You should also take into account how much interest you're paying on your student loans. If sky-high rates are making it difficult to keep up, you may want to consider putting more toward your debt even before contributing up to your company match in savings.
With compound interest, not only do you earn returns on your initial investment, but you also earn returns on those returns at the end of each compounding period. If you start investing early and let your money sit, it will grow exponentially. A 401 — if offered by your employer — is funded by pre-tax dollars that are funneled straight from your paycheck. In many cases, your employer will match whatever contribution you make up to a certain percent.. That means if your employer contributes up to 4.7%, you'd also need to put 4.7% toward your 401 in order to receive the full match. This type of match is sometimes referred to as "free money," but you can think of it as part of the total amount your employer owes you.
MakeIt It’s not a hard concept. If you think you can get a better rate of return on your investments it wouldn’t make sense to pay student loans a day before they’re due. Unless you’re struggling to make ends meet and income not going to increase then pay them off.
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