{ "media_type": "text", "post_content": "First world problems I know but did my budget and found out that after maxing retirement accounts, benefits, taxes, fixed expenses, and 1k a month towards cc debt (6k), I can spend/ save about 1k a month.\nDebating not maxing retirement to have some wiggle room but that'll just make me owe more tax :/", "post_id": "61e868f86ca856002b151fb9", "reply_count": 21, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

First world problems I know but did my budget and found out that after maxing retirement accounts, benefits, taxes, fixed expenses, and 1k a month towards cc debt (6k), I can spend/ save about 1k a month. Debating not maxing retirement to have some wiggle room but that'll just make me owe more tax :/

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Yeah ease up on retirement especially if you have cc debt. That should be the first thing you throw money at. Contribute enough to get your full match from employer.

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Contribute whatever it takes to get your employer match until you get rid of your CC debt. Then save a 3-6 month emergency fund, then boost retirement savings again.

likehelpful

Thankfully it's a 0% APR card until sept! But this is solid advice, thank you! I never took the 3-6 mo savings seriously but I know I should

Also spending/saving 1k isn’t a thing. Are you spending it or are you saving it?

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That sounds reasonable to me! Thank you

I'm 23 and retirement feels so far away that it feels like I'm throwing money at the void.

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living lean when still young is not that difficult, just don't feel need to show off, and think about what really matters. you will feel much better at 40+ with a fat retirement fund. max 401k is 19.5K at IRA limit is 6K (also consider 529 if appropriate), you don't need to hit 19.5K + 6K when young, perhaps 10-15% of pre-tax income is a good goal. you may be able to max out in your 30's. There may come a time in your life when an incredible opportunity comes along, but one that you can only take safely if your retirement is set

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Obligatory. But honestly- just do whatever you prefer that keeps you cozy.

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Perhaps you do not put any money into retirement accounts till you pay off your credit card debt. So instead of taking 6 months you could possibly pay that down in 4 months maybe 3? Once the credit card is paid down you can get back on track to max your retirement account and build your emergency funds.

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If it’s 0% APR then you aren’t losing any money on it at the moment. So as long as you pay it off before you hit the time when the APR goes up to 22% or whatever it is, you’re fine. But definitely prioritize that first since the APR is astronomical on credit cards. Just my thoughts. Definitely agree with some of the other folks about building your savings up as well. That comes in handy for rainy day funds and home repairs if you own. My wife and I have always kept a separate vacation account as well, which keeps us from dipping into the 6 month savings

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Kill the cc debt above all else, if your APR is more than a couple percent

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I don't follow "that'll make me owe more tax" ?

I misunderstood. Carry on.

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Update: found out I can decrease my car insurance by almost $1,000 a year with more coverage. Switching insurers since my current one won't reassess my quote. I was quoted when I had an active speeding ticket surcharge. Now that it's expired, I can stop paying extra.

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