christiangirl_96
New member
I’m 29 and looking to get some side hustles off the ground to pay off mine and my partner’s debts without sacrificing our emergency fund.
We had twins right after my partner finished nursing school (not planned at all) and put us in a situation where we’re getting by on my salary but kinda house poor. Im praying Jerome Powell can be our savior to refinance.
Our goal is to get as close to paying off most debts except her student loans so that all of her disposable income can go toward destroying those when we can put the boys in pre-k and she’s back working (they’re currently 1 1/2). Then I’d be putting more into both our retirements (currently contributing the minimum for employer match).
My uncle offered to sell me his pickup truck for 5,000. It’s kinda a beater, but I work from home in my main job so wouldn’t be driving too much outside of my side work and we’ve wanted a truck for the utility anyway. We went down to a one-car household as I sold mine before it went to shit. The work my side hustle would be doing (woodworking, small-time hauling/moving, and some other random stuff) requires something bigger than what we have.
My question is if it’s worth it to dive into the e-fund to pay for it or take out an auto loan. So far have been pre-approved for a 5-year loan at 8.3% (so about 102/month). I’d make extra payments again once she’s back at work to pay it off sooner.
Here’s our current situation:
Monthly Post-tax income: 5,500
All mandatory expenses: 4,650
Emergency Fund: 14,000 in a HYSA
Credit Card Debt: 13,000
Personal Loan: 9,000
All disposable income has been thrown at this debt and have already gotten leads for about $500/month of income from the side hustles. Hopefully can get another couple hundred more from referrals.
It’d be mostly night work and some weekends as I don’t want to sacrifice too much time with my kids.
Any advice would be appreciated
We had twins right after my partner finished nursing school (not planned at all) and put us in a situation where we’re getting by on my salary but kinda house poor. Im praying Jerome Powell can be our savior to refinance.
Our goal is to get as close to paying off most debts except her student loans so that all of her disposable income can go toward destroying those when we can put the boys in pre-k and she’s back working (they’re currently 1 1/2). Then I’d be putting more into both our retirements (currently contributing the minimum for employer match).
My uncle offered to sell me his pickup truck for 5,000. It’s kinda a beater, but I work from home in my main job so wouldn’t be driving too much outside of my side work and we’ve wanted a truck for the utility anyway. We went down to a one-car household as I sold mine before it went to shit. The work my side hustle would be doing (woodworking, small-time hauling/moving, and some other random stuff) requires something bigger than what we have.
My question is if it’s worth it to dive into the e-fund to pay for it or take out an auto loan. So far have been pre-approved for a 5-year loan at 8.3% (so about 102/month). I’d make extra payments again once she’s back at work to pay it off sooner.
Here’s our current situation:
Monthly Post-tax income: 5,500
All mandatory expenses: 4,650
Emergency Fund: 14,000 in a HYSA
Credit Card Debt: 13,000
Personal Loan: 9,000
All disposable income has been thrown at this debt and have already gotten leads for about $500/month of income from the side hustles. Hopefully can get another couple hundred more from referrals.
It’d be mostly night work and some weekends as I don’t want to sacrifice too much time with my kids.
Any advice would be appreciated