Madison MoneySports - Personal Finance Thread

[Senor_Taylor]

Good news!

I went to check on my 401k contributions, gearing up to raise them since what I have in my budget was only like $200 a month.

Well, it turns out I was contributing 3 times that much, and for some reason I was chunking 11% into my pre tax 401k. My company matches 50% to 6%, so I dialed back my pre tax to 6% and bumped my Roth IRA up to 6% from 0%. If I bump my Roth up much more, I'll be maxing it out. I took that money I planned to add to my 401k and bumped up my student loan payment so I can hopefully have it paid off in ~6 years at this rate! Might ride it out and see if I can bump it up more. The rate on these loans are 3.5-4% so they don't seem bad. Is that something to look into refinancing? They don't help me on taxes since the interest accrued isn't enough for me to not just use a standard deduction.

Does that sound like a good idea?

Thoughts?

Nice job man! That's awesome! I wouldn't worry about refinancing since they interest rate is pretty favorable. They only thing you can do is continue to monitor your spending and see if there are areas for improvement. However, if you're able to do all this and still have money leftover to pay bills, grab a drink, rent, etc. then I would feel like I was in a good spot and you should enjoy it! Saving should be something that occurs that you completely forget about.

Thanks! I worked on getting Mint set up last night so hopefully I can better track my spending habits. Things are tricky now with have so many things related to moving but hopefully it'll settle down. My biggest hurdle is not buying anything project car during the winter when I have nothing else to do. Luckily my drum set has kept me very satisfied when I'm bored.

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