Been doing some thinking...

I've been doing a lot of thinking lately about my original debt elimination focus. First and foremost was credit card debt, then car loan, then student loan followed by bulking up my emergency fund. But for a variety of reasons I believe it is in my best interest to rearrange my priorities.

My new plan of actions (which I will try until the end of August to see how it goes) is:

1.) Save for the summer activity expenses: wedding gifts, shower gifts, birthday gifts, road-trip to Wisconsin, PRH certification courses and exam. It all adds up but makes for a very fun and financially reasonable summer. Plus, I'm learning the value of being financially prepared for the "there's always something" expenses that will occur for the rest of my life. My guesstimate for the summer activity fund is $800. Not a bad investment for both my personal and professional life.
2.) Build emergency fund up to $3,000. I can't shake the possibility of the unthinkable, i.e. losing my job. If I lose my job I will likely look back and wish I had not used all my money to pay off debt that was not really costing me anything, i.e. my auto loan.
3.) Start contributing to 401K once again. At the point of having my emergency fund saved, I will feel more free to invest in my retirement and will be better able to contribute a much larger percentage of my income than before.
4.) Make large payments on student loans. I may try and do this simultaneously with building the emergency fund, I am saving myself money on interest by focusing on this loan and trying to pay it off early.
5.) Make regular payments on my auto loan and have it paid off by July 2010. Rejoice like crazy when it is paid and re-direct the extra $285.53/month to student loan debt.

Here are some reasons I've decided to switch my focus:

1.) I took care of all of the interest on my vehicle in the first few years of the loan, so it makes more sense to focus paying down debt with some interest saving potential.
2.) My part-time job has decreased an average of 2 hours per week ($20). I've found that I can manage this job long-term but that any more than 6-7 hours a week was starting to burn me out a bit. It's more advantageous for me to do something I can maintain and stick with it for a while. I also do not want my part-time job to affect my productivity at the "real job."
3.) Heck, variety is the spice of life and I think sub-consciously switching my focus will re-invigorate me.

Here's to the excitement of re-prioritizing!