First off, I don't make a ton of money but I manage what I make pretty well.
The title states my situation pretty clear. I've got a decent chunk of change in the bank. I could pay my final 6.5% student loan off (which would leave me with 24% of my savings still in the bank) and save myself the interest charges of $4400, or I could sit on my savings and continue to pay on the loan.
I've thought about other options such as paying multiple payments every month or looking for a lower rate... but I've got the cash to cover it.
If I paid it off, I would have less than 10k in savings but would free up about $250/month to help build that savings up again.
I am a married man with a wife who works full time in health care. We both earn about 50k each, she makes a bit more than I do. She has less than 10k in savings. She has a car payment. We owe less than $150k on a house that appraised at $216k last year. Neither of us has credit card debt worth mentioning.
Am I foolish for burning through a large pile of money to save myself $4400? Or is that pile of money better off in the bank to cover unforeseen expenses?
Thanks for your help.
Submitted September 06, 2017 at 01:27PM by Taifighter616 http://ift.tt/2j2Y6l8
