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I have a question about what I should do with a little extra money my wife and I have. I am a grad student and she had a low-paying full-time job. She makes about $1400/month (after taxes and health insurance). I have a few website that bring in anywhere from $600-$3000/month (it really depends but I probably average about $1200/month — however, I have to pay about 30% taxes on this income). This money could all disappear if the websites stop performing so the money isn't guaranteed to be there each month. We have about $15k in a savings account and I'm not sure what to do with the money. Maybe we should just keep it for a rainy-day fund or maybe we should use it to pay off other debts. Our average monthly expenses (including wife's student loans) run about $2,200. She has around $30K in student loans and we've only been paying them for about a year. I will have about $30K in student loans once I graduate with my masters in a year. I was wondering the best way to use the $15K we have saved up. Would it best to pay down the loans or if we should just set the money aside for emergencies. Edit: The money is jus sitting in a checking account. Omits-Bagels fucked around with this message at 13:25 on May 4, 2014 |
# ¿ May 4, 2014 06:13 |
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# ¿ Apr 25, 2024 21:55 |
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FormatAmerica posted:Let me be the first to say: keep it for now. If you have credit card or other high-interest debt, it might make sense to pay that off but otherwise in absence of a reason to spend it, keep it. We have no credit card debt and our car (2008 Honda) is paid off. I wasn't sure if it would be smart to put some extra money toward the student loans.
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# ¿ May 4, 2014 13:24 |
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antiga posted:Keep six months of expenses minimum until your cash flow situation is more reliable. I run six different websites and each is kind of seasonal so the all make money during different times of the year. I'm also at the whims of google so they could change their search results and I could lose everything. I don't see this happening since I don't do anything sketchy but you never really know.
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# ¿ May 5, 2014 16:50 |