I'm starting this to basically have a way of keeping track of my progress. Also, if anyone has any input, I'll gladly take it. I am currently 23 years old, living with my parents for cheap/free, employed making $55k a year, and working to eliminate debt and hopefully accumulate enough capital to buy a house in a few years.
$1414.14 take home pay every two weeks, plus I bartend once in a while to make some extra cash, but anyway lets go with a very conservative estimate and just say this:
$2800 per month
CC1 - $0.00 - Always paid off at the end of the month, normally around $200
CC2 - $0.00 - Always paid off at the end of the month, normally around $100
Car - $20,738.80 @ 3.49% - $427.53 per month
SL1 - $43,942.62 @ 7% - $415.15 per month
SL2 - $15,531.46 @ 6.8% - $165.40 per month starting 12/2010
SL3 - $8,509.58 @ 6.8% - $98.58 per month starting 01/2011
Total: $88,722.46 - $1106.66 per month
Checking Account - $620.00
Roth IRA - $14,218.93 (Max contributed for 2010 already)
Investments - $38,848.66 (Stocks and mutual funds, dividends of about $125 per month)
ING Savings Targeted Accounts - $1,105.77 @ 1.10%
TSP - $3,090.93 - Contributing about $400 a month automatically
NET WORTH: ($30,838.17)
I recently setup $100 per paycheck to be put into my savings account, so that leaves me with $2600 a month for expenses.
For the time being, I am paying $1000/month towards the car and $1000/month towards SL1, leaving me with $600 a month left over. After I pay my credit cards each month, I look at my checking account and see if I have more than $500. Everything over $500 I have is then split in half. I have been taking one half and moving it to ING to be saved in one of my targeted accounts (emergency, vehicle expenses, general), and the other half I add to principal on the car (which is insanely easy to pay online). For instance, this past month I added an extra $61 each to ING and the car payment, and it looks like I'll have somewhere around that amount again this month.
For the time being, I am comfortable. The extra money I make bartending normally goes towards my "discretionary" spending, but every once in awhile if I get a good night, I'll put $100 or $200 into my checking account.
In January, my pay will be increasing, to what I conservatively estimate at being $3,200 a month. This will also mean an increase in my monthly TSP contribution. I plan on throwing the extra money at the loans, though I'm not truly sure which loans should be attacked first due to tax benefits and such.
Long term, I hope to be able to buy my own house in a couple of years, but for now, paying off my debts, while still investing a little bit is my priority.
Last edited by fireEngineer on Wed Oct 13, 2010 4:28 am, edited 1 time in total.