the car. I think you have a great plan so far.
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Old 01-30-2013, 11:57 PM   #7
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Can you refinance the car? Thats A LOT of interest. Hugs!
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Old 01-31-2013, 12:10 AM   #8
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Re: SO excited!! And a question

Yay! Sounds like you've got a good plan mama!
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Old 01-31-2013, 08:37 AM   #9
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Re: SO excited!! And a question

Quote:
Originally Posted by bluecandi View Post
Can you refinance the car? Thats A LOT of interest. Hugs!
In another year or so, maybe. But we're both unemployed right now. And everything negative comes off my credit report this year. So by next year, the score will start climbing.
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Try SWAGBUCKS and get paid!! I've earned over $1000 just since Jan 1, 2013!!!
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