Just wanted to pop in with an intro...

Avatar for phoenixmama
iVillage Member
Registered: 03-20-2003
Just wanted to pop in with an intro...
Thu, 04-17-2003 - 4:21pm
I've dropped in now and again, and figured what the heck, I could probably use some advice sometimes so I'll come out of lurkdom. ;-)

My money status: I've got around $3k in credit card debt, $2k left on a loan, and $12k and rising, in student loans. I finally opened an ING account for general savings, I participate in my employer's 403(b) plan, I'm putting $25 per check into a 529 plan for my DS who will be 3 this summer. The retirement plan is 5% of my paycheck pre-tax, plus a 10% match. The college fund also has a match - once I've put in $600, I'll get a $200 match from the state. I've got a chunk of money currently in my checking account, mostly consisting of a pretty big tax refund. Not quite sure what to do with it yet, I need some car repairs and I'm moving this summer, and I don't know yet how much I'll need for that. I'm cutting back my hours at work to go to school full time, and I haven't quite worked out the budget yet - partly I'm waiting to see how much financial aid I'll get for fall. I want to set up a small automatic deposit to the ING account, but I'm waiting until I see how my work change affects my cash flow.

I'm debating where to put the rest of the money once I've worked out some details. I can put some toward the higher-interest card. That won't affect my monthly minimums much though. I can pay off my car insurance for the rest of the year for a few hundred, and that would free up $60 a month. I have 3 months left on my current apt lease and was also considering paying the rest off now to get it out of the way. Once I get my actual numbers together, any help with number-crunching will be appreciated! I've got a website started (through my profile) and will hopefully be able (if it's not too hard) to put up a spreadsheet once I've made one.

Thanks for reading, and any comments are appreciated! ~Jen

Avatar for lovmy2kids
iVillage Member
Registered: 03-26-2003
Thu, 04-17-2003 - 6:31pm
I would suggest using it to pay on that higest interest credit card. Regardless of how it affects the minimum payment. It will help with the interest on the card. You are not paying interest on your car insurance or lease. So to get the most out of your money pay it on that interest!