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?