I will be saving between $2000-$3200 a month going forward. I'm 32 years old.
Student loans:
$20,000 at 3.17% variable (around 2.6% over LIBOR, variable) max interest rate is 25% - minimum is $235 a month until 2023
$13,000 at 6.55% minimum is $167 a month until 2022
$14,000 at 2.62% minimum is $82 a month until 2033
Liquid cash: $3500
Credit card debt: $900
Current 401k balance: $111,000
As the cash comes in, should I be saving for a down payment (should take about $100k for a 20% down payment should I buy a house in the future so it will take me a few years to save this up), paying off one or more of my student loans or maxing out my 401k instead of having cash come in after-tax? My yearly income is 95,000 after bonus in early febs but salary is 85,000.
Pros and cons to each? I am happy to answer more questions also. I might need a little cash for a wedding in the next couple of years also and need to replenish my professional wardrobe as well.