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What to do with "extra" Money
I say "extra" because it's not actually extra money because there are many places it can go!! Which is why I need help deciding on what to do...
Little background...we currently have about $5000 in our e-fund (about 1 month of income) and we do not have any debt other than about $20K in student loans, mortgage and 0% interest credit card used for our mattress (will have it paid off long before the 0% expires). We have $1,100 that we are currently putting towards our e-fund.
The problems I have are this....I am going back to school and will need to plan on paying about $8000 over the next year in order to finish. Some of this will come from my husband's bonus (should be getting about $3000 bonus next month). I'm going to need a new car soon..hopefully mine will last another year. I am being forced to take a temporary pay cut of about $800/month for 3 months starting in June. Finally, we have been TTC for almost 2 years now and next month plan on starting IUI...which our insurance does not cover so at this point that will be approximately $500/month in expenses (ball park idea here).
So what do I do? Should I keep putting money in my e-fund like we have been? Should I start using the e-fund money to pay off my student loans? My original plan was to be able to save up enough cash to out right by a car but I don't think I'll be able to do that in the next year and I'll be lucky if its last that long.
Any more information you need to help me out? Let me know and I'll fill you in! Thanks!!
Re: What to do with "extra" Money
I would not buy a NEW car - but purchase a slightly used vehicle that is new to you.
Pay off the 0% card ASAP - you will have more financial happenings soon and this will be one less payment.
Save as much as possible toward your school expenses.
Put less toward e-fund, but keep adding to it.