Hey Guys,
Just thought I would start a general thread to ask advice and share what I've done so far. As a carefree 25 year old with stable employment I had never taken my finances seriously, that changed about 45 days ago. I would like to buy a house soon, but currently don't have much in the way of a downpayment.
What I've done recently:
No Brainers:
Used my savings to pay down 2k in credit card debt, I have about 1700 left.
Ordered the republic wireless $25 a month plan, I have sprint now and my 59.99 unlimited everything plan mysteriously costs me $86 every month. My contract is up with sprint, so I spent ~$150 on the Motorola G, but I plan to recoup more than that amount by selling my used galaxy S4 on ebay.
Saving ~$400 a month eliminating habits and vices.
Placing $540 a month in Vanguard 401k(With company match)
Placing $498 a month in Cash Value Pension(With company match)
Dilemmas:
Traded one of my firearms for a truck. Now I know the blog is pretty hard on trucks, but I've already saved on delivery charges and helped a friend move out of state. I was destroying the clutch on my Jeep Patriot towing the trailer frequently, plus the economy of my 4 cyl Jeep goes way down while towing. My current dilemma is whether or not I want to sell the Jeep to be free of a car loan.
Jeep:
2011 Patriot 4x4 5speed
26-29 MPG with conservative driving
Worth $8,000-8,300
Owe $6,458 @ $372 a month. 5.9% interest
Truck:
2000 Chevy Silverado 1500 4x4 4.8L V8
17-22MPG after my custom tune(Empty of course)
I just replaced the shocks, MAF, Plugs, Wires, Air Filter, Tires.
Took it to a relatives dealership to have all brake lines replace
Daily commute is about 30 miles each way and I typically drive 25 thousand miles a year, some of them being for work. I would save another ~$40-43 a month in car insurance selling the Jeep, and then I would have an emergency fund of $1200. Should I sell it and pay for the increased gas costs of the truck?