I have been reading this site for the last couple weeks in hopes for some ideas for my current situation. I am 26 years old and I finished college in 2010 and took 6 months to find a position due to a lot of luck and networking. I finished my degree in Industrial Management with an emphasis in construction and Lean/Six Sigma. Switched my degree from Construction Management and took a year off of college due to health issues, Insomnia and sleep apnea I am sure depression was mixed in there but I have currently worked on all those issues.
I finished with school loans starting out between 30 and 35k and a car which was a necessity from my old car since my job is a good half hour commute. I got more than I should have with a 10k car loan. I received a gift of 6k from my grandparents which was awesome. I recently got engaged and the ring was 2,600. I have been trying to work on everything and have made pretty good work with what I have had but it’s far less than what I could have I think but that in the past and I hope to make better decisions in the future.
I have paid off my 10k car loan and the 2,600 ring as well as making 2,200 off of my student loans in the last I would say 8 months. My last year’s income is what I will go off of since it was my only full year of work and I grossed 45k(overtime included). I am currently approaching the 2 year mark and I contribute 7% into a 401k 6% company match which will go up 1% until 15% (my contribution) and I have 5,600 or close to it invested in this account. I rolled over a previous 401k into a Roth IRA and that currently has around 1,150 in it adding 100 a month to this account for retirement. Below are my loans and monthly budget while living at home I was looking at saving and buying a house with what I believe was a FHA home loan but decided I wanted to try to have a 20% down payment and think about getting a 15 year ARM since it is early in my life and don’t know what I will be doing in 5-10 years and I could use this as an investment property but this has changed. I have a little over 2,000 in my savings as an emergency fund and a credit card through my bank that I never hold a balance on.
Student Loans
Private: 4,649@ 5.50 Variable interest rate on prime but not exceeding 8%. 102/mo.
Great Lakes: 3,801@6.55 53/mo.
3,860@ 4.25 and
2,589 @ 6.55 84/mo. (grouped together)
7,091 @ 6.55 97/mo.
NelNet: 2,647 @ 2.14 30/mo.
1,217 @ 6.55 57/mo.
2,901 @ 6.55 57/mo.
For a total of 480/mo. In student loans.
Phone: 98
Gym: 36
Car ins: 12
Roth: 100
Gas: 70 (estimated average some weeks less some weeks more)
I am currently trying to pay down my private student loan since it is a variable rate putting an extra 200 per week or 800 a month give or take, leaving me with close to nothing. Is there something I am missing or is there a better way you would recommend my path going forward? I have about 6 months or so until I will be moving out of my parents house and in with my fiancé and I would like to be in a better position to absorb the cost and be as debt free as I can be until I can reassess my budget then and make a plan going forward at that point in time.
I am sorry for such a long post and I thank you all for posting in response in advance.
I finished with school loans starting out between 30 and 35k and a car which was a necessity from my old car since my job is a good half hour commute. I got more than I should have with a 10k car loan. I received a gift of 6k from my grandparents which was awesome. I recently got engaged and the ring was 2,600. I have been trying to work on everything and have made pretty good work with what I have had but it’s far less than what I could have I think but that in the past and I hope to make better decisions in the future.
I have paid off my 10k car loan and the 2,600 ring as well as making 2,200 off of my student loans in the last I would say 8 months. My last year’s income is what I will go off of since it was my only full year of work and I grossed 45k(overtime included). I am currently approaching the 2 year mark and I contribute 7% into a 401k 6% company match which will go up 1% until 15% (my contribution) and I have 5,600 or close to it invested in this account. I rolled over a previous 401k into a Roth IRA and that currently has around 1,150 in it adding 100 a month to this account for retirement. Below are my loans and monthly budget while living at home I was looking at saving and buying a house with what I believe was a FHA home loan but decided I wanted to try to have a 20% down payment and think about getting a 15 year ARM since it is early in my life and don’t know what I will be doing in 5-10 years and I could use this as an investment property but this has changed. I have a little over 2,000 in my savings as an emergency fund and a credit card through my bank that I never hold a balance on.
Student Loans
Private: 4,649@ 5.50 Variable interest rate on prime but not exceeding 8%. 102/mo.
Great Lakes: 3,801@6.55 53/mo.
3,860@ 4.25 and
2,589 @ 6.55 84/mo. (grouped together)
7,091 @ 6.55 97/mo.
NelNet: 2,647 @ 2.14 30/mo.
1,217 @ 6.55 57/mo.
2,901 @ 6.55 57/mo.
For a total of 480/mo. In student loans.
Phone: 98
Gym: 36
Car ins: 12
Roth: 100
Gas: 70 (estimated average some weeks less some weeks more)
I am currently trying to pay down my private student loan since it is a variable rate putting an extra 200 per week or 800 a month give or take, leaving me with close to nothing. Is there something I am missing or is there a better way you would recommend my path going forward? I have about 6 months or so until I will be moving out of my parents house and in with my fiancé and I would like to be in a better position to absorb the cost and be as debt free as I can be until I can reassess my budget then and make a plan going forward at that point in time.
I am sorry for such a long post and I thank you all for posting in response in advance.
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