Good Evening,
I am 33 years old living in sin with my gf (30) and we have a 1.5 year old boy. We are located in the great white north where the winters are long and cold and the summers are too short. (It's already freezing temperatures at night.)
GF is currently a Stay at home mom. She is collecting unemployment benefits due to covid, which is ending soon. Her employer offered her to come back to work seasonal but am not sure if they will let her go in January officially once the season is over. She has been there for ten years and though she has been planning to find new work she put this off since she was furloughed and collecting.
My house is roughly 1500sf w/ 3bd/2bth & a giant 3 story garage sitting on a 14,000sf of land. I owe $245k on a 30-year at 5% and is worth north of $300k at this point.
I have two vehicles: 2014 VW Jettawagen bought in cash. 2014 Audi Q& with $10k on the loan.
General Breakdown:
$70,500 Salary ($4,040 monthly take home)
Expenditures:
Amount Owed Interest Rate Category Bill
$6,306.25 6.00% Loan Student Loans (Deferred until end of year due to covid)
$612.40 0% until Dec Credit Card (This will be ZERO next paycheck)
$1,798.37 26.74% Credit Card (This will be nearly ZERO next paycheck)
$248,303.17 5.00% Loan 30-year Mortgage
$4,559.31 11.50% Loan Personal (will start doubling up on this once aforementioned cc have been paid off )
$2,050.74 0% to Nov 2021 Credit Card Paying Monthly $29 mins atm until bigger debts are finished
$10,993.67 4.49% Loan Audi (I like it, its $200 a month, It's Diesel and gets 30mpg, it hauls all my band gear/tools/home supplies/babies/dogs.It's not up to discussion)
$120/month Utility Electricity
$150/every 3 months Utility Water
$164.15/month Insurance Geico
$85 Utility Cell (This was $75, but they automatically put me in a payment thing due to covid where they took one month payment and spread it over 6 months. I have one month left of $25 for the phone that is going to be paid off. No, I am not upgrading my phone.)
$100/month Average gas consumption.
$300 Groceries/Home Supplies (GF Covers a lot of this too with her checks)
~$90 Utility Comcast (necessary evil, I've looked into all avenues to reduce this bill, this is as low as I can get it in our area. We only use internet. Sure, I can buy a modem, I could also get the new $39.99 plan as a new users if one off us canceled and the other starts a new account, gets the auto pay to save $10 a month and we buy a modem. We are still debating that option.)
I spend some money on supplies for wood working projects and other DIY stuff around the house. I don't track this money as it's a hobby and it is what it is. I also don't track drum parts and accessories because that too is a hobby, I also get paid to play out so it's a wash.
Once I hammer out those CC and Personal Loans, what's next? More importantly, what should GF do with her employment situation? Could we have her be a SAHM even if she isn't collecting unemployment? If she goes back to work now PT, she would get about $300 a month after taxes and insurance for her 12hr weekly shifts.
Any feedback is appreciated.