Hello! I’m 24 years old and currently have $3,000 in savings. I had that much due to planning on moving but due to COVID, I decided to move back home with my parents for the time being and not have to pay rent. Like most people, I have been furloughed from my job but filed unemployment and will have at least $350/week coming in at some point. I also filed taxes and have $825 coming in a return, plus the stimulus check at some point.
All that being said, I have a car loan and credit card balance both at $2,700. My normal car payments are $283/month for my 2016 Hyundai Elantra and I have grinded down my credit card from $7k to $2,700 the last few months. The interest rate isn’t too bad on my credit card and I have been putting $400/month towards it to get it down so that interest doesn’t consume me.
With the stimulus and tax return coming in, I really just want to pay off one or the other and I’m leaning towards my car. The reason being, once I no longer have my car payment, I can have the $283/month for the rest of the year to put toward student loans, credit card, or savings.
What do you recommend?
Submitted April 20, 2020 at 11:58PM by splattertaint https://ift.tt/2Vrjj9A
