Like the title says, I'm a 22 year old female who just lost my only parent. She did not have much of a savings, no retirement, no life insurance. She had a paid-off house, which I will inherit fully. I do not have any siblings.
Inherited house: Fully paid off, but there may be a lien put on the house by MassHealth, which is state-subsidized health insurance (not sure how much -- am working things out with a lawyer now). In such a case, that will be a house expense I will have to account for on top of property tax (probably around $4,000-$5,000).
Student loans: My student loans are currently at $57,500 at 5.29% average interest. I expect them to rise to no more than $85,000 when I graduate. Interest is already accruing on the entire amount at this moment.
Car payment: $430/mo. I still have my mom's leased Toyota RAV4 in my possession, but my name is not on the lease. I plan on canceling this lease soon but the dealership is asking for $3,500 to terminate it early. I forget how much my car insurance costs.
I graduate in May 2019 and will have an expected salary of around $120-130k. I plan on renting out the house by February or March and hope to get at least $3,000/mo for it, furnished (I'm staying at a relative's house for free until I graduate, and then I will move back into my home). I have $12,000 in the bank now.
I'm new to finances and am open to hearing any advice on financial decisions to make or things to consider for the short, medium, or long term. How can I best use my $12,000 now -- keep as emergency fund or use some to pay off student loans? Any other advice? Thank you.
Submitted December 27, 2017 at 08:31PM by sellmycoffeetable http://ift.tt/2lkN9sL
