Hi all-
I recently began #adulting and am looking for some advice.
My path:
I started a job and had a financial plan laid out. I was able to create a emergency fund with 3x my monthly living expenses and make the payments I needed to towards my student loans and put money monthly towards a roth IRA in order to max out at $5,500 a year.. I was also able to save some money for a car and for when I moved into an apartment (was living at home at the time).
Fast forward 5 months. I moved into an apartment, which I had money saved for. At the same exact time, old faithful, my car, broke down and was going to cost about 3x more than it was worth to fix it. I purchased a car, dipped into my emergency fund, and had to leave my family car insurance plan and get my own insurance. This all happening at the same time has made it so that I need to make a choice which I am interested to hear your guys thoughts on.
Choice:
1) Stop the monthly payment to my roth IRA so that my budget is not stretched so thin and put the "extra" money towards my loans
2) Stop payments to my roth IRA, remove money from roth IRA and put towards loans, use "extra" money towards loans, once loans are paid off, restart roth IRA payments
What it boils down to: Should I take the money out of my roth IRA and pay down my loans ($30k total, $9k in the roth) or leave the money in the roth and try to pay down loans with the "extra" money that I will now have because I'm not paying towards the roth
Any recommendations are appreciated!
Thanks!
Submitted August 14, 2018 at 01:28PM by French_Soup https://ift.tt/2nFdcN4
