Would like input, please
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Would like input, please
| Thu, 10-07-2004 - 10:17am |
Greetings ladies, this is the situation. I just sold my home and will be moving to VA to an apt. which is 435.00 includes everything. The $$ from home I receive is 17,000.00. I was a single parent and struggle for many years and want to use this money to the best advantage. No kids at home, my new job will be about 24,000.00 a yr. I don't use credit cards, but the following are outstanding car and pers. loan, 8,500. which I could pd. off, and reduce car ins. to liability which would be 25.00 per month. I have another loan 1200.00,do I paid that off, also will need new computer and furniture when I move another 1,500.00. I also will be needing tution of 8,000. for next year for school. I hope this is clear and not muddled to understand. I would like to set up a spending plan, is there a free source online to do this? I live simply and not with stuff. I want to invest and be worry free from money. Also student loans are in deferement for at least a year.
Thank you for your thoughts. gracmae59
Thank you for your thoughts. gracmae59

Figure out your monthly expenses. I have a spreadsheet I use for budgeting and I can send it to you (I set it up as a template for another member of this board). Just email me at firstamendment at verizon dot net and I reply with the file. Once you know your monthly expenses, put 2-6 months worth in savings in case of a financial emergency, such as a car accident or loss of your job. If there is money left over, you can invest that for long-term growth in a mutual fund. I think there is an investment board here on ivillage (I saw it posted in another thread).
Once you figure out your budget, make sure you have enough from your job to cover them and save some. If not, tweak your budget until you do. It sounds like you are used to keeping your expenses low, and that will help you a lot. Figure out how long you will be in school and how much you need to save each paycheck to have $8,000 in the bank when you graduate and pay off the student loan.
Do you already have an emergency fund? That is always a really nice thing to have, especially when moving!
I'd line up the debts in order of size, smallest to largest, and work my way through them. Say you set aside $1000 for your emergency fund. That leaves $16,000. You could pay off the $1200, $8500, and still leave a nice chunk to divide between new furnishings and tuition.
For the new computer, you may want to go to Dell's website. They have nice refurbished ones for a heckuva lot less than you'd pay for in a store. Can you move some of your exisiting furniture with you, and buy a piece at a time?
I think you're in pretty good shape, sounds like. But, if you're going to have to start paying on the deferred student loans here pretty quick, you may want to try and clear as much existing debt out of your way now.
Good luck-
Lisa
Dell also sells refurbished off-lease computers on Ebay. I had the monitor, but bought the computer on Ebay for around $260.