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Here’s an animated chart that shows how COVID-19 cases and deaths have grown globally compared to their causes of death like fire, influenza, and malaria over the same time frame. The timeline begins on January 1, 2020, and COVID-19 starts at the very bottom of the chart with zero deaths.
https://public.flourish.studio/visualisation/2634167/?fbclid=IwAR3SfwQFl7UkyJ-DIYp1D_Y1idQM-tHdpuqVdK7SpMxqNI2sA-dO7-5qFS8
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How many licks does it take, Mr. Owl?
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Pay off high interest debt (credit card) ASAP. Pay the minimum on low interest debt. Invest/save the difference. It's basic rate arbitrage. You'll easily make more than 2-3% in the long run, but probably not 15%.
Chief
Cut expenses until you pay off the credit cards. Then open a savings account and add monthly for vacation and eating out.
Read Dave Ramsey book and use Every Dollar for budgeting. His method works if you stick to it.
Are these balance transfers or are they incurring interest?
If they have interest, attack that first. Any APR above 7% is eating any value you would otherwise save.
Depending on who you have your car loan with, you could split your payment into two times a month. The first payment goes mostly towards your interest and the second would essentially be a payment towards principal. All companies are not created equal so you might try this out for a month just to see what they do. If they do not allow for the partial payments, you may have to make a singular lump payment that month so keep that in mind.
Do you have your $10K in a HYSA? That would be amazing for growth since you aren’t actively doing anything with it.
Personal finance is personal. It’s unrealistic to say you should stop spending. You want to have control of your finances and not let it control you. Create a $0 budget that allows you to prioritize your needs, wants, loves, and likes.
I see you and I like it! I use my HYSA and I’m earning 2.35% with Marcus by Goldman Sachs. You can get an additional 1% with a referral code for 3 months.
Depending on where you are in the timeline of your CD, you might think about opening a brokerage account and setting up investments.
I realize you have debts that need to be paid but you also want to retain as much wealth as you can. Depending on your employment, you could setup some external retirement accounts and invest that way.
This has been my path of being debt free past two years:
Had 4 credit cards with total 10kish debt:
- Paid off the smallest to give myself momentum and to celebrate that I paid something off $700ish
- 18m balance transfer for the rest and paid them all off before interest accrued.
- Began Dollar cost averaging in the stock market now that my debt was paid off (pwc was paying for student loan payment at the time so didn’t consider this)
- currently throwing money at HYSA until reaching 6m emergency savings (my income has doubled in the last 4 years so currently having to throw more money at this)
- Now planning my mini sinking funds to save for vacation/tennis lessons.
Good luck! You can do it!
Currently 2.25% with AMEX. I’m sure there’s better they typically have other requirements I didn’t want to deal with.
All the above PLUS automate your savings and debt payments. Open up an account at a separate bank and defer a portion of your paycheck, then instruct that account to make recurring payments to your debt centers. Out of sight out of mind.
If you have solid credit put your credit card debt with 15% interest on a balance transfer card with long term 0% interest (Chase slate and Citi diamond preferred are usually the absolute best cards specifically for that purpose). Use that 15-24month 0% interest period to pay those cards off. You might consider skipping family vacations for even 1 year and using that money instead to pay off the debt.
Once your credit cards are paid off you can contribute slightly more each month to paying off your vehicles. In the course of 24 months you could have no credit card debt, be nearly done or completely done with car payments, maybe have a kid ready to leave day care for regular school, and have you can take the extra cash and dump it into savings or a vacation fund.
Create a budget and use the Debt Avalanche like KPMG1 said. Pay towards the highest interest account first while making minimum payments on the rest.
You could also sell your vehicles and buy used ones that you can purchase outright. That would eliminate the $70k of debt on your vehicles which in most cases have high depreciation. Then use the money you spent on car payments to invest or pay off other debts.
as others said pay off that credit card first! If you like to eat out and go on vacation but dont have all that much bandwidth this is what I do.(dont do this until you clear that credit card that is your #1priority cut back on expenses until its clean) never spend more than what you can pay on your credit card unless in a pinch.
1- create a budget:
how much do you need to cover mortgage, day care, utilities, food, car? make a grand total of what you NEED to live(no eating out in here just regular groceries, the basics)
with your paycheck if you can cover that good! now if you have some bandwidth left, set monthly amount or biweekly(i do with when my paycheck comes in) for the following:
-retirement saving (consider this gone until you retire, if you go pck in that all the time then you won't have anything to use for retirement)
-regular savings account to build a cushion (you ideally want to save up 3 months of living expenses. if somwthing happens to your jobs you will be able to hold out a little) once you got the cushion no more need to save it up, but if take from it you will have to save that money again whenever possible
- an amount of $ for eating out! if i spend it all on one expensive restaurant at the start of the month then i don't eat out until next month. this is to avoid spending too much on eating out
- an amount for fun spending (usually goes on thr credit card!) everyone likes to get their hair done, grab a drink, shop around for new stuff. this is for the non essentials that you spend. sincw this is usually paid with credit card, it adds up easily and we tend to forget how much we spend. i look at my card transactions regularly to check up on how i am doing.
2- automate transfers to a savings account timed after your paycheck. I do the same for payments as well.
it comes to pay the debt with crazy interest rates then when you get paid, pay what you need to live, pay the future you (savings) and then have some for the fun stuff.
Avalanche method with the highest interest debt first.
https://undebt.it/debt-snowball-calculator.php
Attack the high interest rate stuff first and cut spending.
To budget, stop using the credit cards and switch to a debit card to track you spending habits more effectively. Once you understand your spending habits more effectively setup a budget in a software as simple as excel
We haven’t used CC in awhile.
No Vacations 👍🏻
2k a mo for daycare?!
Lol this is such a bargain. I pay about $3300 mo. For two kids in LcOL