I can't believe 2012 is right around the corner. Now that it's time to think about next year's financial goals, I wonder if you guys might help me think some things through.
My old plans don't really work anymore, because now we have a car loan and a mortgage, as opposed to being debt free for the five years before 2011.
Right now, I send $500 extra each month to the mortgage, with the goal of having it paid off in about 5 years. This isn't too big of a burden, but...
--We're putting $200/ month into savings now. I was thinking of bumping that amount up. And, although I don't like to count chickens, so to speak, hubby usually gets a bonus of about $10,000 every February, which usually goes to savings or some other investment goal.
Anyway, we do have a car loan, at .9 percent interest. It's not a burden, but it's a waste. So, I was wondering what you thought about temporarily stopping paying extra on the mortgage and send that to the car loan. I pay about $40 extra a month on it now. If I used the mortgage extra, I could have it paid off in about 10 months, freeing us of both a $250 monthly payment AND the added expense of full-coverage insurance. (savings of another $200 a year?)
I'd actually save more in the long term paying down the mortgage, which ash a 4.678 interest rate than the car, but it's always nice to eliminate monthly payments.
Any thoughts?
Help me prioritize
December 8th, 2011 at 05:17 pm
December 8th, 2011 at 06:03 pm 1323367422
December 8th, 2011 at 06:20 pm 1323368405
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December 10th, 2011 at 12:11 pm 1323519066
(Oh, and that guy STILL hasn't paid anything back? Is it time to make a phone call?)
Jerry