So I’m in the process of changing jobs end of month, and my previous employer will be paying out my unused vacation hours, to a sum of about 3k after tax. I’ve been debating the best way to allocate these funds as I have some existing debt.
debt * AMEX- $1750 @ 19.99% * Master Card- $2100 @ 0% until Jan 2021
I will be paying off the Amex, but can’t decide if I’d be better off using that remaining $1250 toward the MC debt, or throw it into my WealthSimple RRSP (Canadian version of 401k) so it both earns me money and reduces my income tax liability next year. Worth noting- emergency fund is already at 6 months.
Edit: I have an automatic payment to that MC for $160 per pay, so its on target to be paid off by Dec currently.
What would you guys do?
Submitted June 20, 2020 at 09:13PM by ilikebiggbosons https://ift.tt/2YTJqX5
