I have $3000 ready to be transferred to a Roth account. This came from a dedicated savings stream of $400 a month.
Due to car repairs and general spending, I have $4000 in CC debt, with a stream of $500 a month dedicated to paying it off, and we are trying not to use the CC's. I think the CC finance charges are about $60 per month.
Off in the future, my house needs a new roof, that will cost between $5000 and $10,000, and I need to save for that. I hope to have the roof done next spring and pay cash, with help from home equity if necessary. Also I would like to adequately fund an emergency savings to use instead of CC's for things like car repairs, etc. that we need that are not covered in the monthly budget.
It is August, I still have 5 months to accumulate for the Roth.
Would you payoff the CC debt or put the money in a Roth?
Due to car repairs and general spending, I have $4000 in CC debt, with a stream of $500 a month dedicated to paying it off, and we are trying not to use the CC's. I think the CC finance charges are about $60 per month.
Off in the future, my house needs a new roof, that will cost between $5000 and $10,000, and I need to save for that. I hope to have the roof done next spring and pay cash, with help from home equity if necessary. Also I would like to adequately fund an emergency savings to use instead of CC's for things like car repairs, etc. that we need that are not covered in the monthly budget.
It is August, I still have 5 months to accumulate for the Roth.
Would you payoff the CC debt or put the money in a Roth?