First- thank you so so so much for your help and feedback. It gives me hope and courage on this journey! Here it goes:
Assets:
Job: Primary Care Physician Assistant in Nevada.
Income: $115,000 (pre-tax)
AGI: $108,000
- I currently do not have an IRA or a 401k. My current employer also does not offer one or contribute a match. I do not have any investments. I am eligible for loan forgiveness- total of $50,000 for a two year commitment in an underserved area as a PA. I have not fully explored my options before (I valued living in an overpriced city more than paying off my loans, tbh), but am now willing to do so.
- Total savings: $1,500
Total money coming in per month after taxes: $6,888
Debts:
Student loans:
Private student loan (undergrad) : ($170/month- current payment)
- $21,000 @ 5% variable interest rate
Federal student loans (PA school): ($1059/month- current payment on an “extended” payment plan)
- $111,700 @ 7.65% variable interest rate
- $69,900 @ 6.5% variable interest rate
Car: leased Mini Cooper S 2015 (face punch I know.....) with monthly payments of $362. The lease total is for 40 months- which will be on April 28, 2018. I AM willing to sell this car/ do a lease takeover. Total lease payoff currently Feb 2017 is $24,430.65.
Personal Loan: $6,000 @ 10.96% APR, monthly payments of $280/mo
Total Debt: $233,031
Month-to-Month Spending:
Rent: $1,175
Cable: $40
Cell phone: $90
Student Loan payments: $1,229
Car Insurance: $136
Car Payment: $362
Personal Loan: $280
Variable Spending (gas, groceries, medical): $500
Luxury spending: $550 (eating out, nails, makeup, hair, travel, vacations, clothes, etc.) Am currently tracking in YNAB to get a better picture on where all my money seems to go....
Personal Growth
Spending: $500 (therapy, books, etc.)
Total monthly spending: $4,862
I am 30, single, and have no kids.
My question is- which loans should I prioritize paying down first? Should I save for retirement too or just focus on paying my loans down? I am also in the process of looking into moving to an area where I can decrease my cost of living and apply for a job where I am eligible for the $50,000 loan forgiveness in exchange for 2 years of work. This is not an option for me until July 1, 2017. I know that luxury and personal growth spending really have to go.
Any feedback appreciated!!