Hi, everyone.
This forum is a great resource, and I'm glad I've found it (first post here.) I'm not in the best of situations, but I guess that's why this forum exists. I'm currently not paying mortgage/rent, so that has been helpful. I like the idea of ER, but honestly that's not my immediate goal - My short-term aim is to pay off the student loans and purchase a home in the range of $180,000 to $200,000. A fixer-upper would be nice.
I'm looking to see what you would do in my situation. Also, going forward, I would like to know the best place to put my money in the future. Right now, I'm just using a Santander checking account. I like the idea of making your money work for you, so I'd like to optimize it.
The cash-flow spreadsheet, which I've filled out to the best of my ability, is attached. If I've forgotten anything or if you need further information, please let me know.
Thanks very much for the help you provide here. My details are below.
Life Situation: Single, no dependents
Gross Salary/Wages: $60,000
I'm contributing $46.16 bi-weekly to a 403(b) for now, as I am paying off a loan within the plan ($196.33 goes to this bi-weekly, and it should be paid off in six months.) I plan to bump up my contributions much higher soon.
Currently, the 403(b) balance is $15,072.06.
Other Ordinary Income: I am an adjunct instructor at the local university, though this is on an as-needed basis; I wish it were more frequent. The stipend is about $4,500 per course. Sometimes I have two courses in a semester; sometimes I'll go half a year without one. The extra income is helpful, though. This is not reflected in the spreadsheet.
Current monthly expenses:
Cell phone (AT&T) is around $315/mo. This is because I'm paying for three lines. I'd love to bring that way down, but I believe that could be approached in another thread.
I'm leasing a car (2015 Kia Optima) for $299/mo., and I'm looking into a buyout. The remainder is $11,400.
Credit Card: $1000. There is no monthly charge on this as it was a balance transfer. Hope to knock this off in a month.
Grocery purchases are about $250/mo.
Dining (umm... I like having a lot of beer with friends) is about $300. I get it - this could be cut out to get out of debt faster. I can feel the face punches already. Beer makes you fat and your wallet thin. :(
Student Loans: $11,672.70 remaining. I plan to attack this after the credit card and pay much higher than the minimum $112/mo. any longer.