Comments on: Should I quit contributing to 401k and put the extra money I’ll get paid to pay off debt? http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/ Thu, 17 May 2012 21:01:10 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Gatsby216 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-772 Gatsby216 Thu, 05 Feb 2009 14:26:42 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-772 Cut back your contributions to 8%. Apply the entire amount of that difference to your car loan. Pay that off first. Until then make the minimum on the home equity loan. Then make an extra 10% payment to the car loan each month if possible. example car payment $440 401k change $120 10% $44 New Payment $604 If you are not going to make that payment then just keep things as they are. a> New car payment Cut back your contributions to 8%.
Apply the entire amount of that difference to your car loan. Pay that off first. Until then make the minimum on the home equity loan.
Then make an extra 10% payment to the car loan each month if possible.

example
car payment $440
401k change $120
10% $44
New Payment $604

If you are not going to make that payment then just keep things as they are.
a>

New car payment

]]> By: country_girl http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-771 country_girl Tue, 03 Feb 2009 17:44:34 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-771 ok,well I am not good at money matters and figuring financial things out,but, umm if it were me, i would let the home loan ride since i know it is tax deductable,,,,drop your 401k to the1% and get the company match (there is nothing wrong with free money) and work on paying off that auto loan with the little extra you bring home another option is to leave things the way they are - and work 2 extra days a week at your job or get a 2nd part time job and put all that money towards the loans i know easier said then done - people do do it though - i have done it myself ok,well I am not good at money matters and figuring financial things out,but, umm if it were me, i would let the home loan ride since i know it is tax deductable,,,,drop your 401k to the1% and get the company match (there is nothing wrong with free money)
and work on paying off that auto loan with the little extra you bring home

another option is to leave things the way they are - and work 2 extra days a week at your job or get a 2nd part time job and put all that money towards the loans

i know easier said then done - people do do it though - i have done it myself

]]> By: ruthietoothie1972 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-770 ruthietoothie1972 Tue, 03 Feb 2009 02:21:56 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-770 Does your company only match 1%? You need to look at how much you would save if you kept your 4o1k as it is or if you could save money by paying off your debts.......You may want to contact someone that knows how to figure this out...and not Yahoo Answers....... Does your company only match 1%? You need to look at how much you would save if you kept your 4o1k as it is or if you could save money by paying off your debts…….You may want to contact someone that knows how to figure this out…and not Yahoo Answers…….

]]> By: andyinpasco http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-769 andyinpasco Mon, 02 Feb 2009 14:41:40 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-769 The home equity loan is fine since its interest is tax deductable. But the car loans gotta go. Postpone your 401 contribution until you get in control of you debt. The home equity loan is fine since its interest is tax deductable. But the car loans gotta go. Postpone your 401 contribution until you get in control of you debt.

]]> By: brad_47711 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-768 brad_47711 Fri, 30 Jan 2009 18:48:22 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-768 without knowing the whole picture, i suggest you look to cut other expenses, or increase income. without knowing the whole picture, i suggest you look to cut other expenses, or increase income.

]]> By: mishkin http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/comment-page-1/#comment-767 mishkin Tue, 27 Jan 2009 09:25:56 +0000 http://www.secretfinance.com/blog/should-i-quit-contributing-to-401k-and-put-the-extra-money-ill-get-paid-to-pay-off-debt/#comment-767 if your 401K avg return is higher than 7-8% than don't do it. as we are going into the recession then the 401K returns are probably doing pretty bad so might as well focus on your loans for now. good idea to keep getting co match - free money :) if your 401K avg return is higher than 7-8% than don’t do it. as we are going into the recession then the 401K returns are probably doing pretty bad so might as well focus on your loans for now. good idea to keep getting co match - free money :)

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