Edit: wow so this is what people mean when they apologize for mobile formatting. Sorry lol
Hey guys, I just started working full time for the first time about 9 months ago. After spending the year saving up to go back to school, I'm wondering how best to use the money I've accumulated, and how to direct my cash flow moving forward.
My income: Varies, at least $2,000/mo, usually closer to $2,500 (after taxes, no OT)
My expenses: •$550/mo rent+utilities, flat rate for at least the next year •Approx $700/mo budgeted for every other expense (food, travel, unexpected necessities, etc) •Community college tuition, approx $4,000/yr from 2019-2020 •University tuition, approx $10,000/yr from 2021-2023 (masters 4+1 program)
My assets: •Approx $10,000 in savings acct, APY 2.00% •Approx $1,000 in checking acct •Expecting about $2,000 in extra bonuses in January
My liabilities: •3 student loans, totalling approx $8,400, 4.66% interest on all 3 •Bad credit due to defaulting on these loans (basically just ignored them for 4 years like a dipshit) •Probably unable to take any additional loans if I need to. Not sure on this one but I'm guessing it's a safe assumption based on my credit and loan history.
My situation: I have been out of school for about 4 years, but before taking this "break" I stupidly went to college without any aim for a semester after taking out some loans. After dropping out, I did my own thing for a couple years, basically not saving anything in the meantime. I got my first real job about a year ago and have been saving a chunk of each paycheck since day 1. As for the loans, I am currently in a debt rehabilitation program where I pay a small amount monthly for 9 months which then supposedly improves my credit, at which point I plan on either repaying the debt in full, or if someone suggests anything smarter then I will do that instead. Since I now qualify for in state tuition, I'm returning to school full time this upcoming semester. I plan on staying at my current job full time at least until it starts to affect my grades. I'm aiming to graduate with a Master's in Mechanical Engineering or similar in or before 2024.
My goals: •Have $15,000 saved up w/ no loans by 1/1/2020 •Be debt free or as close to it as possible by the time I graduate, and graduate on time
Any advice is greatly appreciated, especially poking holes in my plan so I can find where to improve, thanks!
Submitted December 17, 2018 at 01:50AM by BookDumb-StreetDumb https://ift.tt/2PJAhJY
