Within 8 weeks of this post, I will be consumer debt free. I will also have saved approximately $5,000 from new jobs, odd jobs and selling a few odds and ends here and there over the last few months. Now I have to plan the next step.
If I kept going at the rate I’m going with no other changes, paying $2,400 per month towards debt, my student loan debt would be wiped out by the fall of next year. Isn’t that amazing!
However, we are going to need a car especially by September when school starts back, not to mention the idea of traveling in our sardine can is starting to give me and the kids hives. Just a quick trip up to one of Little Gymnast meets had us all saying “never again.” And since I’ve taken on new work with teaching both in person and online, I am definitely going to need some help in getting everyone everywhere. Not to mention, both the twins are ready for a bit more independence.
We have already established that the twins will be paying 50% of their car insurance, plus gas and maintenance on their car. (It’s in great shape so other than routine stuff, not anticipating any big bills for the time being.) That means I will up my insurance payments a bit to help them out (anticipating $100 monthly increase on my part.)
So my thought at this point is to find a family car, obviously older that gets relatively good gas mileage which would be comfortable for us to travel in a bit (remember two trips to GA to see family over the next 5 months.)
I know there are going to be lots of opinions on this. So the facts are…when this happens my only debt payments will be to my student loan currently right at $300 per month. I will have $5K saved from recent odd jobs (this does not include approx $3K in my EF.) So tell me what you think…