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Please Help Me Decide

April 13th, 2011 at 05:30 pm

The life insurance money is now safely tucked into my Roth.

On Monday I will be receiving my seasonal OT check (about 80 hours) and my bonus. I expect to clear about 4k.

I am going back and forth on what to do. Please help me decide!

Plan 1
Pay off B of A Visa. Balance approximately 3.2k.
.3k to son.
Remainder to checking towards yard maintenance.


Plan 2
1k to B of A Visa
1k to Roth
.3k to EF
.3k to Egypt savings
.3k to son
.3k to Trad IRA
Remainder to hold until yard maintenance complete, then pay down B of A some more with what is left.

It would feel GREAT to pay off B of A. But without that extra boost to Roth, I may not hit my 3k goal.

Opinions?

Posted in Budgeting, Credit Cards, Retirement Savings, Spending, Income, Savings | 9 Comments »

9 Responses to “Please Help Me Decide”

  1. MonkeyMama Says:
    April 13th, 2011 at 05:55 pm 1302717341
    1302717341

    I'd personally pay off the B of A. I am assuming the interest rate is something horrible.

    Put the payments you were making to B of A, to your ROTH, going forward. win-win!

  2. creditcardfree Says:
    April 13th, 2011 at 06:46 pm 1302720389
    1302720389

    Or, $2.2K to BoA, $.3K to son and $1K to Roth.

    It does depend on the interest a little bit for me.

    I would not fund Egypt or your EF over Bank of America.

  3. C... Says:
    April 13th, 2011 at 06:49 pm 1302720566
    1302720566

    I think MonkeyMama is right. You save on interest costs and if you save towards the others after with equal amounts no interest loss.

  4. PNW Mom Says:
    April 13th, 2011 at 08:08 pm 1302725286
    1302725286

    I'd go with paying off BOA and your son.

  5. Ima saver Says:
    April 13th, 2011 at 08:35 pm 1302726911
    1302726911

    I would go with plan 1 also.

  6. LuckyRobin Says:
    April 13th, 2011 at 11:36 pm 1302737772
    1302737772

    Paying off BoA is my goal in life so naturally I'd pick that one.

  7. J-Money Says:
    April 14th, 2011 at 05:00 am 1302757247
    1302757247

    defintiely pay off your debt....not even a question in my mind. good luck ;-)

  8. Looking Forward Says:
    April 14th, 2011 at 11:13 pm 1302822794
    1302822794

    Payoff B of A. The rest to EF.
    Or, 1/2 to debt, 1/2 to EF.

  9. Petunia 100 Says:
    April 15th, 2011 at 02:58 am 1302836320
    1302836320

    I think I am going to go with Plan 1, provided my bonus is what I expect (what it usually is). There are no guarantees, but I will know soon enough. Tomorrow, I think.

    Thank you all for your input, you guys/gals are the best! Smile

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