Hey /r/personalfinance! I'm finally getting ready to graduate and need a budget check before it all happens. I've recently accepted a job and want to start off on the right foot, but I'm not sure if I'm not saving enough for myself, paying loans not aggressively enough, etc.
Here it is by the #s:
Aerospace Engineer, intending to live in Atlanta, Georgia.
| Current IRA: | $4,200 |
|---|---|
| Current 401k: | $2,600 |
| Current Student Loans: | $31,300 (Federal @ ~4.2% average) |
| $11,700 (State @ 1%) | |
| INCOME & BUDGET: | |
| Gross Annual: | $66,000 |
| 401k Contrib: | 6% + 9% company match ($825 / mo total, $9.9k / yr) |
| Monthly post-tax & 401k: | $3,887 |
| Rent: | $1,500 |
| Health Insurance: | $0 (Parents) |
| Federal Loans (4.2%): | $775 |
| State Loans (1%): | $110 (Minimum I think) |
| Utilities: | $140 |
| Internet: | $50 |
| Gas: | $300 (I currently commute 40 miles / day and spend about this much. With new location commute would be halved, so I'm hoping this goes down to $240 or less) |
| Food: | $360 |
| Charitable Giving: | $40 |
| Incidentals: | $225 |
| Savings: | $385 |
I'm planning on only making minimum payments on both my loans for the 6 month grace period and funneling all excess to my emergency fund. That with a signing bonus should net me a $8,000 e-fund by June of next year (I start work in Jan). I'm also hoping to save up for a down payment on a new more gas efficient car soonish, my current one is dying.
EDIT: Also I realized it's not on here, but car insurance and cell phone is covered by parents fortunately.
How does it look? Am I saving enough each month?
Thanks for your time and giving me plenty of reading material for the past four years!
Submitted October 28, 2018 at 11:13AM by AEthrowaway2016 https://ift.tt/2AwFTD5
