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Archive for May, 2007

House or retirement

May 13th, 2007 at 12:43 am

So, with the wedding rapidly approaching, finances have been a recurring theme for discussion with the fiance and I. I have been thinking lately - I do not currently have a 401K, so I put money into an IRA monthly right now. We are trying to save for a house in addition to the wedding. We took two roommates specifically to reduce monthly expenses, so we could save - between the two of us we should be saving $200-250/month. My latest thought though is this - should I suspend my IRA contribution for the next 10 to 12 months and divert those funds into the downpayment fund. That would give us an extra $100/month to save. I'm just wondering if this is wise. My gut tells me it is. I can always redivert that money into the IRA should anything happen, and my fiance contributes 10% to his 401K, with a 150% match on the first 6%, which amounts to a contribution of 19% overall. I'll be discussing this with him in the next few days. This 'we' instead of 'i' thing is harder than it seems.