Anonymous
11/11/2013 11:29
Subject: WWYD with increase in pay ?
Anonymous wrote:1. Put $ aside for emergency fund. You should have 3-6 months. This hit us during the gov't shutdown and was a good awakening for us.
2. Retirement - are you saving elsewhere beyond the company match? Do you feel comfortable that the % you are saving will get you to where you need to be for retirement?
3. Mortgage - if you don't have a mortgage to pay - it helps during retirement
+1. If I were you, I'd max our 401K first and then look into opening up an IRA (Roth if your income allows) and maxing that out too.
What about college savings, is that something you need to consider?
Anonymous
11/11/2013 11:21
Subject: WWYD with increase in pay ?
1. Put $ aside for emergency fund. You should have 3-6 months. This hit us during the gov't shutdown and was a good awakening for us.
2. Retirement - are you saving elsewhere beyond the company match? Do you feel comfortable that the % you are saving will get you to where you need to be for retirement?
3. Mortgage - if you don't have a mortgage to pay - it helps during retirement
2. Retirement - are you saving elsewhere beyond the company match? Do you feel comfortable that the % you are saving will get you to where you need to be for retirement?
3. Mortgage - if you don't have a mortgage to pay - it helps during retirement
Anonymous
11/11/2013 11:12
Subject: Re:WWYD with increase in pay ?
I would max out my retirement accounts and anything left over would go towards paying my mortgage down.
Anonymous
11/11/2013 09:56
Subject: WWYD with increase in pay ?
Yeah if mortgage rate is locked and you don't have (or can't get rid of) PMI, it should go to the retirement account for sure.
Anonymous
11/11/2013 00:20
Subject: WWYD with increase in pay ?
Retirement assuming mortgage rate is locked
Anonymous
11/09/2013 17:05
Subject: WWYD with increase in pay ?
401k. 6% isn't much at all. Max it out if you can.
Anonymous
11/09/2013 15:19
Subject: Re:WWYD with increase in pay ?
Anonymous wrote:Personally, I would pay off debt not related to my mortgage, ensure I have 6 to 12 months of expenses in my emergency fund (depends how secure your job is and if you are primary breadwinner), retirement and then mortgage.
Only debt is mortgage and student loans. I do need to up my emergency expenses...
Anonymous
11/09/2013 13:39
Subject: Re:WWYD with increase in pay ?
Personally, I would pay off debt not related to my mortgage, ensure I have 6 to 12 months of expenses in my emergency fund (depends how secure your job is and if you are primary breadwinner), retirement and then mortgage.
Anonymous
11/09/2013 12:12
Subject: WWYD with increase in pay ?
depends...do you have debt (credit cards, personal loans, etc (not including the house). I f so, I would put the money towards paying that off
Anonymous
11/09/2013 12:02
Subject: WWYD with increase in pay ?
401(k). For sure.
Anonymous
11/09/2013 11:36
Subject: WWYD with increase in pay ?
OP here. Yes, I'm currently saving enough to have it matched (6%). Interest rate on the house is low (FHA).
Anonymous
11/09/2013 07:37
Subject: Re:WWYD with increase in pay ?
And how much are you currently saving for retirement, what are your options - for example are you saving enough to get all matching contributions from your employer.
Anonymous
11/09/2013 07:33
Subject: WWYD with increase in pay ?
We need more info. How much do you have saved? What's your interest rate on your mortgage?
Anonymous
11/09/2013 04:05
Subject: WWYD with increase in pay ?
It is between paying the mortgage down sooner (barely made a dent in it so far) or having more withheld for retirement