Hi all,
My wife passed away two weeks ago, no life insurance, not enough photos...
I need to get my finances under control but we buried ourselves in medical bills (paid with CCs), as well as typical student loans. I've been reading as much as I can, but I really wanted to break down what I've got going on, and see what you guys think.
Income - 6800/mth
Rent-1350/mth (1.5 years remaining on lease, in MI, not sure if life event can break lease)
Gas/Electric - 250/mth
Internet - 60/mth
401K - 546/mth (about 16K in there)
Health Insurance - 200/mth (will decrease when removing the wife tomorrow)
Company phone, Company car, cancelling insurance on personal vehicle (scheduled to have the company car for the next yearish)
Food - 300ish/mth (I don't eat out, and will not drink for a while)
Car Payment - 200/mth (0%, 3k remains, 2014 Fiesta)
CC#1 - 191/mth (9K, 16%)
CC#2 - 210/mth (5.5K, 9.20%)
Student Loan#1 - 510/mth (47K, 7.43%)
SL#2 - 140/mth (12K, 4%)
SL#3 - 190/mth (18K, 5.25%)
Not completely known is probably another 10K in medical bills that I've been avoiding...
I made a spreadsheet, and it doesn't look as bad as I feel. It looks like I can save roughly half my pretax income, which would realistically allow me to save maybe 1-1.5k post tax. I still feel like I'm in a hole though. I am thinking about selling the Fiesta (4-5k maybe) as I won't need it for a while, and reducing the contributions to my 401K (4% matched, plus another 4%). Is refinancing a good move right now? Should I cash out 401K to pay off high interest CCs?
Submitted August 14, 2018 at 11:21PM by machanical https://ift.tt/2nFXIIQ
