I'm 25 and I just got a new job in October in a new city close to where I grew up. The salary is a marked increase from my old job ($85,000 vs. $62,500). I graduated with $87,000 in student debt from college, and this was one of the biggest stressors in my life, so I decided to take advantage.
When I moved in with my parents, my student debt level was at $77,000 at a weighted average rate of 6.12% (YIKES!!!). Now, just 4 months later, my loan balance is $63,000 at a weighted average rate of 4.99%!
I'm only a couple of months away from paying off my remaining high interest loan (7.35%), which will lower my WAIR to 4.69% and also lower my monthly payments by $230. After that, I'm going to be returning my leased car early, and in total I'll be eliminating about $700 in monthly expenses (loan + lease + insurance + gas). Then, I'm going to move to a nice midtown Manhattan apartment with my friends, and I'll STILL be saving more money each month than I was in October.
Can't tell you how good it feels to have taken control of my finances!
Submitted February 12, 2018 at 05:08PM by wal5036 http://ift.tt/2EnvbhB
