Okay guys! I'm finally to the point where I am caught up and my checks can now but put towards bigger items. But I am unsure on what order I should fund things. So if I list out all the things that need saved for or paid maybe you guys can give me an order to work towards.
I need $640 for winter animal food / testing. This would be spread out over the next several months.
The LOC still has $4,000 on it. Any amount we pay towards it is less debt for when we do the construction loan.
I would like to contribute $1,500 more towards my Roth IRA before tax season.
We need to come up with a $2,500 deposit for our contractor. (We can either save cash to delay getting the construction loan a little while longer, or we can just go ahead and get the loan.)
I'm thinking maybe get the animal stuff out of the way first since it's the smallest amount. But then what?
Obviously we can't finish all of this in the short term, so I'm just wondering where my money is better spent before we get the construction loan. I want to get us as well off as I can before we take on more debt.
Where Should My Money Go?
November 8th, 2016 at 02:04 pm
November 8th, 2016 at 03:51 pm 1478620291
What interest rates are you anticipating on the home improvement loan? The media suggests interest rates are likely to increase before year end. That adds a level of stres to decisions. Do you have the lowest rate mortgage? Low rate LOC? I see ads that suggest no fee, low interest for ROTH? Starting May 2017, would you consider contributing/set aside $ 125. for annual ROTH contribution? Likely easier to view it as a salary 'deduction,' right off the top!
November 8th, 2016 at 05:57 pm 1478627841
November 9th, 2016 at 03:35 am 1478662532