The Good
My 401 K: $4180
*I contribute 12 percent to my 401 K, and my employer matches my match 100 hundred percent for the first five percent. Based on my part time salary at this job of $15,000 a year, I put in $2250 a year. My other job does not have a 401 K plan.
Husband's 401 K/Roth IRA:$5700
*My husband makes about $45000 a year, depending on overtime and bonuses. We put in 5 percent of his salary into the 401 K, and his company puts in $600. We put in $50 a month into a ROTH IRA. The total comes to $3450. We are working to get both of these numbers up through auto increase and we will be increasing it with any annual raises.
Mortgage:$113,300 left on a home that appraised for $125,000. Our area seems to be holding value as well. We saved for our down payment for a year, and our mortgage payment is affordable. It will be even more affordable once we have knocked all this debt out! I am not planning to pay this off early, but I would like to keep track of it just so I know where I stand.
The Bad
Emergency Fund: $210
*This is terrible. Ideally, this would be 6 months worth of income, so around $27000 as our ultimate goal with current expenses. The needed amount to fund this would decrease once our debt is paid down.
The Ugly
Car loan:$7875
Car loan two:$2090
Target:$140
Credit Union Card-$700
Bank of America Card-$9300
Bank of America Card 2-$1833
Chase-$2353
Chase 2-$2300
Chase 3-$1710
Sallie Mae Student Loan-$12,762
Wells Fargo Student Loan-$11700
My plan is to pay off the car loan 2, credit union card, and Target card first. I would this to be done by Thanksgiving, then I will decide what to tackle next.
I will post in detail my long term and short term goals very soon!
Wow, that's a lot of credit card debt. You are young though, so you have time to recover. Good luck!
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