I have a decent chunk of change to work with.
So what I’m wondering is this – so long as I have enough for an emergency fund, which would be the smart decision to make?
1. Pay off my credit cards; OR
2. Pay for a reliable used vehicle.
I’m currently driving a 95 Geo Prizm with 230,000 on the clock. I’ve already put in approx $1,000 in repairs in the last few months, and the engine is leaking oil and chewing up spark plugs so I HAVE to replace this.
I added up what I pay for the CCs and if I pay those off, I will still have enough for a decent deposit and be able to afford a car payment so long as its not more than $245 a month.
I’m just not sure which is the smartest move to make?
I separate my envelope money into envelopes and then when I am at the checkout I estimate how much in in each category. If I am buying groceries and laundry detergent, then I’ll add approximately the cost of laundry detergent. I don’t worry too much if I’m off a bit.
If I go to someplace like Walmart or SuperTarget, I may buy things that are budgeted in several categories.. groceries, clothing, school supplies and household supplies. If I estimate that the clothing costs $20 and it actually costs $18 or $21, I’m not going to get picky over it as long as I am paying cash and am close.
and it is great! you see exactly what you have to spend for each budget. there is no guess work, because you can physically see what money is left. once the money is gone, you are done with that part of the budget until the next paycheck. Since you are paid once a month, you budget should be easy to get started with guaranteed payday loans online, yes it is very overwhelming at first, but keep it up and it gets alot easier pretty quick. First thing you want to do is before spending a penny, is get all your bills together, and the budget form, or even just a plain piece of paper. the budget from might help you from forgetting something though. at the top, put in the ammount of your check, and just go down the list entering in all your household and car bills. subtracting as you go, so you have a running total of what is left. put in what you need for food, entertainment, and any other categories you need to fill in. the last thing being your unsecured debt. put in the min payment sof all those debts. and once all is filled in, what you have left you want to put in your bef., once bef is at $1000, then you move that money to your lowest debt on the sheet, and you work the debt snowball that way.
By the third or forth month, you will have a good feel of how it will go. every month may change, but it should be pretty close for you by this point, month to month.