Oh weird. My comment seemed to be on the poll and not the post. Just to recap ... I say IRA. I'm in my 40s and neglected my retirement when I was younger which is now pretty darned scary. The little bit you'll save in interest by accelerating your car payments is nothing compared to what you'll gain by maxing out your IRA first ... both in tax deductions and in long term gains.
"I would check my available credit online, and instead of being excited that the balances were dropping, I got excited because I could spend 60 bucks on junk. It was pathetic."
How about spilt it in three. The distant future, the rainy day and a sunny one (Retirement, EF and vacation) You need them all. If you want to throw it all in one I would def go EF. when you're below your limit, it's because you borrowed from yourself.
Congratulations! What a wonderful feeling to know that you did this all on your own. I can't wait until I'm in the same place. And I have to say, I totally relate to the same quote that Debt Eye pulled out - that was so me not so long ago!
Congrats!!! You know... at least you have options of what you want to do with your money. None of the choices you listed were bad. All good ideas. I chose e-fund by the way.
Yes, we have a son together, so we still have contact. He lost his house to foreclosure after failing to make a single payment after I moved out. His credit cards have been charged off. From what I can tell, he is still spending like crazy and complains of being broke when it's time to put money on my son's lunch account (we'rw talking $25 a month here). I don't want to waste the energy to be angry, so I just try to be thankful that it's not my problem now!
First of all, congratulations on your accomplishment and your positive attitude! My vote would be to split your old cc payments between the Roth and the emergency fund.
The emergency fund will keep you from having to turn to debt in the future, so it's important. But I agree with Frugal Forties, that it's important to start saving for retirement earlier rather than later.
8 comments:
Oh weird. My comment seemed to be on the poll and not the post. Just to recap ... I say IRA. I'm in my 40s and neglected my retirement when I was younger which is now pretty darned scary. The little bit you'll save in interest by accelerating your car payments is nothing compared to what you'll gain by maxing out your IRA first ... both in tax deductions and in long term gains.
"I would check my available credit online, and instead of being excited that the balances were dropping, I got excited because I could spend 60 bucks on junk. It was pathetic."
I know exactly what you mean!
How about spilt it in three. The distant future, the rainy day and a sunny one (Retirement, EF and vacation) You need them all. If you want to throw it all in one I would def go EF. when you're below your limit, it's because you borrowed from yourself.
Congratulations! What a wonderful feeling to know that you did this all on your own. I can't wait until I'm in the same place. And I have to say, I totally relate to the same quote that Debt Eye pulled out - that was so me not so long ago!
Congrats!!! You know... at least you have options of what you want to do with your money. None of the choices you listed were bad. All good ideas. I chose e-fund by the way.
Congrats thats so cool! Question do you have any idea how your ex is doing with his half of the debt?
Yes, we have a son together, so we still have contact. He lost his house to foreclosure after failing to make a single payment after I moved out. His credit cards have been charged off. From what I can tell, he is still spending like crazy and complains of being broke when it's time to put money on my son's lunch account (we'rw talking $25 a month here). I don't want to waste the energy to be angry, so I just try to be thankful that it's not my problem now!
First of all, congratulations on your accomplishment and your positive attitude! My vote would be to split your old cc payments between the Roth and the emergency fund.
The emergency fund will keep you from having to turn to debt in the future, so it's important. But I agree with Frugal Forties, that it's important to start saving for retirement earlier rather than later.
Good job!
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