HEY MUSTACHES!
I am currently saving for a down payment on a home, however I still have student loan debt. Is this smart? Should I be socking away all my extra cash (from cutting my expenses) to pay this debt first?
Bit of background -
Salary: 40k/year before taxes, contributing 5% to my 401k (I know, face punch?).
Age: 27
Student Loan: 14k, paying $287/mo
Current savings for house: 3k, continuing to contribute $440/mo
Current rent: 1k (split with my partner. Also, we will be purchasing/saving for the house together - combined income is about 90k)
(Also, side note, I am currently in graduate school in IT, but I am fortunate enough that my company pays for it. I am hoping this will translate to more salary in the future, but am not necessarily counting my chickens before they've hatched).
I know I havent given much information to go off of (budget, etc), I guess my question is, no matter how much extra I can save through these new mustachian ways, whats the best way to utilize the savings? Any bonuses, salary increase, tax refund, etc I plan on putting into my house down payment fund.
IS THIS WRONG?
Thanks Mustachians, I am eager to keep learning from you.