I always thought of myself as "good with money" but have made some questionable decisions as of late. I will be going back to school in Spring of 2020 and this will cost around 25k over the course of 2 and a half years.
I currently make ~65-70k a year depending on how much overtime I do
Debt Home loan for 190k @ 4.25% with a value of 260k Solar loan for 9k @ 2.99% Vehicle loan for 10k@0.99%
Savings Emergency savings 30k (plan on using this for school) Vehicle emergency savings 4k 3% with company match to 401k have roughly 9k here
My job will reimburse me 5k a year for school, so if I use that then I really only need to save 15k of that for school.
A)
What should I do with this money? I am saving it here because if I need 15k for school, and my 6 months emergency fund is 10k, then I really only have 5k to invest. Is that worth investing, where should I put it?
B)
I have a vehicle that gets 10mpg, and I was thinking of selling it and putting that and $4000 of car repair savings and buying a used Honda Fit, which would save me roughly $1800 a year in gas. Would this be a smart move? I would also be switching from a 2000 suburban with 170k miles to a 2015 Honda fit with 50k miles - so potentially saving money with a big repair down the road
C)
I currently have about $500 leftover at the end of the month that I could save/invest, ($650 if I make the move for the FIT) what should I do with this money?
I have a feeling that people are going to say to max out a Roth, which is what I feel I should do. Also, I feel like people will tell me to up my 401k, but I am also trying to really enjoy my life right now while also looking ahead to the future. I am really interested to hear what the thoughts will be on what to do with my money for school.
Submitted May 22, 2019 at 05:50AM by SMChevy17 http://bit.ly/2JAk1fV
