by Tricia
Well, it’s a done deal. I am now officially saving for retirement. I have decided to contribute the full amount needed (6%) to maximize my company’s 401(k) match. Now that money for my 401(k) will be deducted directly from my paycheck, that means that I will have $160 less per month to go towards our debt. On the flip side, that $160 turns into $240 with the company match. I have to try to keep thinking of it that way.
I never thought I would have to decide between paying for retirement or paying off debt – but it happened. I have mentioned that this blog might turn into a retirement/savings blog once our debt has been paid off (to keep following us financially). Saving for retirement and paying off debt were two very different things and in my mind they could not coexist.
But perhaps they can? I better rephrase that…they are going to have to!
This does put a little damper on our debt reduction. The money going to retirement and health insurance and shortly to life and disability insurance is going to take a huge amount of money that I wanted to put towards our debt. It hurts, but those expenses are a good thing. I have to remember that.
What this means is that I have to reevaluate our goal date. I may be “Blogging Away Debt” for longer than I thought 🙂
Unless…I cut our expenses even more and try to bring in more income. Hmm…
