I'm sorry if this is covered elsewhere but I feel like everyone's financial situation/story is different so reading someone elses's advice may not be what works for me.
My wife and I have accumulated quite a bit of debt from some financial mistakes, and unfortunate circumstances when we were paying for our wedding venue. Basically we have a 25k consolidated debt loan from Discover, then various credit cards that have a small amount on them (less than 1500 total), student loans, car payments, mortgage and other normal everyday debts.
We are getting by fine on our salaries and have never been late with any payments but we are looking for a way to get the large loan paid off quicker so that we can take that payment to get the cars paid off/build up our savings account again.
When we got our taxes done this year the accountant we go to advised that I changed my taxes so that we don't end up owing in a few years, I was claiming two exemptions (we have no children so I must have just filled out the initial W4 paperwork wrong when I started my new job last year). Even though I was claiming this much we still got back about $3000. Well I made the changes he suggested and I lost $200 each paycheck from what I was making previously, even after a 2.5% raise.
Would it be smart to change back to the two exemptions so I have more take home cash and possibly less of a return/maybe owe next year, at least until we can get ontop of this loan?
I should add that if we do end up owing my job typically gives a bonus around tax season so if we needed to we will have that, plus we will have savings that we could fall back on to pay back the IRS.
Submitted April 14, 2017 at 10:33AM by aducky18 http://ift.tt/2oud9Dk
