Financial Choices

Our savings account has been bleeding pretty heavily this year. Transferring into the grown up world is definitely not cheap! However, even after moving expenses, I managed to transfer $800 to our savings this month. We had $5,200 in our savings account, and we now have $6000. I am hoping to transfer some more money when I get my next paycheck in two weeks. There goes my money obsession. I am already thinking about my next paycheck, even though I just got paid on Friday. Oh brother! Hopefully, I can transfer $1000 into our savings in 2 weeks. :) My goal is to have our savings account up to $7000 by the end of July! :)

I am still not sure what’s reasonable here. July is going to be the experimental month. I have to see what our actual expenses are (goal is to stay under $2500), what our actual income is (after taxes, social security, medicare, and retirement contributions). We also want to start our new system: only use credit card for gas, fixed bills (cable, electricity, insurance, rent), use cash for weekly allowance and groceries.

We currently have a $5,300 car loan. The monthly payment on the car is $150. I still need a plan to tackle this loan. I was thinking of paying the $150 this month, and then bumping it up to $300 in August and there after. I could, also, start this month with the $300 payment. Crunching numbers….$300*6 = $1800…..$5300-$1800= $3500 left in loan plus whatever interest has been accrued. $3500 is definitely a less imposing number than $5300.

I wanted to pay off the loan in December, but I am not sure if this is doable? I don’t want to¬†jeopardize our savings so quickly. I think we may need to keep this car loan for a little longer. I have to check the interest rate on the loan, as well. The married with debt took a whole new meaning. :/ -Plug for John at Married with Debt ;P-

I, also, have to consider I will be paying for tuition in the fall, which will be around $4000. My company will reimburse me after I finish the class, which will probably not be until January.

Any advice on this?

I, also, enrolled in my flexible benefits. I started my flexible spending account contribution at $250 per year. That’s $20 a month. I need to increase this contribution, but honestly have no idea to what? How did you calculate this?

So there it is, my crazy financial pie. There are a lot of what if’s and choices. I have to decide what’s the best option for our finances. I apologize for the disorganized manner in which I published, but that is how I feel right now….

Are you having similar dilemmas with your finances? Is it bad that I feel strapped for cash even though I have a healthy income coming in?

SavvyFinancialLatina

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11 responses to “Financial Choices

  1. I feel the same way. Big expenses, like car loans and tuition, will do that to you. I’ve been happy with my savings but lots of it has to go toward insurance for my car in a few weeks.

  2. I felt similarly when I first moved out and started my real job. I was putting away a good amount of savings but still always felt strapped for cash. It just takes time to build the savings you want, and sometimes it makes more sense to keep a loan than to pay it off right away and have nothing left in your savings.

    • I think that is going to be my best option. Keep the loan until we have more money in our savings. Thanks for your input!
      And yes, I feel like I have too many goals! I want to do everything at once. I need to prioritize some things…

  3. Well I don’t really have loans and only have one debt, but right now my biggest concern of course if getting enough income just to pay my basic expenses. I wish I had some advice about the loans, but my only advice is to just be patient and you will work out the details in due time.

  4. Awsome info and straight to the point. I don’t know if this is in fact the best place to ask but do you folks have any ideea where to employ some professional writers? Thank you :)

  5. Pingback: Retirement Contributions Here I Come! | SavvyFinancialLatina·

  6. Pingback: Saving, Debt, and Personal Goals for July-December 2012 | Savvy Financial Latina·

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