A new roommate, and additional monthly income
My friend Bethany will probably be moving in with me next month. I say probably, because this is technically dependent on her current roommate Kate moving out, which is almost-but-not-quite certain. This will only be for a few months, until her wedding in mid-November.
Last night I worked out what I would charge for rent and utilities ($350-$400), and then, of course, started dreaming about what I would do with the money. I have several options.
Option 1
I could just put the money toward paying off my home equity line of credit. The problem with this option is that the HELOC is so stinkin' large, it feels like I'm never making any progress. I've recently changed my monthly budget to be more aggressive about paying this off, but because this is only three months worth of additional income, I just don't feel like it will make much of a dent.
Option 2
I could put the money, at least some of it, toward some house things I've been thinking about - refinishing the wood floors on the first level, buying a new coffee table and entertainment center, and/or adding wood floors in another part of the house (maybe the master bedroom). This, honestly, feels like the most frivolous way to spend the money, though some of these things will clearly be investing in things that will improve the value of my home.
Option 3
I could put the money toward Laser Vision eye surgery. I currently have a savings fund for this, though I'm not aggressively funding it. It currently has $769.36, and three months of rent would bring that total to a little over $1800. This would be most of the money I need for the surgery, according to the most recent numbers from my doctor (I'll be getting updated ones later this month). I think that if I managed to get close to my goal here, I would get pretty agressive about setting aside the rest of it. Then, I would take the amount I'm currently directing to this fund every two weeks, and redirect it to the HELOC.
Last night I worked out what I would charge for rent and utilities ($350-$400), and then, of course, started dreaming about what I would do with the money. I have several options.
Option 1
I could just put the money toward paying off my home equity line of credit. The problem with this option is that the HELOC is so stinkin' large, it feels like I'm never making any progress. I've recently changed my monthly budget to be more aggressive about paying this off, but because this is only three months worth of additional income, I just don't feel like it will make much of a dent.
Option 2
I could put the money, at least some of it, toward some house things I've been thinking about - refinishing the wood floors on the first level, buying a new coffee table and entertainment center, and/or adding wood floors in another part of the house (maybe the master bedroom). This, honestly, feels like the most frivolous way to spend the money, though some of these things will clearly be investing in things that will improve the value of my home.
Option 3
I could put the money toward Laser Vision eye surgery. I currently have a savings fund for this, though I'm not aggressively funding it. It currently has $769.36, and three months of rent would bring that total to a little over $1800. This would be most of the money I need for the surgery, according to the most recent numbers from my doctor (I'll be getting updated ones later this month). I think that if I managed to get close to my goal here, I would get pretty agressive about setting aside the rest of it. Then, I would take the amount I'm currently directing to this fund every two weeks, and redirect it to the HELOC.
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