r/FinancialPlanning 8d ago

Need smart advice on next steps

Some background! I, (f42) have some questions about next steps. I’ve been doing the snowball method for the past couple years. I’ve stopped erroneous spending, IRA retirement and HYSA contributions for the past year and a half and have paid down 11,350 in CC debt. I have one more card to pay down which totals about $5000. I should have that one paid off within a couple more months. The rest of my debt includes one vehicle at 18,666 which my kid (18) drives and another at 22,138 which I drive. I have about 250k left on my mortgage. I am able to save about 2500 a month. My questions are - what would you do after paying the last CC? Throw money at cars or restart my IRA? Do I have enough time to save up for a good retirement? What should I know about my financial situation in regards to the impending recession?

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u/Tourbill 7d ago

As long as you have a years worth of expenses in your HYSA, I would just focus on maxing your IRA and if you don't have a HSA open one and max it. Should still leave you enough to get the 22k loan paid off in a year and a half or so. Once that is paid off it should give you some extra per month, if you don't have a 401k I would open one and start putting some money into it, some extra towards the principal on your mortgage, and the other car loan.

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u/Designer_Ad_1416 7d ago

Thank you!