In financial planning, sometimes it is quite confuse and hard to make decision how to spend our money. So when comes to 401k plan, credit cards and car loan, how you will distribute your money?

401K is a retirement plan for most people and every month we will contribute a certain amount of money in it. Credit card and car loan are some kind of debts that every month we need to pay a minimum interest payment. So in conclusion, 401K is for future but credit card and car loan is for our credit.

Here is my personal opinion:
In my opinion, I will definitely pay my money to credit card and car loan. I will try my best to contribute my money to pay down my credit card debt and car loan. I will settle down the debts that have higher internet rate first. Just think about this, credit car and car loan are debts that come with interest rate. That’s mean every month we are losing money to others. No matter how hard you make money or save money and plan for your future, but every month you money is like water in a broken barrel - keep leaking out! So settle down the debts is the first priority for me.

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