New here, how am I looking, where to improve?

[red92s]

You are doing well.

Keep the stock purchase plan
keep the 401k at 8% (is this the % you contribute?)

I pay in 8% to the 401(K). Company match is an additional 3% on top pf that.

I think I'm going to pay $200/check into savings until the CC is zeroed, then go to $350-400.

[fairy74]

I agree with Ima and frugal fish. Get that emergency account up and going...

[jIM_Ohio]

I agree with Ima and frugal fish. Get that emergency account up and going...

I respectfully disagree that this is priority #1. I have it as #2 or #3.

I would continue
a) paying down debt (I would send $500/mo to CC before sending $250 to savings and $250 to cc debt)
b) contributing to retirement accounts
c) maintaining a budget which spends less than you earn

You are young and have time to build up the emergency fund. I have been working for 10+ years and my EF is not where I want it... but most other financial goals (retirement, house, cars, no debt) is well on track.

[kv968]

I respectfully disagree that this is priority #1. I have it as #2 or #3.

I would continue
a) paying down debt (I would send $500/mo to CC before sending $250 to savings and $250 to cc debt)
b) contributing to retirement accounts
c) maintaining a budget which spends less than you earn

You are young and have time to build up the emergency fund. I have been working for 10+ years and my EF is not where I want it... but most other financial goals (retirement, house, cars, no debt) is well on track.

I somewhat agree with Jim in that you shouldn't totally focus on an EF although I do think you should get some money in there since you have none. IMO, you should pay off the CC and get a least a few thousand in an EF just to give you some breathing room. Contributing to your 401k all the while.

One option you may want to think of once you have a little in savings is opening a Roth IRA. Doing so could kind of kill two birds with one stone. You could contribute up to $4K this year and $5K next year and if the situation arises, you could take out your contribution without paying taxes or penalties. Not that I'm suggestion you take the money out, but at least the option is there. This approach would also help in deterring you from nonchalantly taking money out since it won't be "waaaaayyy too easy" as it is with your ING account. It'll still be easy to get your money but I think you'll think twice before just cashing that money in and spending it on that "DVD player or other cool thing".

[red92s]

I somewhat agree with Jim in that you shouldn't totally focus on an EF although I do think you should get some money in there since you have none. IMO, you should pay off the CC and get a least a few thousand in an EF just to give you some breathing room. Contributing to your 401k all the while.

Good advice. Having the CC zeroed and seeing the savings grow twice as fast afterwards with larger contributions sounds better to me than having to force/remind myself to pay the CC every month. As I said, it's now encased in a block of ice, so the balance will certainly be heading south and not north.

Found this in the articles section which addresses my situation. Verifying my balance, paying off the CC in the next 2 pay periods seems totally feasible. Luckily, I'm not in so deep as the examples in the article where the debt-free horizon is on the order of years (just weeks). I'm healthy, my car is reliable, I'm not taking any non-business trips soon, have $800 in Delta vouchers if I had to travel quickly . . . but then again, no one anticipates emergencies.

I opened an HSBC savings account yesterday with an initial $100 deposit; 5.05% with no linked checking or card. Should act as a good safe-haven for the savings contributions, once I get the CC cleared.