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Frustrated

January 8th, 2009 at 12:02 am


DH and I are going through FPU and we had decided that we are finally ready to take the step of stopping our retirement contributions temporarily so we can apply that money to the debt snowball. I had no problem stopping mine at work since I'm the one that does the payroll. DH went into his payroll department and was told that he can't stop his contributions until the beginning of the next quarter.

It's just very frustrating to finally have him on board and now we can't do this. It will really slow the debt snowball down. I guess I'm just anxious to get it done and get a fully-funded emergency fund.

Posted in Goals, Budgeting, Emergency Fund, Life Happens, Retirement, Paying Off Mortgages | 5 Comments »

5 Responses to “Frustrated”

  1. gruntina Says:
    January 8th, 2009 at 12:09 am 1231373384
    1231373384

    Did Payroll specify when the next quarter starts? It just might be a couple of weeks depending on where they are at in their fiscal year?

  2. rduell Says:
    January 8th, 2009 at 12:11 am 1231373460
    1231373460

    The next quarter won't be until April, so they told him to come down the 2nd week of March to fill out the paperwork. I'm going to put a reminder on my Google calendar so we remember.

  3. Amber Says:
    January 8th, 2009 at 02:48 am 1231382920
    1231382920

    I wanted to stop my contributions to my IRA but since it was my only source of retirement I lowered my contributions from $50 every 2 weeks to $25

    I think it's great that you guys are working together

  4. boomeyers Says:
    January 8th, 2009 at 04:59 am 1231390748
    1231390748

    Wow! I wish my DH would get on board like this! Good luck!

  5. Jennings Says:
    February 11th, 2009 at 05:49 am 1234331350
    1234331350

    Is this a good step if the employer matches your contribution? It's like passing up on free money. Also, what about the tax implications of not contributing to a tax-deductible IRA?

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