Please share your finance knowledge. I turned my finances around in 2017 and am in a really good place, but I need real help for 2018's plan.
January-April in 2019 I am student teaching and not going to have any income. I currently do not have a car and will need one for student teaching. I do not have to pay back my student loans as I am in school, but may have to start paying them back starting January 2019 and they will roughly be $500/month (might also qualify for IBR, meaning they'll be lower).
My bills/month for the rest of 2018 are minimal, and as follows:
- $256 toward student loan (I pay this instead of rent; it's a lucky set-up)
- $200 for food
- $170 for phone plan
- $25 required auto-payment to savings
I usually make $1,700/month from work. I have started saving $5,000 for the four months of student teaching and a month after. Originally I was going to put any extra money I make this year (after my savings) to my student loans. However, I will need a car and now I'm torn.
I think the best plan is to save for student teaching/no income. Then save as much as I can (instead of putting it towards student loans). Then toward the end of the year, buy a car using some of the money I saved. This route I won't have to pay for gas, parking or car insurance for a year and save even more (given I don't need a car till 2019).
Anyone with more life experience think of a better route or am I sort of on the right path?
Submitted February 03, 2018 at 01:07PM by ayelynn http://ift.tt/2s8MPnY
