Q. I'm maxing out my 401(k), but the investments aren't doing that well. I also have a car loan with a rate of 7% for five years. I want to cut back my 401(k) contributions just enough to keep my employer's 3% match of my gross. Am I better off taking the $1,000-per-month extra and adding it to my car payment, thus paying off my loan in less than 15 months? I owe $20,000 on the car.

A. Even though a five-year new car loan at 7% is a very good rate, we think you've come up with a good idea.

You'd still be contributing enough to your retirement plan to qualify for your employer's match. That's critical for anyone with a 401(k) plan. Walking away from matching funds is like taking a pay cut.

No one is earning very much on their 401(k) investments right now, so it's a good time to focus on repaying debts. Paying off your auto loan in 15 instead of 60 months will save you $2,800 in interest payments.

However, you must make a firm commitment to take the money you're currently spending on car payments and start putting it back in your 401(k) once your auto loan is paid off.

Right now, you're paying the bank. In the future, you need to pay yourself. An extra $1,000 a month will boost your earnings by tens of thousands of dollars over the next 10 or 20 years. You don't want to miss out on that.