Asking for advice for a 37 year old with 60000 worth of debt and no 401k

[dufania]

@obuscador Yeah, it’s hard for us to help without a more detailed budget breakdown. Mortgage is good, groceries are perhaps a little high, but not egregiously so, it’s everything else. $2000 for medical expenses and subscriptions is very suspicious. $4500 for bills, student loans, car payment, and utilities also feels very high (even with a nearly $1k car payment).

 

[theadorus]

@mssonya84 The upside for OP includes equity and a house that will be paid off in ~11 years - and the 3% 401k opportunity. And the challenge is within the 6500 in monthly expenses that wasn't broken down.

And OP's family's challenge is to reduce expenses in order to live on their income - less the 3% of 401k contribution that's being matched. Even if there's a pay cut. Sometimes it actually turns out to be good for kids - and for adults to be denied some things for budgetary reasons.

 

[elvin]

@mssonya84 Imagine blaming the manufacturer for buying something you couldn’t afford.

 

[olin07]

@elvin It’s the kind of immature mindset that leads to you being 37 without a dime invested in the stock market.

 

[lzz]

@elvin There are millions of people who do this. Why? No clue but it’s sad to watch.

 

[wonkydonkey]

@mssonya84 Pay off the 10% loan, match the 3% and use everything else to fill your emergency fund back to around 15k. It doesnt sound to bad, in 5 years your car is paid off, in 15 your house, in XX your student loans. After each of those steps you can safe more for retirement.
It doesnt even look that bad just the car was a bad decision und you should have matched the 3% from the start.
In the end if you dont have enough to retire you can always sell you house and live in a cheaper country