Recently I've taken a step back from all the problems in my life and started thinking about how I can change a few things. My biggest stress is my debt and making sure I can pay it off. At 22, I have a software engineering (mobile to be specific) job with a sallary of 70k. I'm one year out of college and my finiancial status is just alright. I spend ~500 in total on four student loans with a variable rate. Total student loan debt clocking in at ~75k. My rent is extremely cheap due to living with 5 other people, about 450 a month. The worst financial mistake I made was buying a nice car right out of college with my first job which has a 6 year loan of 398 a month at a 6.9% interest rate . . . -_- my last manditory bill is my car insurance at roughly 110 a month. All in all I spend $1,500 a month in a good month. I almost have 10k saved up.
I see a lot of suggestions that I should store that 10k away as an emergency fund and never touch it and I think that is a good idea as well. What should I do once I do that though? Should I save a certain amount every month and use the rest of the money to attack the principle on my car loan and get that burdon off my shoulders as quick as possible? Am I doing alright for my age? My biggest concern is what happens when I leave my current living situation and my rent isn't laughably cheap anymore.
Submitted July 04, 2018 at 10:19AM by Buisness_Fish https://ift.tt/2lVD8Do
