Tuesday, July 10, 2012

2012 Financial Gameplan

This is my gameplan moving forward:
  • build house and get end mortgage
  • buy new furniture items needed--bed for Lil Punk, new bed for us, new living room furniture
  • get savings to $30,000
  • pay off student loan--currently at about $5000
  • I'm debating paying off my car.  The balance is around $13,000 but its at 0% interest.  I'm just sick of being in debt and I want to free up this monthly expenditure because I might try to get pregnant this fall.
What do you think?  Should I aim to pay off a 0% loan or keep it?  Between the student loan payment and car payment, that would probably cover daycare for the new baby.

7 comments:

  1. Debt of any kind I don't like...if it were me, I'd aim to pay it off! :) God luck!!

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  2. I just paid off my car loan because I hated the monthly payments. I would pay it off, but make sure you have some emergency cash for your new home. You never know what little expenses creep up.

    Where have I been...new baby???

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  3. I would pay it off. You wouldn't be getting much for having the cash in savings anyway, and it just feels so good not having that obligation every month. Sometimes I'd really like a roomier vehicle, but when I think about the payment and the increased fuel expense, my current car starts looking a lot more appealing. Ultimately, YOU being able to decide where your money goes instead of being obligated to send it to debtors is most satisfying.

    Good luck on your baby planning! My second child brought more joy than I had imagined.

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  4. Is paying off the car loan feasible with your other goals? If so, why not? It's so nice to go into mat leave without too many obligations, and as you say, daycare is a pricey endeavour. If it's going to be tough, save money for said mat leave, and if you don't end up needing it, pay off the car loan then :) I'm always a middle of the road kind of girl...

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  5. Thank you for your comments. That goes along with what I thought. Sharon, not yet but we're planning.

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  6. I think I will make one of these game plans as I really need one.

    Like Sharon said, pay it off but make sure that you have emergency cash. I just paid off my car like two weeks ago but now some expenses cropped up and I have found myself in a pickle. My savings are now almost at rock bottom. I don't really regret the move though. I'm getting really tired of debt and I just want to get rid of it. Even it it means my savings hitting rock bottom and then I start over saving from zero.

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