Category: 401K

You can beat that $2,800 really fast

Do you have tax money coming back, or have you got your taxes that level? At this point for that small amount I would not stop the 401K.
However much you husband’s company matches, that is the amount of 401K you should have taken out –Per Dave Ramsey. Dh and I still owe huge amounts, but we are funding 6% into the 401K because that is what the company matches and with our ages being 65 and 62 our time to put back enough for retirement running short.
If it was me, and I have done this more than once. I’d cruise the house and see what I could sell and then sell it. I know you’ve done that to some extent, but have you cleared your bookshelves, put nice clothes in consignment shops, cut back your cable, cut back your telephone service? Unlike the government who doesn’t think little bits add up, little bits really do add up. Check your utilities for overages etc.

Categories: 401K

First off I want to thank those of you

who’ve made it debt free and stayed in this blog. You are so valuable to the rest of us.

I need to pick everyone’s brain. We have $2800 in debt, it’s interest free for the life of the loan. Outside of our monthly bills, mortgage, and food it’s the only debt we have. Before we had the debt of $2800 we’ve been relatively debt free for the last couple of years. Currently, my husband has 9% taken out for a 401K plan at work. So my question is should he stop funding the 401K until we pay off the $2800?

We have about $1500-$1800 in an emergency fund. Where I live, things tend to be more expensive when emergencies come up. We found it really wipes out the $1000 fund quickly. So we upped what Dave’s says of $1000.

Ideas, suggestions?

Categories: 401K loan