but I don't know what else to do. It's purely emotional but here is what I plan to do:
Effective immediately I plan to stop all contributions to my 401(K), cash savings, daughter's college savings and individual stock purchases. The 401(K) + cash= 10% of my gross income. My daughter's college savings= ~3% and the stock purchases ~1%.
This has nothing to do with the current stock market. I have some debts I would like to pay off once and for all and I am tired of the snail's pace. Here's what I have left:
One credit card: $7677 at 0% interest set to expire in July '09. This balance represents my old car loan which I transferred to get the 0%.
Student loan: $9995 at 4.25% interest.
By stopping those contributions and throwing everything I have at the debt then I will be debt free this time next year excepting my home mortgage.
I will then have a third of my gross income free to save and invest. My plan after that is to contribute enough to the 401(K) to get the company match(it doesn't kick in until July anyway) and with the rest I will build up my EF. If something extraordinary doesn't happen like I lose my job, then I think it should be okau.
I know this is a bad plan...
November 7th, 2008 at 02:52 am
November 7th, 2008 at 04:06 am 1226030804
November 7th, 2008 at 05:00 am 1226034049
Good luck!!!
November 7th, 2008 at 05:46 am 1226036804
November 7th, 2008 at 12:33 pm 1226061217
November 7th, 2008 at 02:43 pm 1226068989
November 7th, 2008 at 03:10 pm 1226070638
November 7th, 2008 at 03:25 pm 1226071553
November 7th, 2008 at 03:42 pm 1226072523
However, may I recommend leaving the money destined for the 0% credit card at a savings account first? It won't accrue interest regardless of how you plan to pay it off, and leaving it in liquid helps you to better cope with emergencies should one pop up. You might even earn a little bit of interest on the side.
November 7th, 2008 at 06:11 pm 1226081514