I'm 39 yo and live in a HCOL area. I am determined to buy a house. I have a pretty good handle on how to manage money, but I would love some advice/reassurance.
- Salary: ~ $140k, take home nets out to be ~$7k per month
- Debts: $60k student loan from grad school, $2k per month. This is my only debt.
- Expenses: ~2k (for now. have a child that may enter daycare at some point)
- Saving: $2k per month; yes, I have a sufficiently topped off emergency fund
- 401k contribution: 10%; note: my company doesn't know if it will be able to match this year since revenue is soft
- IRA: TBD, maybe $1k per month... toying with the idea of maxing this out by the end of this year. It already exists but I don't contribute to it!
Does this look ok? Should I be paying more toward my student loan? I hope to buy a home in the next year or two and feel I need to keep saving cash... Am I approaching this the right way? If I open a brokerage account, can I withdraw whatever I put in whenever I want?
happy to add more details here if needed!
ETA: with student loans on pause, I've been saving what I'd usually send in as a just in case measure... hard to feel secure about working with the way things have been going! I plan to dump what I've saved into the loan once the pause is lifted.
Submitted July 08, 2020 at 07:49PM by toobrokefortherapy https://ift.tt/3gH15Zq
