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06.09.08, 08:02 AM General Topics
10 replies
WWYD? I just got laid off from PT job. I have 15K in savings and do not plan to look for a job (I am going to be a SAHM...this was a mixed blessing b/c childcare was outrageous and I am pg with #3.) I owe $4750 on my car and payments are $300/month, should I pay off or just make payments until paid off in about 18 months? Is this a good use of savings? [ Reply | Watch | Flag ]
General Topics 06.09.08, 08:02 AM Flag
 

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rather incomplete picture you provide, but your use of the term SAHM, as opposed to "unemployed single mom" implies that there's a DH or something who is the primary breadwinner. If that's the case, then I'd say yes, fine get rid of the car payment. If you calculate the expense of carrying that 4750 in debt, the effective interest rate on that loan is pretty huge. [ Reply | More ]
General Topics 06.09.08, 08:06 AM Flag
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the details of my employment status are really moot. I was painting a general picture. Thank you for your input, I am thinking this is a good idea. [ Reply | More ]
General Topics 06.09.08, 08:07 AM Flag
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the details of your family income status are definitely NOT moot when it comes to making investment decisions. If you plan on having no job and that 15k is all you have to your name, the answer is sell the car. [ Reply | More ]
General Topics 06.09.08, 08:09 AM Flag
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Not possible. It is our only vehicle. [ Reply | More ]
General Topics 06.09.08, 08:09 AM Flag
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Also, I am in Midwest, 15k goes a lot further. [ Reply | More ]
General Topics 06.09.08, 08:10 AM Flag
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do you have a husband? does he have a job? that is what I am asking. [ Reply | More ]
General Topics 06.09.08, 08:11 AM Flag
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yes and yes [ Reply | More ]
General Topics 06.09.08, 08:12 AM Flag
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then you are golden! enjoy being home with the little one(s) [ Reply | More ]
General Topics 06.09.08, 08:13 AM Flag
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TY!!! [ Reply | More ]
General Topics 06.09.08, 08:15 AM Flag
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OP is a little nutty if she is throwing around questions without providing the complete financials for her family. [ Reply | More ]
General Topics 06.09.08, 08:23 AM Flag
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