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re: Pay off my student loans early?
Posted on 7/21/14 at 10:55 am to EveryonesACoach
Posted on 7/21/14 at 10:55 am to EveryonesACoach
There are some tax benefits with student loan repayment to consider as well.
I assume you have contributed heavily to retirement if you have $20K in savings. If not, I'd be shifting money to an 401/Roth first.
I agree with the others, kick the payment up a bit and repay faster. You possibly have some big expenses coming up with childcare and housing.
I assume you have contributed heavily to retirement if you have $20K in savings. If not, I'd be shifting money to an 401/Roth first.
I agree with the others, kick the payment up a bit and repay faster. You possibly have some big expenses coming up with childcare and housing.
This post was edited on 7/21/14 at 10:57 am
1
Posted on 7/21/14 at 11:13 am to wiltznucs
Yes, my wife and I both put 10% in to retirement with varying employee matches. Unless we were to go on a vacation or something unforeseen comes up, we comfortably put $1000-$1500 a month into savings. I know that'll change once the baby arrives.
I kind of was thinking what josh said, don't want to blow through a bunch of savings when I'm going to need a large amount of cash possibly in the not so distant future. But the cash lost to interest does bother me.
I kind of was thinking what josh said, don't want to blow through a bunch of savings when I'm going to need a large amount of cash possibly in the not so distant future. But the cash lost to interest does bother me.
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