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Ask the Coach
Ask the Coach

Ask The Coach

Ask The Coach! is a feature of the MoneySteps newsletter where you can pose that nagging question on your mind to our panel of financial coaches. The theme of our August newsletter is debt. So, with that in mind, send your family finance questions here. If your submission is published, your identity will remain private and you’ll be rewarded with a prize!

Bjorn
Bjorn
Lauren
Lauren
Peter
Peter

What are your thoughts on debt consolidation? For instance, taking out a loan with a company like Prosper to pay off credit card debt. What impact would this have on my credit score?

Is it better to pay off debt or to start a rainy day fund?

What is the best way to pay down credit card debt? Do you start paying the credit card with the highest interest or start by paying off the credit card with the lowest balance?

What’s the best advice you would give for paying off debt?

I am wondering if it is more prudent to borrow money from a retirement account to pay off a debt than getting a loan from a lender. I am thinking that repaying the retirement account is really paying yourself back, rather than paying off a loan from a lender who gets 100% of the money you repay. I know I will lose time that money could have accumulated value AND will pay interest, but I still think this may be a smart way to go. What do you think?

Is it better to put your entire paycheck toward paying off credit card debt over putting some in a savings account?

How do I prevent my kids from developing my same poor money management habits?

What’s the best way to get the kids started in savings? Piggy banks? Savings accounts? Savings bonds? What advice do you have on making topics like “budget” fun for kids?

One of the challenges we have as parents is paying for a good education for our kids through their lifespan. Which steps can we make in order to cope with or handle the increasing costs of a good quality education?

Do I have to elect Medicare if I plan on working past age 65?

My question is about affording childcare. My husband and I are expecting a baby in July and have enough saved to cover hospital expenses through the birth and into maternity. We just started researching the cost of childcare and it’s basically equal to one of our salaries. Do you have suggestions of how to make that work and still have a life?

How should I begin to save for a honeymoon?

I currently rent my home with my spouse. We are nearing retirement age in about 5 years. Is it a bad idea to consider purchasing a home at this stage of our lives?