Double check your mortgage loan documents. I had a loan that I believed could only go up 1% per year, but it turned out that the very first adjustment could be much bigger (and subsequent adjustments were limited to 1%).
I would suggest the following:
1. Fill up your EF
2. Increase retirement contributions until you are at 15% of total gross income. IRA and ROTH contributions count toward this 15%.
3. Save the rest in a money market fund. In May 2010, determine whether it will be better to make a big payment on the student loans, or to use the money as a downpayment in refinancing the mortgage to a fixed rate.
4. Budget your travel out of the money left after saving 20% of your income.
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financial checklist:
[x] emergency fund fully funded [x] no cc debt [x] >10% to 401k
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