I apologize in advance for the super long post; there's going to be a lot of information and questions I'll be asking.
First off: some background info. I graduated from a well known engineering school this past August. Finally got a callback and interviews last month, and just got a job offer a few days ago. Literally ended being my dream job, doing product design, testing, etc, along with travel and field work. I'm currently living with my parents, about a 45 min commute from where I'll be working. I plan to live with them for a few months, to pay down some of my student loans and build up my savings. I'll need a car at some point, but that's for another time, as I can use one of my parents for now. Just checked my credit score, and it's a 684, with no open credit cards (yet). With that info out of the way, time for details and questions.
Salary/job details
- Base salary of $62,500 a year
- Projected bonus of $6,000 dependent on my and the companies performance
- 401K is profit sharing, also the company matches 100% of the first 3% of my salary, along with 50% of the next 2% I put in. Max of 18k can be put in a year.
- Pay is biweekly, 26 payments of $2403.85
Student Loans Note: my families financial situation changed a lot while I was in school, resulting in me ending up with way more student loans than planned when I started school.
Federal Loans
| Type | Amount ($) | APR (%) |
|---|---|---|
| Perkins | 2625 | 5 |
| Subsidized Stafford | 3513.67 | 3.4 |
| Subsidized Stafford | 2297.39 | 3.4 |
| Subsidized Stafford | 4607.66 | 3.86 |
| Subsidized Stafford | 2764.71 | 4.66 |
| Subsidized Stafford | 5527.09 | 4.29 |
| Unsubsidized Stafford | 2084.99 | 4.29 |
State Loans (NJ HESAA)
| Type | Amount ($) | APR (%) |
|---|---|---|
| HESAA | 25460.54 | 6.2 |
| HESAA | 11443.22 | 6.65 |
| HESAA | 9162.92 | 5.49 |
Other (Had to repeat a class)
| Type | Amount ($) | APR (%) |
|---|---|---|
| Sallie Mae | 3281.57 | 8.625 |
Now that that's out of the way (with the tables hopefully working correctly), I'll outline the basics of what I plan to do:
- Get rid of the sallie mae loan as quickly as possible, then the NJ state ones, then the government ones
- Input into the 401k as mentioned above (employer matches 100% of first 3% of salary I put in, then matches 50% of the next 2% I put in
- Have 20% of each paycheck go into an emergency savings account
- Have 20% go into my regular savings account
- Have 15% go into a "spend" checking account. (Eg for a new computer or whatever)
Now for the questions
- What else should I be doing?
- What should I be doing? If my plan is wrong, please correct me.
- Where should the extra money from my paychecks be going? Should it go straight to the loans or should I be doing something else?
- How much should I be putting in the 401k?
I'm pretty clueless about what I should be doing, having never really learned about this, even after reading through everything on the sidebar, so any advice you guys have would be greatly appreciated!
Edit: my lists are formatted incorrectly somehow, I know
Edit #2: I'll be checking every few minutes or so, so there might not be an immediate reply from me
Submitted January 07, 2017 at 10:08PM by sureillmakeanalt http://ift.tt/2i3tj1u
