Hey guys, just looking for some advice surrounding my financial situation as I am quite unknowledgeable in this area!
Some information about my circumstances include: - I am currently 20 yrs old from Melbourne and I have been working part time since I turned 15 while I completed my studies. I graduated with a Bachelors this year with 22k in debt - I live at home with my parents and pay $300 a month to help with bills/rent - I drive a nice reliable car that is fully paid off and pay about $80 for fuel a fortnight - Im currently making about $1300 per week while earning some extra money with a causal job
The only debt I have is my university HECS debt. I worked really hard to be able to have 50k saved up but I just need some direction as my money is sitting in a low interest savings account and I know I am losing money by doing this!
I am not in a rush to move out however with house prices rapidly increasing, I’ve been thinking of purchasing land but am not sure whether I should;
- Pay off my debt now so I am debt free and then continue to save to buy property
- Leave my debt and invest most of my money now while living at home and continue saving for property
- Work towards putting a deposit down to buy property now (specifically land to build on later) before prices keep booming and pay my HECS debt later on slowly
- Something else not mentioned
Any advice is appreciated :)
Submitted December 21, 2021 at 05:41AM by Melaniezz https://ift.tt/3Ek5OeO
