jessica617
Confused about dryer sheets
Hi everyone. I have been lurking on this board for a while and figured I might as well register.
My name is Jessica, I just turned 27 and I have always dreamed of retiring early enough to really enjoy life. My problem is that I got a late start in growing up and being responsible, and it's kicking me in the pants now. I have about $11k in credit card debt, $10k in an auto loan and about $25k in student loans. Yes, I cringe when I actually have to face those numbers.
Between my 401k and Roth IRA, I have less than $2500. I contribute 6% to the 401k, which is the minimum to receive the max employer contributions. I can't afford to contribute anything to the IRA at this time.
Right now I am paid very little for what I do right now, but in October my job code will be changing, and with it, a new salary. I am expecting a $10k raise and I'm not sure where I should put the extra money.
Should I go back to contributing to my Roth IRA (and/or bump up the % on my 401k), or if I should be aggressively paying off my debts first? Or should I treat each with equal importance? I know that the earlier you start saving, the better, but I also know that the longer I drag out my debt balances, the more money I'm losing in interest over time.
I'm in bad shape and it stresses me out on a daily basis. I'm dying to start actually saving money and learning about investing, etc. Any advice would be greatly appreciated. Thanks in advance!
My name is Jessica, I just turned 27 and I have always dreamed of retiring early enough to really enjoy life. My problem is that I got a late start in growing up and being responsible, and it's kicking me in the pants now. I have about $11k in credit card debt, $10k in an auto loan and about $25k in student loans. Yes, I cringe when I actually have to face those numbers.
Between my 401k and Roth IRA, I have less than $2500. I contribute 6% to the 401k, which is the minimum to receive the max employer contributions. I can't afford to contribute anything to the IRA at this time.
Right now I am paid very little for what I do right now, but in October my job code will be changing, and with it, a new salary. I am expecting a $10k raise and I'm not sure where I should put the extra money.
Should I go back to contributing to my Roth IRA (and/or bump up the % on my 401k), or if I should be aggressively paying off my debts first? Or should I treat each with equal importance? I know that the earlier you start saving, the better, but I also know that the longer I drag out my debt balances, the more money I'm losing in interest over time.
I'm in bad shape and it stresses me out on a daily basis. I'm dying to start actually saving money and learning about investing, etc. Any advice would be greatly appreciated. Thanks in advance!