I make 2400 monthly
\-300 biweekly car payment equals to $600 a month
\-100 minimum monthly payment for student loan total is 8k
\-$250 biweekly payments equals to $500 monthly credit card total is 2.4k
\-$400 monthly groceries for one person
left over is 800
saving 600 for emergency
is this a good plan? or what else can I do? I cook at home and don’t really go out. I keep 100 each paycheck as a buffer for gas. also should I invest in Roth IRA or wait til I pay off credit card total?
21 planning to move out at the end of the summer
byu/AggravatingClerk6053 inpersonalfinance
Posted by AggravatingClerk6053
2 Comments
Are you increasing your income when you move out?
Once you move out you will be paying car insurance.
I would be trying to pay off as much debt as possible and stockpile as much cash for move out.
How much will your rent be?
Are you asking if you can afford to rent a place on your own, or how you should invest?
No, I wouldn’t move out and rent on your own with your current situation. I would stay home and put as much money as I could towards the car loan, credit cards, and students loans while i have the blessing of no rent. Once you are in a better financial situation and have built up an emergency fund after paying off all debt, then start thinking if you can move out