About Me

I am 21 years old and my bf is 31. We have one son who is 21 months old. My bf works full time and i work at a restaurant on the weekends and babysit during the week.

Tally for starting of 2007 (now):
Mortgage:$100062 at 5.27%( now at $96500)
Credit Line:$7000 at 6% (6980)
Family Member:$2000 at 0%
Computer credit card:$536.39 at 19.5% ouch that one hurts a bit.. PAID
My credit card:1487.9@17.99%PAID
Mother in law:$130PAID

Need to save for:
House ins:$600 we pay it yearly.. (July 2008)
So far:
Savings (ef ):$651
Resp : 956.00
M.bf rrsp: $180
my rrsp: $0
Bank account:O need $2500 so we dont pay stupid bank fee of $15

woodstove fund:completed
fence fund:$completed
pool fund:$completed
kids playground fund:$0
New lawnmower:$0 COMPLETED
Christmas fund:$20
New bbq:0
Wedding fund: $341

Current Debate!!

April 18th, 2007 at 08:44 am

We have some money saved up, what should we do with it?? Should we :

a.) put it on the mortgage to pay it down quicker?

b.) put it on the credit line with a 6% interest rate?

c.) Give it to family member for owed money? no interest rate

d.) put it into rrsp?

e.) put it into resp?

f.) pay off computer? 19.5% interest rate

which ones do u think and if more than one then what percent should go to each??

THANKS FOR YOUR SUGGESTIONS! Smile

Posted in Uncategorized | 10 Comments »

10 Responses to “Current Debate!!”

littlemama Says:
April 18th, 2007 at 09:12 am

Without knowing how much you have to work with, I would say family member first and CC second.
yummy64 Says:
April 18th, 2007 at 09:26 am

Pay off your smallest debt with it and as much on the next biggest one as you can. That's my free advice and worth as much.

I worked over the last few years to get out of debt then I started to sock the savings away. The relief at getting rid of consumer and other debts is so nice. I'd excempt the mortgage from this if I had one (not that I do...).
Ima saver Says:
April 18th, 2007 at 09:44 am

Do you have an emergency fund??
mitch3636 Says:
April 18th, 2007 at 09:47 am

no, no emergency fund as of yet but i'm afraid that if we hang on to it my bf will want to spend it.
YOUCANDOIT Says:
April 18th, 2007 at 11:41 am

Definitely family first than credit card.
nance Says:
April 18th, 2007 at 01:17 pm

I vote for family first, too.
Broken Arrow Says:
April 19th, 2007 at 05:50 am

Computer sounds good. 19.5% is very scarey.

I would do some very nice things for family members in the meantime.
homebody Says:
April 19th, 2007 at 07:25 pm

1/2 to computer, half to family member.
yummy64 Says:
April 20th, 2007 at 03:59 am

Your colour choices mean I can't actually read your blog right now (peeked in this morning to look at the comments). Black on navy is pretty hard to read for me!
yummy64 Says:
April 20th, 2007 at 05:06 am

Thanks! Reads beautifully now!

MandM's Personal Finance Blog

Our personal Finance Blog to get us motivated to save money and pay debt

Current Debate!!

10 Responses to “Current Debate!!”

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