I am looking for guidance as it seems a confluence of financial events has occurred in my life. I tend to be verbose, so I'll try to list the facts.
I have a 1999 SUV with 96,000 miles that NEEDS $1,500 worth of work.
I have $4,000 credit card debt at 9.9% interest rate.
I have been pre-approved for a $11,000 car-loan at 3.75% from my credit union.
I am single with no kids.
I have a few hundred dollar "emergency fund".
I make about $30,000 a year and am contributing to a 401K.
I just received a $10,000 Christmas check from a wealthy relative.
How do I best use this gift to meet current needs but also build foundations for the future? I would like to see it grow via savings accounts and investments, but I also need to fix my car or start looking at another one. What sort of questions should I be asking to help untie this knot I feel I'm in?
Thanks in advance!
1. Fix your car.
2. Pay off the credit card & pay the bill in full each month if you plan to still use it.
3. Stash the rest in your emergency fund.
4. Forget the new car