Sorry if there are formatting errors, I’m on mobile. But in a couple of months, all of my debt will be paid off with the exception of our house and my student loan. I’m feeling really good about the position I’m in except for the student loan that never goes away. I’ll have a lot more of my paycheck coming in that I can move straight to savings or put into the student loan so I’m trying to figure out which is best. After paying off current CC and car in a couple of months this is what will be left.
Remaining debts:
House: $145k @ 4% interest, we are making extra payments to have it paid off in roughly 15 years vs the 30 year length of the loan.
Student loan: $51k ...honestly not too sure about the interest here. I’m in an income driven repayment program and currently pay $135 a month. Student loan hasn’t gone up but also hasn’t gone down in several years. $135 will likely be more next year as my income has increased recently.
Currently “enrolled” in the PSLF program and I have about 5 years before I’m eligible for forgiveness. I send my forms in each year and am on the right track so far to have most of the loan forgiven, but I do know this is a gamble that I may not win.
My income: Full time job - $2400 a month Part time job - $700-$1000 a month
Monthly expenses: - $1000 joint account (most of my bills) - $45 phone - $10 Spotify - $135 student loan - $50 gas - $75 food/pet extras - $50 spending fund
This leaves me with roughly $1700 each month. I currently have $2700 in a savings account. I want to increase that savings to at least $10k for an emergency fund. Other than that, I’m not really sure what to do next. I’ve never been in a position to save like this and I want to do it right.
I appreciate any advice!
Submitted September 07, 2019 at 08:06PM by MC08578 https://ift.tt/2A2WpK5
