What To Do Now

iVillage Member
Registered: 01-18-2009
What To Do Now
9
Tue, 05-05-2009 - 12:46pm

I do not post very often, mostly just read. I will give an update as to where I am now. My husband and I have been married for 34 years. He was 17 and I was 16 at the time. We raised 4 children and now have 4 grandchildren and 1 great-grandson. We are expecting grandson's 5 & 6 this summer. My husband and I are 51 and 50 respectively. So just did everything fast.


We spend most of our married life in debt. I finally made up my mind to get out of debt for once and all about 2 years ago. This finally happend about 3 months ago. I have $1,000 saved in one savings account in one bank and I now have an additional $10,000 saved in a money market account.

 

 

iVillage Member
Registered: 01-30-1999
Tue, 05-05-2009 - 1:48pm

I would:


1- be sure retirement savings are still going on


2- build a new car fund- at some point you'll need it


3- continue to build general savings.

iVillage Member
Registered: 10-01-2008
Tue, 05-05-2009 - 1:52pm

Hi,


Your short story is very nice.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-17-2007
Wed, 05-06-2009 - 12:01am

You could open yourself a good Roth IRA at some company that has a good steady money making record

iVillage Member
Registered: 01-25-2009
Wed, 05-06-2009 - 12:18am
iVillage Member
Registered: 01-18-2009
Wed, 05-06-2009 - 9:12am
I

 

 

iVillage Member
Registered: 01-25-2009
Wed, 05-06-2009 - 9:55am

Don't want to put words in other people's mouth, but I think Mary Ann meant by starting a account to save for your next car, so when it is time to retire your current car(s), you could pay cash for the new one.

Attached is a mortgage calculator. Hope it helps.

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

iVillage Member
Registered: 01-18-2009
Wed, 05-06-2009 - 10:39am
OH I understand-Yes, I do need to start saving now for a car down the road. I am going to try and figure out how to use tha calculator! Thanks~

 

 

iVillage Member
Registered: 01-18-2009
Wed, 05-06-2009 - 11:03am
I just called the mortage company and they are going to send me an ammorization schedule. She could not tell me over the telephone. I think one of my priorities will be to try and pay this mortage off in 3 or 4 years. The mortage payment is the one thing that is keeping me from really retiring!

 

 

iVillage Member
Registered: 04-13-2009
Wed, 05-06-2009 - 1:13pm
I don't have any more advice, but a word of encouragement. GREAT job on your progress and good luck on your mortgage endeavors. You'll do great and be on the road to a REAL retirement : )

 

-Kels