What should I do?
Hello, I am looking for some advice on my current financial situation. I am 27 years old and I make $125K a year. I just barely paid off all of the personal debt that I was in, (auto, CC, student loans, etc). I got engaged to my girlfriend a couple of weeks ago. She unfortunately lost her job shortly after we got engaged. She has personal debt that totals $85k with no rate being higher than 6%. She was making $30K a year and paying off her bills and helping to chip in on our living expenses. Unfotunately my line of work prevents her from finding a new job very easily. I move every 6 months, so it has to be flexible. Our joint living expenses, including her minimum debt payments, total $65k a year.
My question is this: Should we focus our efforts on paying off her outstanding debt balances or should we just pay the minimums and start to contribute money to a savings account for retirement?
I got a large raise in Oct from making $50k to $125k and I was in some serious debt trouble
Contribute the maximum amount of what your company matches to your 401(k)…that is free money for you. Apply the remainder of your disposable income to the debt.
Also, transfer whatever you can to a 0% interest card and pay that off within the alloted time.
