About Chris G. Expertise I am a financial counselor that can answer consumers' personal finance questions in following areas: - Beating & Reducing Debt - Budgeting - Building Savings - Careers & Extra Jobs - Dealing with Collectors - Identity Theft - Money & Marriage - Personal Insurance.
Experience The past four years in the banking field have given me a heart for helping families with their finances to better their financial future.
Thank you for making yourself available for advise.
I start a temporary job with the US Census Bureau tomorrow that will last for 2 months. I have a $4000 car loan, $1000 worth of miscellaneous debt.
My monthly bills are $125 car payment and $265 car insurance.
After the temporary job ends I'll recieve $220 per week (after taxes) in unemployment benefits.
I recieved a $4800 tax refund and have no savings otherwise. Do you think I should save the tax refund for emergency of pay off my car loan and save my income from the US Census job?
If I pay off my car loan I can save the $125 monthy car oayment and $100 off my insurance.
I'm torn. What do you think?
Answer Hey Aneika,
Thanks for the question. It sounds like it is an excellent time to be receiving a $4800 tax refund. What I would do is this: Put $1000 in a savings account for emergencies and pay $3800 on the car, then if you just a pay a little bit extra on it this month, it will be paid off, and you will have some money in savings.
While you are in this temporary job, pay minimum payments on your miscellaneous debt and SAVE as much as you can. You might even want to consider looking around the house to see if you can have a yard sale or sell some things on Ebay. I recently made about $400 just selling some things that I no longer need on ebay.
Look hard for a job and save even harder!!! You are definitely heading in the right direction.
