Disabled I can't work. I get $3250 a month. I got a new Tacoma recently as I drive over a mountain pass every weekend to get my son. I also have another son I have the majority of the time but do not get child support.
Expenses
Truck 540 (rate is at 5.25 with 30k left to pay off)
Child support 460 (paying for 1 child)
rent 320 (live with parent paying utilities)
phone 84
insurance 90
gym 75 (this includes childcare)
internet 60
TOTAL Recurring Expenses 1629
gas 300
food 200
Total Monthly Expenses 2129
Total leftover for financial goals 1,121
Should I just pay towards paying my truck down with the extra cash?
I have 4300 in my emergency fund in hys
no credit cards that I owe on
credit 750
No, I don't have any 401k or investments and I am 30m. I was debt-free till I got the Tacoma. I talked with a buddy and together we think I should concentrate on paying down the truck with an extra 700 a month and putting the rest towards my emergency fund. Does this sound like a good plan?
EDIT So the reason I would want to pay the truck off early is so I can get a better income to expense ratio so I can finance a home.
Submitted October 12, 2019 at 07:17PM by foolyou7 https://ift.tt/318DwjV
