Hi all, first post here so hopefully I'm doing right. Below is my current monthly financial breakdown, I'm curious if I'm doing well or need to make a few changes. 25 years old, graduated college in may 2016.
Private student loan debt: $57,000 @ 7.1% -
Federal student loan debt: $30,000 @ 2.6-6.9%
(I just got overwhelmed typing those....)
Monthly income after taxes = $2,820 (I believe I'm paying too much in taxes, always get a nice refund)
| Current expenses | $$$$ |
|---|---|
| Private loan | $450 (paying $500) |
| Fed laon | $178 (paying $200) |
| Car loan | $200 (lease - 20 months remaining) |
| Insurance | $140 (seems high for a perfect driving record) |
| Misc | $600 (gas, groceries, going out - I give myself $300 a pay) |
| Total expenses | $1640 |
Savings = ~$13k (which is hardly ever touched)
I'm currently putting away about 1,180 per month as I'm living at home and looking to build up for a down payment when my girlfriend finishes her internship next summer. I do want to keep contributing towards the down payment fund but I feel I should be knocking out some student loans also. I'm currently thinking of refinancing my private loans again for 20 years which looks like Earnest will save me about 1.3% interest (5.84% over 20 years).
I guess my question is, should I be contributing more of my savings towards my student loans? I'm 25 yo with a very serious girlfriend and believe we will start our family within the next 3 years.
Submitted August 01, 2018 at 09:07AM by Wast3d_x_KUTCH https://ift.tt/2mYiFOK
