I am 23 with no dependents. My total student loan debt is 18,930.00 and I am on the standard repayment plan…
Fed loan 1 @ 4.29%: 690.00
Fed loan 2 @ 4.29%: 2,655.00
Fed loan 3 @ 4.66%: 5,300.00
Fed loan 4 @ 4.66%: 1,710.00
Fed loan 5 @ 3.86%: 4,340.00
Fed loan 6 @ 3.86%: 875.00
Fed loan 7 @ 3.4%: 3,360.00
My monthly budget:
Roth 401K: ~320
HSA: 100
Take home pay: ~2,020
Rent: 750
Utilities: 50
Groceries, eating out, and general household supplies: 250-300
Gas: 60
Car insurance: 70
Student loans: ~200
Internet: 25
Other expenses/entertainment: ~200
Leftover: ~415.00
Savings: 9,500
I would like to have 10,000 in the savings account partly because I like the idea of a 5 figure bank account but also because I am going to have several expenses in the next 2 or so years (car repairs/new car, vacation(s), maybe a dog, etc.). I also have a plan to seriously increase my income in the next 6 or so years. I know it's financially better to hold onto low interest debt, but I feel like my interest rates are on the border of low vs high, hence the question.
Thanks in advance!