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.