My tax refund was deposited into my checking account on Friday. It was like Christmas all over again. For like half a second.....then my mind started going in overdrive on what I was going to do with the money. My refund totaled $2629.
Here is what I have done with the money so far:
- - $500 to my Emergency Fund (bringing the total to $3555.81)
- - $699 to pay off one of my credit cards
- - $40 to my FCU savings
- - $100 on me and sweet pea
- - $20 on books
- - $40 on movies
- - $40 at Burlington Coat Factory
That leaves me with $1290. I was going to pay off my Discover card with that but I am holding off on that until I figure out what I am going to do about my car. Single Ma gave me some good advice on a post I did last week on my car situation. I currently drive a 2006 Honda CRV and my monthly car note is $532. I know right!! I would like to trade in my car for something reliable yet less expensive. I am looking into two different options at the moment:
1. Sell my car privately. Pay off the difference, which should be a little under $1K. And then buy a used reliable car for under $8000.
2. Trade-in my car. Buy a used reliable car and run the possibility of coming out upside down on my loan (under $10K total).
Of course the first option is the most ideal for me. I need to call Statefarm (car loan folks) and find out what restrictions, if any, that I have when it comes to selling my car. Once I have spoken to them, then I will research the different mediums in which to sell my car through (e.g. autotrader, autohopper, newspaper). I will also need to take my car in and get it checked to make sure everything is running smoothly. Once I get my car listed, it will be the waiting game. A lot of inquiries, people coming to look at and test drive the car. Ugh! I am not looking forward to that. Anyways,
If this doesn't work there is always plan B (trade-in) or plan C which is to just ride out what I got now and use the remainder of my refund to pay the Discover card.
I may just go ahead and pay off my Discover card and still do plan A. I can then pay the difference off with part of my emergency fund. I dunno. I am sleepy and all this thinking is making my eye twitch.