Income:
Full time job: $2300+/mo (after taxes)
Current Expenses:
Rent: $650 (moving this month)
Internet: $25
Utilities: $45
Gas for car: $30
Groceries: $160
Restaurants/Bars: $30
Massages: $100
Misc (concerts/gifts/redbox/REI/etc.): $100
Loan Payments: $350 ($150 on HEL, $50 to other parent, $150 on the rest- I'm actually paid quite a few months ahead on the federals but I realized I would rather have some savings than throw everything at loans)
Total: $1490
-My parents are happily paying for cellphone/insurance and ignore my offers to pick up the bill
-Some people may view massages as a luxury, but I view them as a health measure after some major surgeries and compounded stress injuries :)
Loan Balances:
HEL through Parent: $7000 @ 3.25%
Parent: $1800 @ 0.00% (in no hurry to collect)
Fed: $4300 @ 4.25%
Fed: $2600 @ 3.15%
Fed: $3500 @ 3.61%
Fed: $2000 @ 3.61%
Total: $21,100
Checking account: $3600
-I do not qualify for a 401k through work yet and did not stay long enough at my last job to start a 401k (they required a year)
Background:
I am 24 and have been working full time for maybe 8 months at this point. I went to a four year college to pursue my artsy passions and then went to a technical school to, you know, actually have a job. The loans are from my five years in college (tuition/living expenses/study abroad/tools). My parents have been extremely supportive in my endeavors and they are financially secure so they insist on picking up some expenses while I'm "young".
The reason I am writing this case study is because I don't think this career is a good fit (very specialized/limited, low income potential, doesn't utilize my strengths/interests). Oh, and my boyfriend (whom I live with) and I are splitting up. This provides a great opportunity to reevaluate all parts of my life and I want to set myself up for success. I will be staying with my family (free) for the next month or so and my gas will probably double as I currently can bike commute.
Questions:
Should I relocate (currently PDX area)? Retrain for a higher paying career? Or find a side gig? Stick it out with this job until my loans are paid off? How do I balance saving (for possible plans like relocation, job retraining, lasik surgery, eventually a newer vehicle, etc) and loan repayment? How much more should I pay on loans? Is it time to open a Roth IRA?
There is so much great advice on this blog and this forum and hopefully you can give me some insights as I develop a new life plan :). I'm young and not tied down so I might as well take advantage of this! Thanks in advance, this experience has me a little bewildered at the moment.