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Wwyd?
We've been playing with our budget and trying to figure out if we want to pay for DS 1st grade monthly or in 2 lumps sums and if we should pay off our 0% interest car loan , here's the #'s
Savings $8313 by the end of month it will be $9113
Car loan $1500 $250 per month (0%)
half of school yr $350 per month - 3% discount if we pay 5 months at a time which would be $1700
If we waited til April 30 to pay these in full it would leave us with $5913 in savings
The only other debt we would have is $525 a month mortgage and $275 heloc.
We would then begin putting $500 per month to savings to build it back up.
So would you take the $ from savings to pay in full an get the discount at school and wipe the car loan out or just keep paying for car and begin paying for school monthly to keep the $$$ in savings. $350 a month to school won't affect our monthly budget much b/c when it's time to pay for school the $250 car loan will be paid off (except maybe 2 months) And some of our insurance is decreasing and after school care will decrease as well, so this will help off-set te cost of school monthly.
Re: Wwyd?
Preschool-Yes. The 3% savings isn't much, but it is a savings.
Car loan-No. You won't get much interest in a savings account these days but you would get more than 0%. Also, I would prefer to leave that $1500 in savings for emergencie
TTC since June 2012
Pretty much what people said. Ride the car loan out. Milk that 0%.
Just pay for the school. You'll still have plenty of money in savings. You save $50 and don't have to worry about making payments. win-win.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
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