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It's been over a year!

March 9th, 2015 at 01:37 pm

So, I'm finally back. I didn't realize that my last entry was over a year ago but it's time to get focused again on our finances. I won't go into detail as to what our goings on have been this past year but instead put down our thoughts and goals for the present:

1) Savings:
We currently save $1200 from our paychecks each month. $250 has been going into ROTH accounts. $150 has been going into a long-term (LT)savings account. $800 has been set aside for short-term (ST) savings each month.

We currently have just $2,500 in our LT savings (a mutual fund account)

We currently have $7,600 in our ST account and I have $3,000 in cash at home that I have been socking away anytime we get extra cash. I will be depositing that $3,000 into our ST account today so our balance will now be $10,600. There have been times where we need to tap into this account for annual bills like life insurance and such so this balance will fluctuate but that's what it is for.


2) Debt:
Our debt load currently looks like this-
Mortgage loan 1 balance $238,515 (renting this one out)
Mortgage loan 2 balance $287,955 (our home)
Car loan 1 balance $13,168 1.95% (purchased Jan 2014)
Car loan 2 balance $21,645 3.59% (purchased Jan 2015)
Yes, I know these are scary numbers.
No unsecured debt.

My conundrum is whether or not to stop putting away any or all of the $150 LT and $800 ST and instead divert those funds into paying off one our car loans. We have been paying more than the minimum each month but adding more to one of them would snowball it quickly. What do you all think?

2 Responses to “It's been over a year!”

  1. creditcardfree Says:

    I guess it would depend a little bit about what you thought the short term and long term saving was for. Is it for needs in the future, then keep saving. If it is for wants, like a new something or other, than yes definitely put it towards the car debt! Nice to hear from you again.

  2. all4money Says:

    Hi! We have our oldest daughter heading to college within 3 years (she's a sophomore in high school) so our thoughts have been that the LT savings would go toward at least one year of tuition.

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