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  1. 02-08-2012, 10:34 AM #1
    itlw8
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    Default Keep me on track

    My step Mother died which means my Fathers trust will now be divided
    We got an annual report so I hve an estimate of what my share might be.

    I can pay off all consumer debt and about 1/3 if what we have left on the mortage.


    But we really need new windows, and would love to pave the driveway.

    We would like to have the house paid off before we retire

    so decision time pay all debt , large chunk in savings and do 1 project

    Or pay all debt and pay down mortage. Then save for those projects.
    Meg

    cc debt free YEAH on to the mortage
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  2. 02-08-2012, 12:14 PM #2
    MaryCarney
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    I would pay all debt (non-martgage) and do the projects and slam the remainder into savings. With what you are no longer paying on debt - you can throw more at the mortgage going forward.

    If it were ME leaving $$ to my kids - I would want them to have some enjoyment from it.
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  3. 02-08-2012, 01:50 PM #3
    khaski
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    I like option 'a' best as well- by getting rid of the other debts, you're freeing up more $ monthy to pay down mortgage, and tackling a project that adds to your homme's value, AND you're saving for a rainy day to boot. I am guessing from your post you do not have significant, or any, savings right now, so socking some away would be very beneficial for your future.


    I am sorry to hear about your step-Mom's passing, but happy for you you had parents who were smart/fortunate enough to be able leave something for the younger generation- and GOOD FOR YOU for making the choice to use it wisely!


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  4. 02-08-2012, 02:11 PM #4
    Contrary Housewife
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    Quote Originally Posted by itlw8 View Post

    Or pay all debt and pay down mortage. Then save for those projects.
    It will be easier to save once you aren't making all those monthly payments. You should be able to get new windows within a year.
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  5. 02-08-2012, 03:49 PM #5
    mombottoo
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    I vote for this one, "decision time pay all debt , large chunk in savings and do 1 project"


    I might add I would do the windows before the driveway. New windows will help to lower your utility bills and add value to your home. Once you pay off your non-mortgage debt you can put what you were paying on those debts towards your mortgage.

    If your inheritance were large enough to pay off your whole mortgage and your debt then I'd vote for that . But, there isn't any sense in making yourself go for broke when you will still end up having a house payment every month.
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  6. 02-08-2012, 04:55 PM #6
    krbshappy71
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    How many years is "before we retire"? Also don't forget medical stuff happens at any age, might not get to retirement years. (yikes that was negative)

    My point is I would kick the debt to the curb, throw a huge chunk into savings and that's it. Then budget with your new freed up money from paying off that debt.
    LDR , 2 DD (one left the nest, one rarely home) More pets than money. More love than sense.

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  7. 02-08-2012, 06:17 PM #7
    ladytoysdream
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    Quote Originally Posted by itlw8 View Post
    pay off all consumer debt....YES
    But we really need new windows ...SOUNDS GOOD
    We would like to have the house paid off before we retire
    TAKE YOUR FREED UP MONTHLY PAYMENTS FOR EXTRA PAYMENTS AGAINST THE PRINCIPAL.
    large chunk in savings....SOUNDS GOOD
    You want to keep a fair amount in savings if you can.
    You never know when life is going to throw a speed bump at you.
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