March 11, 2017

Archive

One Thing I Refuse to Give Up To Pay Off Debt Faster

There is one thing I'm not planning to follow on the Dave Ramsey plan, which is to stop contributing to my 401k. At this point in my life I'm 28 and have never saved for retirement (#brokeAF).  My company offers a 3% match when you contribute 6% as well as a profit sharing contribution of 1% per year.  Using the handy as Bankrate - Retirement Calculator , if I continued saving only the minimum until retirement I would have $2.2M in my…

My Baby Step Plan

Step 1:  Save $1,000 emergency fund - COMPLETE Step 2:  Pay off all debt - snow ball method I'm currently in step 2 which is to use the snowball method to pay off all debt.  For those of you who aren't familiar with the snowball method, you line up all of your debts from smallest to largest (regardless of interest rate) and pay all the minimums.  Anything extra you have after the minimum goes towards the smallest debt to knock…