Hey everyone. Since my dad died finances have been a lot more tricky. My dad was a huge financial guy, he owned his own business in a dying industry (machine shop) for over 20 years and drilled finances into my head. I just want to know if Im doing the right things.
I was fully supported by my parents until last November when he passed. I am paying off a ton of student loans, a car loan, above other bills.
Here's the scoop: I am trying to find ways to get extra money each month to make things a tad easier. Here's what I pay:
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Im going to be getting about 3800 a month after adjusting my W4
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(320) + (520) I round to (900) for my student loans a month. Theres like 100k left on this one.
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(120) for my federal loans. Less than 4k left on this one.
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(300) for my car loan, about 9k on this one.
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(110) for my phone.
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(100) for car insurance (600 every 6 months)
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(140) for the internet/home security bill, (150) more to help my mom out.
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And a credit card that I never max out, I get about (500) on it a month if I'm not careful. 1k maximum. I'm going to start being way more careful, only gas and groceries on it.
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(30) dollars in streaming services.
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(400) I set aside for things like cannabis and alcohol; 1.5 - 2 oz about a month and I'm not a heavy drinker so, maybe like a handle every third month? I understand that this isn't an "essential" bill, but I factor it in anyway. I can adjust this in the future if necessary, but I'm just giving reference to how much I spend/make.
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(75) for a studio rental
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who knows how tf much for food and a gf. She's very willing to help out, but she's a teacher so she doesn't have an income over the summer and I don't want to burden her.
I was able to save 20k in the bank before my dad died, and I haven't seen that number move since.
I'm wondering if it would be a good move to buyout my car loan and my federal student loan. That would be about 12k to throw down, but it would save me an additional 420 dollars a month. Maybe even refinance my big student loan? 730 credit score, and I applied when I had 600.
What do you think? Any advice you can offer would be much appreciated.
Submitted July 10, 2021 at 09:32AM by morezucchini https://ift.tt/2TNQMgr
