Hello All:
Here's my original post from a little more than a year ago:
http://forum.mrmoneymustache.com/ask-a-mustachian/in-need-of-a-mustachian-to-kick-my-ass-into-gear-)/?topicseenHere's the update:
I'm 29 with a great job in consulting making $91,000/year (received a raise in December 2015, up from 76.5K).
$70,000 in outstanding consolidated student loan debt @ 6.34% interest.
$1,500 in checking account.
$9,500 in savings account.
When I posted originally, I had $75,000 in outstanding student loan debt. While I'm not proud of the fact that I've only paid down $5,000 over the past 14 months (add $5,000 for interest accrual, so I've really paid 10K towards them), I have a good reason. I had a very expensive medical operation that prevented me from paying as much as I wanted, exhausted my out-of-pocket. Additionally, I've had to help out a family member who's having a really rough time. This year I plan to make a HUGE dent in it.
I'm contributing 6% to my 401K with a full company match. I'm also considering opening up an IRA as well.
After taxes, 401K, and Employee Stock Purchase Program, I bring home roughly $4,600/month.
Expenses:
Rent: $1050
Utilities: $250 (gas, power, water, internet/cable)
Car Insurance: $80/month
Dog Care: $140/month - I travel for work Monday through Thursday typically, and I'm not giving up my dog! $1,200/year to spend with her is worth it for me. It's one of my untouchables.
Gas: (Hard to tell, fluctuates each month, but probably $150-200/month. I drive home (2.5 hours away) 2 weekends a month to see sick family member and other family/friends).
Cell Phone: $80
In short, I think I have wayy too much money in savings that could potentially go to my student loans. I've read where you need at least a 6 month emergency fund, and $9,000 would cover me for 6 months. With that being said, I'm not sure how much to put towards my loans every month.
Someone mentioned SoFi student loan refinancing, and about a year ago I was denied despite my credit score being 714. The difference in interest wouldn't be all that much even if I refinanced...maybe a few thousand dollars over the course of 10 years.
How soon can I realistically pay this off? I've read No More Harvard Debt, and I'm thinking of getting a side job on the weekends (UBER or something).