The settlement check arrived yesterday and I decided on the following:
- Save the HOA and mortgage payment
- Pay my tithes
- Round up my savings to $17,000
- Round up my car fund to $1000
- The rest will be used for the kitchen, anything left over goes to the EF.
I am going with the bare minimum on the kitchen. I really wanted taller cabinets but at this time I need to be realistic, taller cabinets aren't a must it's a want, and costs a lot more. The cabinets are a must, just not the size, they're falling off the hinges. I was going to replace them during the holidays but since the valves gave out, as well as the refrigerator, I decided to just go ahead and do it.
Home Depot has a credit card offer. I decided to apply, it's no interest for six months on purchases. I plan to purchase the cabinets, and whatever the total amount is, transfer that money to the home improvement account to make monthly payments. Total will be divided by six, so if the cabinets are $2,000 each month I will pay, $333.33.
When I land another gig before the six months, I'm speaking it, I'll just pay in full and take the money saved and either pay the student loan or throw it at EF, this is all contingent upon what happens with the student loan forgiveness or interest-free extension. However, if there is no new gig, and I don't think this will be the case, I'll make the payments for six months interest-free since I would have already set the money aside.
A client that I worked with in the past picked me back up so for about two months I'll have some income coming in, about $4k a month for two months. This money I'm using for the bare minimums (e.g. Mortgage, water, electric) and saving the rest. The good thing is I got my household bills down to about $1500 a month, including the mortgage. It's true what they say, pay off your debt! It makes a huge difference, coming up with $1500 a month is a lot easier than $3000.
In addition to the part-time gig, I also picked up a few more articles that pay about $100 an article, these cover my grocery and household cleaning items.
I'll continue to look for contracts and full-time work but I'm praying for contracts only.
Oh one more thing, thank you to Lots of Ideas, DW, and all those who read my blog. You all are amazing. You provide such sound advice. I'll be checking those SS future payments and figuring out what I need to do.
I'm not sure who told me on one of my investment posts to focus on index funds, ut i did. I had been following VTI and took the plunge to pick up a few shares, not much because I couldn't afford a lot but a few. It was a fund that I was watching for some time anyway, and when things took a dive i remembed the commen about index funds and jumped on it. I'm glad to report that VTI is doing extremely well. I know it will have its ups and downs but over the last week, I've seen positive gainsand. I have to laugh who would have thought that six months ago I’d be using the language “positive gains”. Lol.
I can't wait to be able to start back contributing more than the $100 a month to my IRA, I got my eyes on another fund, that's been doing great.
Thank you all for your help and support.