Friday, April 18, 2014
OK, now what?
With the mission to pay off all but a few bills ahead of time in it's early adolescence, I'm now tasked with both cultivating the discipline needed to finish the job, and then left to ponder what to do next. If (and that's a big if) I manage to pull this off, I'll be left with a nice pile of money at the end of the year, for which I have a few plans. The first, and by far the most important, is to pay off the Corolla. I won't trade it in at this time, as I really appreciate the gas mileage and reliability. Yes, I'm a Toyota whore, bite me.
Just as the extra overtime I'm presently earning allows me to try this, the abundant overtime I'll be getting in August and September should allow me to cover the car. I can't decide if I should save the money and pay the bill in one lump sum or payoff 1500 per paycheck or something similar. In addition to freeing up the 330 a month, I'll be able to reduce my car insurance coverage, so that would save an additional 100 a month or so. The real goal here is to eliminate the car note by the end of September when my car insurance is renewed.
Beyond that, my two other goals are to finish paying off my retirement loans, and begin a Roth IRA. The Roth is more important than the loans by far, so I'll tackle that after the car. I hope to do both, but I should be able to do at least the IRA contribution. It's better to get the (hopefully) 10% return than to eliminate 4.25% in interest. There's also a potential trip to Asia in October, and a very likely trip to Germany come December, but with miles and cheap lodging, they shouldn't be more than a few hundred each.
With my money more or less earmarked for the rest of 2014, I must now figure out what to do with my time. By this I mean the summer, and that's the next post.
Just as the extra overtime I'm presently earning allows me to try this, the abundant overtime I'll be getting in August and September should allow me to cover the car. I can't decide if I should save the money and pay the bill in one lump sum or payoff 1500 per paycheck or something similar. In addition to freeing up the 330 a month, I'll be able to reduce my car insurance coverage, so that would save an additional 100 a month or so. The real goal here is to eliminate the car note by the end of September when my car insurance is renewed.
Beyond that, my two other goals are to finish paying off my retirement loans, and begin a Roth IRA. The Roth is more important than the loans by far, so I'll tackle that after the car. I hope to do both, but I should be able to do at least the IRA contribution. It's better to get the (hopefully) 10% return than to eliminate 4.25% in interest. There's also a potential trip to Asia in October, and a very likely trip to Germany come December, but with miles and cheap lodging, they shouldn't be more than a few hundred each.
With my money more or less earmarked for the rest of 2014, I must now figure out what to do with my time. By this I mean the summer, and that's the next post.
