On this episode of The Casey Lewis Podcast I answer a question from the internet about paying off debt when your income comes in irregularly. I also talk about why it’s not wise to sell a home For Sale By Owner.
Jessica – We own a very seasonal business. Our business revenues are over $100,000 and after taxes and operating expenses we pay ourselves a salary of $6,000/month. Some months revenues can be $30,000. Other months revenues can be $3,000 so this salary helps us plan.
The only debt we have is $38,750 of student loan debt.
In our business account currently we have $15,500 in checking and saving and in our personal account we have $13,000 between checking and saving. So today we have access to about $28,500 in cash.
Our essentials for groceries, utilities, transportation, shelter, childcare, life insurance, miscellaneous spending are $4200/month. We give 10% or $600 to our church each month. This leaves us with about $1,200/month for saving and paying on debt.
Should we use some of our $28,500 to pay down our debt so that we can be debt free faster?
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