Hey Money Minder, So, I just bought this house in May that I really couldn't afford on my own, making around 52k a year. That's why I got a second job, which brings in an extra 12k. I'm trying to save up for retirement, but my 401k only has about 12k in it. Plus, I have this Illinois state pension that I highly doubt will be there for me when I retire. On top of all that, my savings are at a measly $100. Oh, and let's not forget about the credit card debt, car payments, and a lingering student loan... So, where do I even start looking for help? I definitely can't afford a financial planner, that's for sure. And here's the kicker - I'll be getting a lump sum payment of around $9000 in the next week. I can't decide if I should just pay off…" />
December 18, 2024
44 S Broadway, White Plains, New York, 10601
THE FINANCIAL EYE THE MONEY MINDER ‘i just bought a house that i couldn’t comfortably afford on my single income…where do i look for advice?’: I have $100 in savings, credit card debt, and a looming pension crisis. How can I make the best of a lump sum payment?
THE MONEY MINDER

‘i just bought a house that i couldn’t comfortably afford on my single income…where do i look for advice?’: I have $100 in savings, credit card debt, and a looming pension crisis. How can I make the best of a lump sum payment?

  • August 19, 2024
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‘i just bought a house that i couldn’t comfortably afford on my single income…where do i look for advice?’: I have 0 in savings, credit card debt, and a looming pension crisis. How can I make the best of a lump sum payment?

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Hey Money Minder,

So, I just bought this house in May that I really couldn’t afford on my own, making around 52k a year. That’s why I got a second job, which brings in an extra 12k. I’m trying to save up for retirement, but my 401k only has about 12k in it. Plus, I have this Illinois state pension that I highly doubt will be there for me when I retire. On top of all that, my savings are at a measly $100. Oh, and let’s not forget about the credit card debt, car payments, and a lingering student loan…

So, where do I even start looking for help? I definitely can’t afford a financial planner, that’s for sure.

And here’s the kicker – I’ll be getting a lump sum payment of around $9000 in the next week. I can’t decide if I should just pay off my credit cards, which are sitting at about $3000, and then stash the rest back into my savings. Does that sound like the best move to you?

Looking forward to hearing your thoughts,

Saving Savy Sally