So I'm currently a 21 year old college senior, gonna be graduating this June. I have accepted an offer for a job where I'll be making $77K/year, starting mid-July. I live in California so after taxes I'll be coming home with about $4,500/month. My plan is to divide my monthly income up as follows:
$500 towards student loans ($10K total, should I be paying more?)
$1,000 towards savings
$500 towards rent (gonna stay living with my parents for a little while)
$500 to $1000 towards expenses, bills and other things I'm sure I haven't considered yet.
I'd like to get a new car at the end of the year for something in the $20,000-$25,000 range, where I'll be putting down about $4K-$5K (after selling my current car and money I've saved up from July til Nov-Dec). I'm sure my insurance will be upwards of $150 a month since I'm a male, young, etc. If things go as planned I expect to be paying $350/month for the car loan and ~$175 for the insurance, but I feel like that's a lot of money to be spending and frankly I don't know if I should.
Any advice/insight?
Submitted May 04, 2017 at 12:23AM by motez23 http://ift.tt/2p7PRSE
