Reply to What to do first? Debt vs Savings/Retirement

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I say you should do a bit of everything. But you don't give enough info:
- what are your minimum expenses? and how much can you save a month? No daycare but aftercare and camp? Whats your rent? [/quote]

sent too quickly:
- what's the interest rate your paying on your 3 debts? I guess the credit card is the worse? WIth your level of income and strict belt tightening you should be able to get rid of it in 2/3 months max. If you are not something is wrong with your budget and you should share it here so we can point your mistakes..
- I would treat retirement as a fixed expense that is never negotiable as long as you have a job and no crazy medical or emergency crisis. This is not an optional / nice to have saving account. I personally contribute a minimum of 10% of my salary, my company adds 5%. i think 10% is minimum.
- stating the obvious but you are not ready to own a house and with rising interest rates maybe it is a better time to wait anyway. I wouldn't think of it as a tragedy, being a renter if you choose a smart rental can be a good financial option. And by that I mean: you don't need 4 bedrooms, a big yard and crazy updates inside your office. Be smart and minimize your current rent, focus on good schools (not the best of the best), if possible close to metro and get rid of one car...[/quote]

Ha.. I see by the time i slow type this, the whole tread has been super active.. So yes, agree with the others:
- the car situation is unfortunately a really bad deal. anything you can do to get rid of it would be good..
- 6500 of fixed expenses is very high can you detail? You need to reduce this.. And how much variable expenses per month usually? Give us your detailed budget (if you don't already do so, I suggest using mint to see where your money goes)[/quote]

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