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51 year old female. Earn $75,000 a year. Have credit card debt in the amount of $5,000 -( 23% interest) and 1,000 (18% interest). Daughter's student loan $25,000-Sallie Mae (6% interest). I rent-fixed expenses per month total $2,099. Total take home pay per month: $3,293.
Total savings: $30,000 - money market and CD
401K - $4,000 (lost most of it due to economic downturn) I now contribute 2% (401-k- now in Schwab money market)
As of 2011 I will receive monthy annuities in the amount of $2,600 for the next 10 years.
Questions: Would you advise that I pay off credit card debt by using some of my savings? How do I deal with the parent/student loan? Is there a way to reduce interest rate? I need to have some structure so that I can maximize savings/annuities and catch up on time for retirement. Thank you.
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One of the things that I have my clients look at is what is the interest rate you are getting on your savings, versus what interest rate you are paying on debt. If you pay off a debt with a 23% interest rate with money earning 2%, you are actually earning 21% on your decision. You also mention that your fixed expenses are $2099, what are your variable expenses on average? At the end of the month, are you bringing home more money than you are spending?
The good news with the student loan interest is that to an extent, it is tax deductible. The 6% interest rate is not bad. I would look to pay off the credit cards first. You also mention that you will be receiving a monthly annuity starting next year. What is the source of that annuity? What you need to do is to set up a budget for yourself.
As a financial planner, these are all areas that we look at when we discuss a individual's financial situation. Any other questions, you may call me at 914-372-2922. Good luck.
David Goldwasser, MBA, CLU, ChFC
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The short answer is yes, I would pay off your $6,000 in credit card debt with your savings, provided you do not incur a penalty liquidating any Certificates of Deposit.
However, you must promise yourself two things; 1) Do not use your credit card unless you can pay it off in full at the end of the month, and 2) Treat the amount you withdraw from your savings as a loan.
For example, $6,100 @ 8% for 30 months comes to monthly payment of $225. In lieu of payments to the credit card companies, you should be sure to put back a “loan payment” of $225 into your savings. After 2 ½ years you can take satisfaction in knowing you “paid yourself back with interest!”
Finally after paying yourself back, if your budget permits, try to increase your 401k contributions. As for the student loan, have you begun making payments? Is that amount included in your total of $2,099? I will need more info...
Good Luck and feel free to contact me with any questions.
Regards,
Bill
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I recommend you pay off the credit card balances immediately from savings.
I suggest you contribute more than 2% to your 401K as the company is probably matching your contribution up to 6%. So, you are leaving "some money on the table" ( the company's table) if you do not contribute up to the company's match.
Invest your 401K contribution in the plan's "stable value" fund (bonds,money market), so you do not have loss of principal.
Call Sallie Mae to see if you can get a lower rate. This loan responsibility should be given to the student, not the parent, at any amount the student can pay. The student has many more years to pay this off and accumulate savings than the parent does.
The annuity payment is 2 years away. I would recommend current action. When 2011 comes, you will be in a better financial situation to save.
My credentials are: I am Cert. Fin. Planner(CFP), MBA , in practice for 20+ yrs. I am a fee-only planner and would be glad to help you if you would call me at 914-694-2025 in White Plains,
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