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Posted in Paying Your Bills
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Question By
jackslefttoe

1 Contribution
8 People Helped
What to do with $1,000?
So heres the deal, I did some side work and was paid $1000. My fiancé and I are trying to figure whats best to do with the money. Our current debts are:

**Auto Loan- $14,079 @ 3.33%
**Auto Loan- $15,705 @ 12.9%
**Ashely Furniture Store Credit Card- $1,727 @ 0% interest, paying enough to pay off before interest starts
** Best Buy Credit Card- $745 @ 0%, paying enough to pay off before interest starts.

We are also saving to buy a house in Summer 2016. At our current savings rate, we will around $5500 for a down payment for an FHA Loan.

So, should we keep that $1000 so we would have $6500 for a house down payment, or would be better off paying $1000 towards the high interest car loan? What you would in our situation?

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Top Contributor
988 Contributions
550 People Helped

What others would do doesn't matter. You need to decide based on your specific situation and priorities.  You should have an idea of what you're shopping for in a home and what you need for the down payment and whether or not that $1,000 would have a significant impact.  It's really a matter of determining whether the down payment or reducing interest paid on the auto loan takes precedence and we don't have the information to make the decision for you.

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