Hi all,
I just turned 20; entering my Junior year of college. Currently pursuing a degree in Environment Science but might also get a Geology degree in addition to that. Still figuring out what I want to do but I'm well ahead on credits so there's not a lot of pressure for that.
Income:
I'm going to break this down by year because my work is kind of scattered - I don't really work much at my internship during school.
Internship in summer and other breaks: $10,000/yr
Internship gas compensation 56 cents/mile estimated: $2,000/yr
Music directing year round: $9,100/yr
Additional music jobs: $400/yr
Yardwork and maintenance: $500/yr (toward debt only)
Condo work: $??? unknown value (toward debt only)
Monthly income: $1800/mo (money for myself and not debt)
Current Expenses:
Rent: None, I live at home
Food: Same as above. I do cleaning, laundry, and other chores whenever I can at home.
Lunches/Dinners (anything going out related): $20/month on average
Entertainment: $20/mo on average
Estimated gas: $110/mo
Car insurance: $35/mo (It's low because I pay half and my parents pay half)
Phone: Parents pay for
Car repairs: Would estimate $25/mo although I had to put $800 into my car when I bought it a month ago.
Monthly expenses: $210/mo
Assets:
Roth IRA - $11,500
Car - $4000 (I own half, my parents own half)
Savings - $2300. I'm putting down another $1000 on my government loan in about 1 week. I have to get my work expenses check back first.
Paypal - $200
~$18k
Liabilities:
Loan from my parents: $16k at 0% with another $13k/yr added for 2 years = $42k for college
Government loan: $4,725 at 6.8% annual unsubsidized
Tax payments: $200 (Penalty for over-contributing to my Roth; I learned my lesson)
~$47k
Financial goals for this year:
1. Pay off government loan by the end of the summer.
2. Max out my Roth for 2014.
Financial Long term goals (by the time college ends)
1. Max out my Roth IRA every year.
2. Graduate with zero debt. The big question...is this possible?
Thanks for reading!