So I just started my first real salaried job. Here is the breakdown of my finances:
| Debt | Amount | Interest |
|---|---|---|
| Student Loans | $38,000 | 5.91% |
| Gross Annual Income | Monthly Net |
|---|---|
| $74,260 | $4080 |
| Monthly Expenses | Amount |
|---|---|
| Rent | $638 |
| Electricity | $70 |
| Cable | $15 |
| Gas | $40 |
| Groceries | $350 |
| Restaurants/Eating Out | $140 |
| Clothing | $50 |
| Subscriptions | $15 |
| Misc/Fun | $200 |
| Student Loans | $1632 |
| Savings/Emergency Fund | $600 |
| Phone | $50 |
| Car Insurance | $100 |
| ROTH IRA | $180 |
| Total | $4080 |
My goal is to eliminate the student loan debt in under 2 years. I am on a biweekly pay schedule, so two months out of the year I get a third $2040 check, so that will go directly towards the loans on top of the $1632 monthly payment. I am currently saving $600 a month until I get a 3 month emergency fund built up (~$3500). Then that money will be diverted both into the loans and other short-term savings goals. My job is fairly stable and there are plenty of opportunities for people in my field in this area so I am not worried about being unemployed.
My employer also offers a 401k that matches my 2% contribution with 10% for a total of 12%. I plan to start contributing to this as soon as I can in march with 2% for the full match. I also plan to start maxing my roth IRA as soon as I can.
My question is what else could I be doing? Once the student loan debt is gone, what should my next steps be? What would you do in my situation? Is there anything you would do differently?
Submitted January 26, 2017 at 07:42AM by ZealotOfCannabis http://ift.tt/2kwxTHA
