What to do with bonus

[wikiwiki]

I am 35, DH is 38. He currently has 90K in 401k plus $2500 in Roth that we just opened this year. I am self-employed and have $25k in 401k plus $2500 in Roth, same as above.

So we are behind in retirement for our ages which is why we were wanting to try and max the Roth starting this year. Or at least get it closer to $5500. We will each contribute $450/month to it next year so it'll already be maxed by December 2014. But we started in April so we are behind for 2013.

For EF, we have $1k "dedicated" to the EF and then $4k in other savings (kids, travel) so in total we have $5k saved that could be used for an immediate emergency if necessary. But of course we want to up our true EF to the 3-6 months.

I like the idea of getting rid of the student loan to free up the $150/month that we can put towards the EF. I do want to get rid of the car loan soon but I'm ok with having it for another 2 years which is what our plan is for now. I'd like the EF to having more in it before we tackle the loan more. We just finished paying off the other car so we wanted to direct extra funds to savings for a bit.

So SL, CC and then EF before Roth? or a little to EF and a little to Roth?

[kork13]

So SL, CC and then EF before Roth? or a little to EF and a little to Roth?

The details help, thanks. Especially considering you're already behind on the retirement side of things, I'd suggest a little of both. EF is important, but especially at this point, retirement savings is becoming more important as well. Really, you can (and should) prioritize in whatever way makes you feel the most comfortable with your entire situation.

[asdf]

Everyone seems to be in agreement on the CC and SL, while we're still trying to determine the right amount for the EF. What might help is if we knew what your typical monthly expenses are, that you're wanting to cover with the EF. Knowing your monthly incomes might also help, as well. Since you're self-employed, is your income fairly variable? If so, it might be good to know the ranges of variance.