I'm a college senior and I broke the contract on a government scholarship. I will have 5 years to pay back $120,000 at a 1% interest rate. I have a job lined up for graduation where I'll be making $125,000 annually. My rent is $1260 per month including utilities, and car insurance is $220 per month. Only other expense is food, $150 per month.
I've done the calculations and made a budget. I should be able to put $12000 annually in savings and a Roth, and still net around $1000 per month. I currently have $11,000 in a government TSP, $1000 invested, $5000 in savings, $800 in checking.
How should I allocate the $12k between savings and a Roth? My employer doesn't match contributions. Should I be doing anything differently? My debt feels massive, but I know I'm in good standing to pay it off on time.
Submitted April 15, 2017 at 11:03AM by miaage http://ift.tt/2piQM6G
