I think we have a pretty common story but thanks in advance for reading. My wife and I are 26. I am finishing up graduate school. I just got a full time job that pays $32,000 and she has a job paying $43,000. I will be able to apply to better paying jobs (45,000 to 60,000) after I finish my thesis. We have 5 student loans (3 private and 2 Federal) they range from 3% to 7.74% we have been paying the minimum on all of them except the highest interest rate one we put an extra $200 a month. I read a book by Dave Ramsey on debt and he said to get the momentum going start tackling the lowest amount loan first. We have about $16,000 saved which I know is a higher emergency fund than needed. But we are about to buy a used car for around $7,000 so that we don’t have to make monthly payments on our car lease. I am wondering how much money should we be dedicating to our student loans and how much should we start putting into savings/retirement account. We currently pay about $700 a month in student loans. We budget about $1,250 in rent, $130 in utilities, $400 in groceries, $300 for everything else. We also have an Acorns account that puts about $50 a month into the stock market.. The rest has been going into savings. This was when we were making far less (around $55,000) Now that we are making more what makes the best financial sense in terms of student loan repayment and saving for future expenses like a house and retirement?
Submitted May 04, 2018 at 10:35AM by geewhizz123456 https://ift.tt/2KyBYbQ
