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Contributor

Hello,

 

My wife and I just recieved our tax return and are looking for advice on what to do with the cash. Currently we have a take home of roughly $6,000/month. Our Monthly bills add up to roughly $3,400/month, due to aggressively paying off student loans and vehicles.

 

Plan A: Our tax return would allow us to eliminate one car payment and my a student loan. This would free up $950/month to roll over to other loans. Thanks Dave Ramsey.

 

Plan B: Since we are transitioning out off the Army in the next 6 months we add the tax return to our savings for unforseen cost. We currently have 3 months of pay in savings.

 

Please let me know what would be best.

 

Thanks  

1 REPLY

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My wife and are in a similar situation where we will be looking to move in the next year and are activity paying off dept for the transition. I'm a big fan of Dave Ramsey's baby steps. I suggest plan A as you already have 3 months in savings. It's amazing how much more money you will have as the dept snowball begins to roll.