401Ks

blondie42107 · March 2014

My employer matches. I'm taking advantage of this benefit both not at the highest percent available. We're still trying to pay off SLs and auto loans. Something is better than nothing, right? Once these debts are gone, I have full intentions of maxing it out.

OurDCLove · March 2014

If I were you, I'd be sure to contribute up to the full employee match before turning to SL and car loans, even if you don't contribute more than that.

A match means you get an instant 100% rate of return - it's very hard to beat that.

Good luck!

jessica490 · March 2014

Agree with PP but what percent are you putting in, and at what percent do they match to? Can you increase it 1 percent every year, or whenever you get a raise? You won't notice the different if you bump it up little by little...

blondie42107 · March 2014

Right now I contribute 6%, employer matches up to 9%.

We have a decent daycare bill and will be adding preschool costs this year. I work for a non-profit so bonuses are non-existent. Raises are not guaranteed.

brij2006 · March 2014

How far away are you from having your SL's and cars paid off?

jessica490 · March 2014

Well you are doing good so far...maybe bump it up just 1% if you can this year and see how that goes....they match a good precentage! My company only matches up to 5%

jessica490 · March 2014

It took me about 2-3 yrs to get up to my companys full match (and I've only been with my company for 4 years), but I do get raises so I just take 1% and add it everytime I get one. I'm now up to 7%, it's a good feeling.

blondie42107 · March 2014

Some of our benefits are not ideal so 401k matching is a perk! Our employer health insurance is not great either but DH covers our family so I don't have to worry. I max out flexible spending account for dependent care and also utilize the medical.

Once we are down to one child in full time daycare, we'll have more wiggle room!

blondie42107 · March 2014

Also we can make adjustments to our 401k twice yearly. If/when I do get a raise or we get rid of some more debt, I won't have to wait too long to increase my contribution.

cbee817 · March 2014

blondie42107 said:

Right now I contribute 6%, employer matches up to 9%. We have a decent daycare bill and will be adding preschool costs this year. I work for a non-profit so bonuses are non-existent. Raises are not guaranteed.

Wow- 9%.. that's amazing! I get 1.5% from my employer as long as I contribute at least 6%. I'm at 9% now, so I get 10.5%, but I would like to be at 15%. I carry the health insurance ($75/paycheck) and we use FSA for dependent care as well. The biggest difference is that we don't have SL- we were able to pay those off in January 2013. I agree with you though- once that day care bill is done (currently $1,700/month for us), it'll change our lives. Looking forward to Sept 2015 and Sept 2017 when DD#1 and DD#2 start kindergarten.

Mom987 · March 2014

My company is 3%, which seems so low. DH's is 4% if he contributes 5%. 9% is awesome.

Xstatic3333 · March 2014

Wow, I agree with PPs, 9% rocks! I'd max that out before paying extra to your SLs. I work for a nonprofit too, and look at benefits like these (mine matches 5% to my Roth IRA) as part of my salary. Don't leave that money behind unless you have to!

uncreatedsnow · March 2014

I would match it. My company matches up for 6% and I thought that was good, I would be over the moon at 9%!

401Ks

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