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Where Should My Money Go?

November 8th, 2016 at 02:04 pm

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.

3 Responses to “Where Should My Money Go?”

  1. snafu Says:

    Obviously the animals must be fed. If you are selling goats as a small, side business and dogs work as protectors, the costs of feed, testing, shots etc needs to come from goat income.

    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? Smile Likely easier to view it as a salary 'deduction,' right off the top!

  2. PatientSaver Says:

    Well, I guess I'd want to know how much you have to allocate among these competing expenses.

  3. crazyliblady Says:

    I agree with patientsaver. We need to know what the total is and how much each needs to be. Also, what is the timeline for needing to pay for each item?

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