Hello... I am looking for recommendations on how to attack my financial situation. We aren't sinking, but you wouldn't say we are prosperous.
Background: I have a doctorate degree in healthcare but am the only wage earner. I am married with both in-law parents living with us.
Income: steady take home of 7800 / month after taxes and retirement. The major bills: house 2600 (with escrow), student loan 600 (45k remains), personal loan 477 (15k remains), car loan 275 (8750 remains), utilities 260 ish, cellphone 100 for 4, cable internet 135, insurances 450 (life, auto, house). When all is said and done, we have approximately 1k left over. Food, pets, maintenance, etc make up the remaining costs.
I have 31k in high yield savings and checking accounts. 10k is our emergency fund, the rest can be allocated.
My current thoughts: payoff the personal loan (it's a low interest 2%) borrowed against a portion of my retirement. I did this to help my in-laws move across the country but didn't need all of it. The car loan is 1.9%. its a low mileage car that is economical, but it's also a sunk cost. I could sell it (worth about what I owe) and buy a decent used car outright for 4 or 5k. That would eliminate the car loan. Those actions would leave the emergency fund in place and open up 700ish in money for investing / debt reduction.
Other thoughts: The cable internet is temporary until Google fiber is on my side of town. We have no contract, so it will drop to 55+tax when it finally gets here. Sometime in 2018 (already on West side of town.
I also wonder if we have to much insurance. I pay 235 for additional term life insurance through Mutual of Omaha. I have 400k/100k already through employer. This adds 300k coverage for both wife and I. If I were to change cars, I would remove comprehensive on my car. The wife's SUV is paid off all g with the in-law's car.
Any and all insights a recommendations are appreciated. I'm not sensitive. Just looking for the best way to improve my financial future.
Edit: Could I contact bank and pay down my current auto loan and refinance for a lower monthly payment? I think that is a reasonable option if it's doable...
Submitted December 26, 2017 at 11:15AM by Throwaway_me_pf http://ift.tt/2zwScvA
