FundRobot » Funding Sources » Smartest thing to do with unexpected cash?

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Old   #1 (permalink)
 
Posts: 2,586
Default smartest thing to do with unexpected cash

I just graduated from college and got $3500 refunded that I wasn't expecting. Where should I put it?

Debt:
$30,000 combined student loans (subsidized, on track to pay off in 5 years)

$6,000 credit card (0% interest until next June, on track to pay off this Dec)

Goals:
Need new car (I'm a business owner, drive 60-100 miles per day and get 17mpg)



Savings: currently have 3 months expenses covered, currently saving enough to have 6 months covered by December. Also have disability insurance.

Retirement: putting $5.5k max in IRA starting next year, cash value life insurance this year; will do more after my fiancÚ is out of school as well

Getting married next summer: rings and venue handled; dress and honeymoon I'm gonna try to do for under $4,000. Nothing saved yet.

My fiancÚ is voting new car. If I put 3k down on a used Prius, my combined car payment and gas bill would be less than my current gas burden. It would open up funds in our budget, but I hesitate to take on another loan when I have other debt to tackle.
Gamer125 is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,592
Default smartest thing to do with unexpected cash

Newer, but not new, car sounds good. you drive a lot, and 17 mpg is pretty low. I think I'd go with a Honda Civic or similar rather than a Prius, though.
SweetHot is offline   Reply With Quote
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