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Just sold my Macbook this morning. That's another $1150 that's going towards paying off my debt. I scheduled the 401K payoff for Tuesday.
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Just got approved for a CC with 0% APR on balance transfers for 15 months and no balance transfer fees. I only got $9K though. I will try to have them bump it up to 20K when I activate the card. Then, I'll just pay off my 2nd mortgage as well. Will save me almost $1500 in interest on my 2nd mortgage. I will be able to pay off the card within 15 months.Comment
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It`s honorable that you want to help her, and it is fine for you to offer your input, and even some financial assistance if you are comfortable doing that, but she really needs to come up with her own plan. She can`t just passively sit by hoping things will get better. If you really want to help her, help her come up with a plan of her very own, not just you pushing her to do something and her saying "okay ... okay." A plan that she creates, even if you don`t agree with all of it, is much more likely to be executed.
If she were to come on here and ask for advice, I would suggest that she focus on the job search and paying down debt before she turns to retirement savings. (If she lands a job where there is something like a 401K with an employer match, that would be a good time to revisit her priorities and maybe start putting some away for retirement.)
I would also ask her if she is making estimated tax payments each quarter to the IRS, so that she does not incur a penalty & interest. The next deadline for the 2nd estimated tax payment of the 2013 tax year is June 17, just 2-1/2 weeks away. I would ask her if she has calculated how much she will need to pay and if she has the cash to pay the estimated taxes. If she doesn`t, I would make coming up with the cash for that tax payment on time my number 1 priority. I would tell her not to make her problems worse by missing even one more estimated tax payment.
As the saying goes, when you find yourself in a hole, the first thing to do is stop digging.Comment
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