Hello everyone, so I wanted to get some opinions on how I should budget my money and pay off my loans. I graduated college last year with $20,300 in debt, and now make $45,000 a year. I get paid semi monthly and after taxes, I take home around $2,600 a month.
The goal of this post is to get some more advice on how I should budget my money to pay off my loan, buy a car, and get married in a couple years.
I've been really into listening tips from Dave Ramsey and decided I want to pay off my loan ASAP! I live at home and plan to do so for the next 1.5 to 2 years until I get married.
With that being said, I have set out a plan to pay off my loans in 18 months, and after it's paid off, put the same amount I was paying for loans, in my savings.
I also plan on putting 0% into my 401k until my loans are paid off.
** I want to add that my girlfriend has $56k in student loan debt. So my goal is to pay mine off before we get married so we can attack hers next.
Here is my monthly budget:
Expenses: Students Loan - $1130 Car (currently lease) - $260 Phone (part of family plan) - $40 Gym - $21 Amazon Prime - $9
Budget: Food - $230 Savings - $200 Misc. - $200 Entertainment - $200 Gas - $160 Dog - $50
Questions 1. Am I on the right track to getting on a good path to financial stability?
-
What can I afford for a new car once my lease is up in August. I want to buy something used and reliable (I commute to work). I was thinking something around $10k- $15k. I have good credit (750).
-
Open to suggestions
Submitted March 29, 2018 at 11:30PM by Aames1994 https://ift.tt/2pMOThO
