I think before you make any decisions you should verify if this is the only check you'll be receiving or if there's still something being decided by the insurance company because that could help you feel more comfortable in your choices or even expand them. I personally like the option you were originally leaning towards for the same reasons you do - large amount onto the LOC which pushes it below that $20K mark which will have some impact on the monthly costs as well as be a motivational boost. It will be important to make sure you're staying disciplined about your spending especially knowing you do have that extra on the side to fill in some cracks, that can sometimes trick us into being more lax. I'd hate for you to pull from your savings since that's a limited resource in order to meet your 3K goal but ultimately, you'll need to do what you feel puts you in the best position. Thank you for sharing, wishing you continued luck in your journey!
I have a monthly call with the insurance adjuster so will ask her then, I can't bring myself to call her prior to that chat as the woman gives me a headache. Like an actual stress headache. I fully agree about having to stay careful and not let that buffer go to my head, or my spending habits. I think I can be careful and disciplined but also, present shopping for family's birthdays and christmas is coming up and I know that'll test me. I don't have enough in my present fund for that. I actually started wondering if I should put some aside specifically for present shopping so I don't create more credit card debt. I have to keep thinking on that though as my main goal is getting that LOC paid off and the motivation is high to just throw everything on to it. If I was taking money from my limited long term savings and putting it on the LOC and it wasn't getting me below a threshold I don't think I'd be as tempted, but getting it below $20K is so enticing. I really appreciate your feedback, it helps me think through things! :)
I think before you make any decisions you should verify if this is the only check you'll be receiving or if there's still something being decided by the insurance company because that could help you feel more comfortable in your choices or even expand them. I personally like the option you were originally leaning towards for the same reasons you do - large amount onto the LOC which pushes it below that $20K mark which will have some impact on the monthly costs as well as be a motivational boost. It will be important to make sure you're staying disciplined about your spending especially knowing you do have that extra on the side to fill in some cracks, that can sometimes trick us into being more lax. I'd hate for you to pull from your savings since that's a limited resource in order to meet your 3K goal but ultimately, you'll need to do what you feel puts you in the best position. Thank you for sharing, wishing you continued luck in your journey!
I have a monthly call with the insurance adjuster so will ask her then, I can't bring myself to call her prior to that chat as the woman gives me a headache. Like an actual stress headache.
I fully agree about having to stay careful and not let that buffer go to my head, or my spending habits. I think I can be careful and disciplined but also, present shopping for family's birthdays and christmas is coming up and I know that'll test me. I don't have enough in my present fund for that. I actually started wondering if I should put some aside specifically for present shopping so I don't create more credit card debt. I have to keep thinking on that though as my main goal is getting that LOC paid off and the motivation is high to just throw everything on to it.
If I was taking money from my limited long term savings and putting it on the LOC and it wasn't getting me below a threshold I don't think I'd be as tempted, but getting it below $20K is so enticing.
I really appreciate your feedback, it helps me think through things! :)