Hey everyone, found out my (22) Wife (21) is 2 months pregnant and we are discussing how to eliminate our only debt either of us have, her car. It's a 2018 Toyota Camry with $15,000 left at 8% APR.
- Savings: $19,000
- ROTH TSP: $15,000
- ROTH IRA: $8,000
Once she gives birth she will be a stay at home mom until we deem it necessary for her to go back to work, so if we were able to get rid of that car payment, it would be a great help. Any advice on how much to pay off on the loan would be greatly appreciated, TIA.
Paying off Wife's car
byu/Open_Reindeer_6600 inMilitaryFinance
Posted by Open_Reindeer_6600
1 Comment
How’s the rest of the budget? Have you drawn up a budget including just your income and with baby expenses include? If available, you might find the Budget for Baby (Navy/Marine Corps) or Bundles for Baby (Air Force) class helpful.
I would start by shifting all your expenses to your income and using her full net pay to pay down the car. That will give you practice and a lower income and get the car paid down.