So I'm sitting here contemplating my last 3 paychecks and this time they look like they will be my last until my next job or contract comes up.
I'm think this is what I'm going to do but I'm open to suggestions from here (aside from the obvious find a job suggestion I'm already working on that.)
Here's the situation:
I have 3 paychecks left at approx. $1500 each after taxes each give or take a few hundred dollars.
I am married, and he works full time. I have a part time essentially minimum job that will cover my basic expenses plus about $20 if I increase my hours which is very possible to do, so bills would be covered after the contract job goes away and if I pay off my car insurance in full for the 6 months.
I do have an emergency fund that can cover four months of expenses if I do not pay off the car insurance and 6 months of expenses if I do pay off the car insurance in full.
So from the three checks I need to take out bills and car insurance.
That about $820 for bills, $880 for car insurance pre-pay and $300 total from the checks to cover spending expenses so $2000 gone leaving $2500.
Usually I put a whole bunch of this money to retirement and other goals but since these are the last 3 checks it might be best to stretch this cash to make not having gainful employment a little easier.
I could save another 6 months of car insurance pre-pay money from here so that I know I would be good for a year on car insurance and then save the rest to do the dental work I need done. So that would be -$1100** leaving $1400 for dental work (and we have dental insurance.)
I also have some things like car registration etc coming up that I need to pay but I have saved up funds for them.
If you were in this situation what would you do?
(** Car insurance is very expensive here and we've shopped around everywhere else its double the amount. We have low deductibles because its easier to pay out a bit extra each month to insurance than to come up with $1000 since my job situation is what it is.)
What would you do?
May 23rd, 2014 at 08:09 pm
May 23rd, 2014 at 08:31 pm 1400877107
May 23rd, 2014 at 09:04 pm 1400879044
May 23rd, 2014 at 09:08 pm 1400879297
For the hotel stay I've been paying $25 out of each check to the 0% credit card so it will be paid off by the Feb date of interest hitting it. I would have paid it in full by now but the car loan payoff was more important to me to make it easier to live off of the minimum wage part time job.
Like I said with the minimum wage job I'd have about $20 left after paying the bills so that Old Medical Bill is probably there to stay. I've saved about $30 for it so far as I had a set amount of each check that I split between saving for dental work and paying off the old bill. It's already in collections it has been for a while. I am trying to save up the amount in full and pay it out when I can, I don't know when that will be. Next time I get picked up for gainful employment I'll make it a top priority.
I'm going to try my best to not put the loans in deferral though and honestly I'm not sure they'd let me because I'd still be employed. I have never had a low income payment but if they base it on what I've made so far this year or what I made last year I won't qualify so I've made sure to save up enough money to be able to pay them just in case.
May 23rd, 2014 at 09:18 pm 1400879880
May 23rd, 2014 at 09:44 pm 1400881451
Negotiate the old medical bill down and pay it. If it's old and about to run the statute of limitations, they should settle for pennies.
May 24th, 2014 at 02:39 am 1400899169
May 24th, 2014 at 04:19 am 1400905167