Hello everyone,
I need some input regarding where to put my extra money. I make $47/hr working as nurse in a HCOL area. I just started making this income--I recently graduated nursing school and this is my first job out of school and previously made much much less. My rent is $1550, and I estimate my average monthly expenses are $2500 total (this includes rent).
I have $31850 in student loan debt at 4.7%. My current emergency fund is $2500. I have a Roth with 30k in it, a 403b with 35k in it, and a 401k with 5k. I feel I am behind in saving for retirement--I'm 37. Right now I'm contributing 3% to my hospital's 403b, and there is no match until I've worked there a year.
I can contribute $600 out of every paycheck to whatever financial goal I'm working on (sometimes a bit more, but I always have the $600). My plan was to start putting the $600 towards my student loans starting in January in hopes of paying them off in 2.5 years, and any additional money I have left after the $600 towards my e-fund. Now that the student loan interest pause has been extended til May, I'm not sure if this is still the right move given how small my e-fund is and how behind I am in saving for retirement.
I looked at the flow chart and it says I'm at the stage where I should increase my e-fund to 3-6 months worth of living expenses. However I'd really like to get going on paying down these student loans. I also want to increase my 403b contribution (I'm not sure contributing to my Roth makes sense anymore given how much my paychecks are being taxed). So, what do you guys think?
Put the $600/paycheck ($1200 a month) towards loans, e-fund, or retirement? Once the interest pause is up I will be contributing the $600 to the student loans, but what should I do with my money until then?
Thanks for everyone's help!
Submitted December 24, 2021 at 03:49AM by kmrrrrr https://ift.tt/30TQgki
