Reply to I need to cash out my 401k

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[quote=Anonymous]Don't throw in the towel, except in a case of dire emergency! This isn't one.

1. Call the card company and work out a lower rate.
2. How much longer do you have on your car? and how new is it? if you have about a year of two left, keep the car until it dies. Don't get a new one. That's $350 more you have to pay down debt--that's a lot 350*12=$4,200
3. Also, you're child is 4 and will start pre-k soon. So that will cut your $1,300 childcare expenses in half. That's a lot $650*12=$7,800
4. Apartment, I'm not stressing this as much. I know housing in this area is expensive and $1,600 for a 2 bedroom in a safe area is actually reasonable. You have to feel safe and reasonably comfortable where you live.
5. Everything else is fringe. You already have reasonable cell phone, internet+cable and gas expenses. Not sure why people here suggest gutting cell phone and internet--It's not only for entertainment, it's how we do business and get information.
6. Stay calm, you can do this. The major items are your car note and childcare expenses which will be lower soon. $350+$650=$1,000.. that's an extra $12K per year to pay down debt and save. And remember to save. Get in the habit now. If only $50 a month. The habit is important.

Good luck

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