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I'd love to keep 6 months in the bank, but my first job out of school was at a startup and I am not making a whole lot. At the moment I am lucky if I have 1 mon
by X-Istence 14y ago
I'd love to keep 6 months in the bank, but my first job out of school was at a startup and I am not making a whole lot. At the moment I am lucky if I have 1 month in the bank, and it is not that I spend my money quickly, I simply live pay-check to pay-check at the moment.
Do note that about 40% of my pay check goes to paying off student loan debt, 50% to simple living expenses and costs, the last 10% goes into savings, generally so that I can afford a once a year trip back to Europe to see my grandparents/dad/cousins/uncles/aunts/siblings. So at the end of the year I have quite a bit saved up, and then I purchase a flight back home... that really hurts.
- pc86 14y agoIs that 40% your required payment for SL? Especially with almost no safety net, you gain very little (and stand to lose quite a bit) by over-paying student loan debt unless you have a preposterously high interest rate.
- X-Istence 14y agoThe interest rate on two out of the three student loans is extremely high. My loans weren't government backed due to being a foreign national, so full private student loans. I am paying the minimum on two, and the highest one is getting paid about $200 more than minimum to get rid of it ASAP. Consolidating wouldn't help, it would actually hurt me in the long run. So for now I just suck it up.
- pc86 14y agoThat makes sense. It sounds like you've got your stuff in order, but just in case I'd recommend running the numbers on that extra $200 to see if there's any place it could do you more good.