Currently making 25/hr 40hr/wk, and planning a move for an internship. Internship will be also paying 25/hr (benefits tbd) with a permanent job + raise in Jan 2021.
Staying at home with my parents right now while I complete my masters, but will now need to move. Rent looks to be between 500-750 per month. I've never rented on my own before.. My previous employer paid for my apartment and I didn't really start saving money until last year.
Here's what my finances look like at the moment:
Balances:
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8K in checking.
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8K in roth IRA. Plan to contribute 6K for 2020 as well.
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5K in 403b retirement managed by my current employer (4% match)
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400 locked up between two savings accounts (minimum balance)
Debts:
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2K in credit card debt (I got a new card and purchased 1.5K worth of groceries, gas, food, a dishwasher, a water heater, and more for my parents --- they will be giving me 1.5K to offset). 0% interest until 05/2021. Will be getting 200 cashback for the purchases as well.
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20K on a car loan, 2.95% interest
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32K on student loans, several interest rates between 3.5-6.5%
"Cash Flow":
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+1500 per paycheck (after 403b contribution)
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-300 towards student loans (160 is the min)
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-350 towards car loan (320 is the min)
My questions:
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Should I lower the payments payments for my car and student loan to their minimums to save up some more cash?
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How much money should I keep as a cash reserve?
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Would it be cheaper to get a uhaul and move my current belongings (12 hour drive) or buy new furniture?
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Can't really think of any other questions but I guess I would like to know what you guys would do in my situation?
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I would like to start saving for a house once I get a permanent position and raise.. any steps I can start taking to facilitate this now?
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Is there anything I should keep in mind about renting? I was looking at roomshares since 1bed/1bath was 850/mo.
Submitted June 16, 2020 at 09:52PM by 2020tryhard https://ift.tt/3d7MV1k
