Currently serving in the US military and hit my goal of $15k in savings. I’ve paid off all past financial debt from school and the only debt I have is 11k left on my truck @ 2.04% interest which should be paid off right when I get out of the military (if that’s what I do.)
My question is should I start adding more to my Roth TSP account? The military plan I’m in matches up to 5% which is what I’m currently contributing but I’m having a hard time wrapping my mind around compound interest if I start adding say another 5-15% more towards my TSP.
My bring home is roughly $4k a month and my total bills including groceries is roughly $2100-$2200. I’ve been trying to put $500-$1000 in my savings every month and my new goal is at least $25k in savings in the next 16 months (that's what is left on my contract). Can anyone give me advice on whether I should up my contributions towards tsp?
Sorry if this is confusing, I’m not too great at finance!
Submitted March 18, 2019 at 08:05PM by TypicalAnswers https://ift.tt/2Y50Vm1