I have about 10k in savings bonds continuing to mature at about 2.5%. They are mature, but will still grow for a couple more years. I have about 45k in federal student loans with a normal rate of about 7.7%. I have another 20k in federal loans in my name at a less than 2% rate, so I’ve been ignoring those to tackle the 7.7% loans. I live at home with little expenses.
Gross Income - 3.4k a month before taxes
I have 4k in checking and about 7k in savings
Expenses / Dispersement
- $500 - Roth IRA
- $500 - Savings
- $750-$1000 - Student Loan Payment
- $500 - Car payment, gas, and insurance
- $100 - Spending / Everyday expenses
I’ll be going back to school on my company’s dime for an MBA next year. Should I hold back on savings / my Roth and dump more into my loans?
Should I cash my bonds and put them towards my student loans? I feel like $500 to savings may be too much since I live stably at home.
How am I doing for being 23? I’ve been working for about 6 months, so I’m just getting started. I’m waiting on contributing to my 401K until my company match kicks in. I hope to max that when it does. I know the car expenses seem high, but I count it as a necessity as well as an entertainment expense. I’m into cars, so it keeps me sane.
I feel like I’m poor / not doing great, but I’ve never really had a budget like this before. Please let me know. Thanks!
Submitted September 03, 2020 at 09:22PM by helpdesk-26 https://ift.tt/3bqB6UL
