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Smallsteps's Personal Finance Blog update

August 28th, 2018 at 05:24 pm

This new job has a Friday payday. The previous one the direct deposit was on Wednesday.
I will learn to adjust my payments but in reality I have a large cushion in checking which is now I am thinking too large and could do more for me in either an interest earning account or paying extra on debt.
I also have decided that there are a few items I have put off that really should be dealt with such as some minor car/ house maintenance. I also need to revisit my retirement goals as these contract jobs do not offer 401k etc and I need to bump up my IRA/ Roth IRA.
I realize I have gotten impatient and could have possibly done better investing instead of throwing so much towards mortgage which is at a very low interest rate. I will try to hold off on throwing money on that but in reality it is a very fast WIN to see the mortgage balance fall.

2 Responses to “Smallsteps's Personal Finance Blog update”

  1. rob62521 Says:

    I think depending on your goal, putting money to pay down the mortgage is a win. Hopefully you can do both to a certain degree, even if the mortgage has a low interest rate, unless you plan to move. When we paid off our house, we then put more money into other accounts and had more income to do so without the mortgage payment.

    Glad you have a cushion since your pay day is different.

  2. crazyliblady Says:

    I personally would pay off cc #2 and then tackle the car loan. The reason being is that you are okay on your mortgage and it has a lower interest rate than the other stuff. Then, I would divide up any remaining funds between the mortgage and saving for retirement, emergency, etc. Just my $.02.

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