All! I(24F) am struggling and seeking advice. I have 150k in student loans and I'm drowning. 120k is private, and I refinanced them to a much lower interest rate, but its adding $20 a day ontop of the principle. I'm currently getting my masters and I'm working almost full time. I just got a bump yesterday so now I will make 3000 a month before tax, and I pay about 650 in rent plus car insurance, a car loan payment, utilities, transportation when I take the metro, etc. My loan payments come out to about 1500 a month between private and federal which is what I was making post tax before my bump. Im in deferment but still not ideal.
I also have $5000 left on my car loan. I have done a crazy amount of budgeting and if I eat cheap with groceries and literally only spend money on bills and put the rest towards my car, I could pay it off in 7 months from now if I paid $600 a month.
Aside from the debt, I know I should be investing in. 401k and all of that. My job doesn't offer that, just basics such as Healthcare and also tuition funding.
My question is, what do I prioritize? If I pay off my car that's normally 160 a month that could then go towards student loans. Im assuming this is the route to go? But also I feel like I need to be saving and planning for the future with a 401k and all this stuff.
I have this impending doom over me that even If I eat rice and beans for the rest of my life I will never be able to pay this off or get financially stable. Many people just say "get a better job" which isn't helpful and I'm still working on my masters which I need to get better pay in my field. I genuinely like my job and its paying for my masters so its worth it for me right now. I live with 4 roomates and try my best to save there. I am trying and it doesn't feel like its enough to anyone else and my bank account.
Thank you in advance
Submitted September 15, 2020 at 08:50PM by esmith28 https://ift.tt/3koIUt4
