Thanks for the replies so far!
To address a few budget questions that have come up (in no particular order):
- My girlfriend pays for Netflix and has an Amazon Prime membership. I don't pay for cable or any other subscription services (luckily, I can use my parents' login credentials for HBOGo). We don't travel, spend money on movies, concerts, etc. Our only entertainment expenses are generally going to a few hockey or basketball games.
- I'll start shopping around for cheaper internet and cell phone (my device is paid off, so something like Republic is an option).
- I've shopped around for new auto insurance, but have yet to find a cheaper policy. As it is, I'm uncomfortable with only $50/100/50 liability. The credit union that originated my car loan also requires $500 collision/comp deductibles. I would normally go with $1000, but that's not an option until I pay off the car. I don't have rental coverage, just roadside assistance (very cheap and well worth it). I might have to live with the higher cost until April 2018 payoff date.
- I go back and forth on cancelling the gym membership. I was previously paying $50 and negotiated a cheaper plan. I'm inclined to keep it because I do use the gym 5 times per week. There are limited options to work out at home, and either too hot or too cold weather can be an issue 6 months out of the year. I'd rather cut the $20 from my food budget. The food budget is really crucial for me. If I'm being honest, I can cut it to $300 or less without a lot of sacrifice. It's really just about avoiding mindless decisions ($4 latte, $3 donut, $2 soda at lunch, etc).
Back to the bigger issues:
- CC debt is gone by mid-September. I've already committed to paying that off. In fact, just made a $650 payment yesterday towards the first card. Even though I could potentially use that money to boost my emergency fund, I think the psychological benefit of ridding myself of the CC debt will be more important for me. So, we can check that off the list. From there, it really gets back to balancing the student loan debt repayment with my EF and long-term savings goals. I know everyone will agree that my 401K contribution needs to increase to 5% (which I will do effective next pay period), but I'm still curious about thoughts on the Roth. Could I open one and use it as an ER? Could I take the money I would normally expect at bonus time and use that as a contribution and then use the other two months where I receive an extra paycheck to hopefully get close to the max contribution limit? Or do I just stick with the 5% 401K contribution and throw the kitchen sink at the student loan? If nothing changed with my income and expenses, I'd realistically be looking at being almost 40.
For me, the real anxiety is just figuring out the order of operations in a way that makes sense for me, keeps me motivated and provides tangible results. I think a big thing is also realizing that I'm going to have to postpone home ownership, buying a nicer car and having kids until I clean up this mess and get back on track.