I just started a job as a PD and now make $44,000 annually. Before this, I was a student so I just want to make sure I have everything covered in terms of finance and future financial security. I get paid monthly and my first check was $2790. So based on that my ideal budget ( I used straight percentages to start off) is:
Housing: $837
Utilities: $279
Food: $279
Transportation: $279
Medical: $139
Debt: $139
Personal: $279
Recreational: $139
Savings: $418
Now my debt is as follows:
CC: $527.67 with an APR of 19.15%
Student Loans: Total $141,527.19
Unpaid Principle: $126,249 Interest: $15,278.19
I am currently waiting to be approved to do PSLF (120 qualifying monthly payments). The lowest plan I would owe $217 a month.
Car Note: $274 that will be paid off in Feb. ( My mom pays my car insurance for the time being.) Gas it about $20 a week
Moving Expenses loan from Parent: $1500. I have agreed to pay her back $200 a month.
Clearly, my initial budget is not going to work. I will have a side gig for about a month in January that will hopefully net me $500. I was planning to put it all in my emergency fund (I want an initial amount of about $1,000. Then plan on putting the rest in a separate savings account.) But would it be more beneficial for me to just use the lump sum for my credit card debt? The card is already closed. Or to put it on a secure credit card? To help my credit?
As far as health benefits and retirement plans go: I work for the states so my initial health benefits are only $8.34 out of my check. I just need to decide between a PPO (or HDHP PPO) and an HMO(or HDHP HMO). Vision is an extra $6.96 and dental plans vary.
I can either opt into the pension plan which from my reading vest in 8 years (Loans are forgiven at year 10 so I might be prompted to move to private practice.) or the State investment plan. It vests after 1 year. As of right now I'm leaning toward the investment plan because I am young. Also an older coworker stated he choose a pension plan and just contributes to his on investment type plan. Is this a good option?
I guess I just want to make sure I'm not screwing up my future.
Submitted December 25, 2017 at 08:53AM by throwawayughh8 http://ift.tt/2kSE8YQ
