Hello friends,
My wife and I just recently got married and both are financially “illiterate.”
Everyone around us is trying to give advice about what to do with our money / situation and we decided who better to ask than complete strangers.
I am working currently making menial money, $52,000/yr (with paid benefits and 5% Contribution to retirement from my company)
I am a new grad, and she is currently unemployed but is in medical school and will be going into her 3rd year, upon completion of her 4th year she will be in residency and then start to get income. So we’re still a single income household for the next 2 years.
We have:
$37,778 in checking. $120 in Ford stock $50,000 in high rate savings account.
$33,000 in combined 0% interest student loan debt (wife will accrue no more debt over next 2 years)
We are borrowing a friends car (they have an extra one that is fully insured and just sitting around) while we still look for one.
What would you do? Use the cash to pay off the debt?
Buy a new car? (Approx 33,000)
We’re just confused and don’t know what we can do to set ourselves up in the right direction.
EDIT: The student loan debt is 0% interest for the the entire lifetime of the loan (Thanks Canada)
Submitted July 07, 2024 at 07:12PM by someadviceplease4me https://ift.tt/m4tuYc1
