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Stop saving for a ring - the $1500 you have is all the ring you can afford, or possibly already more than you can afford. Between the ring money and the extra principal to loans, you have $500/mo free. Decide which is more important to you, emergency fund or loans, and send that $500 there. Right now I think it's the emergency fund based on what you're saying. You can let interest accumulate on the loans which would give you another $450/month. Again, it sounds like emergency savings might be more important than the interest accumulation right now. I'm not quite sure how to make that decision, I think it's a combo of the interest costs and your estimation of your job stability. Also, if you can reduce your 401k or HSA contributions without losing a match or messing up your health care budget, do that too. Just suggestions  Oh, and cancel DirecTV and get on a cheaper cell plan. That'll save you $100+, of which you can use, oh, $50 to improve whatever "living life" means to you. slap me silly fucked around with this message at 20:57 on Apr 25, 2014 |
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Apr 25, 2014 20:55
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| # ¿ Apr 29, 2024 18:38 |
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SloMo, you do not need more flexibility with your money. I agree girlfriend should be paying half of utilities and groceries, assuming not too much disparity in salary, but maybe she is already.
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Apr 25, 2014 23:26
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alwayslost posted:I'm in a 2 year contract with DirecTV. The cell phone bill is high because I'm financing the phone through T-Mobile. The ring thing - yes, it's entirely a marketing ploy and you two are falling for it Along with most of the rest of the country so yeah. Her love for pretty rings is totally legit but you two should have a real conversation about the benefit of a pretty ring vs the benefit of having thousands of dollars less debt hanging over your life together.Other than that, my main suggestion is to make the decision now, emergency savings or loans? And then stick to it until there's a change in your circumstances: you reach the emergency savings goal, you finish the degree, you get married, you get fired, you get a raise, whatever.
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Apr 26, 2014 17:52
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You also have to consider the large difference in risk. Eliminating debt is guaranteed, getting 7% returns on your 401k is not.
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Apr 28, 2014 16:42
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Veskit posted:Got it. So what is the recommended APR on a student loan where you start prioritizing funding your retirement accounts over paying off the debt on a loan? Is there a reasonable number or does it come down to comfort levels at a certain point? I can understand trying to pay off the fed loans immediately, but does he slow down retirement for the 5% APR loan too?
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Apr 28, 2014 17:57
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alwayslost posted:whenever I try to bring up the fact that it's way too much for my financial situation, I end up caving... We're both on the same page financially Seriously, you guys should have a $300 ring and a $2000 wedding.
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Apr 29, 2014 03:02
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| # ¿ Apr 29, 2024 18:38 |
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Wrong thread maybe? There's no 401k loan here and he's only got a grand in there anyway.
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May 2, 2014 15:51
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