Looking to see if anyone would evaluate our situation and see how we’re doing or where to allocate what money.
I just graduated college in May, we got married in August, I am in construction management.
My wife is finishing up school in December, then will be available to substitute teach.
Net Income: $1000-1200/week, dropping down to $600 per week within a month or so (due to construction season ending in NYS.)
$600/mo rent & utilities fixed
$100/mo insurance (2007 Cobalt w/ collision, 2003 Silverado just Liability)
$150/mo Car payment (Cobalt only)
I start paying school loans in November, about $500/mo is what I’m looking to do. Is that too much? Should I look into less per mo. but a little longer for the time-being? My wife has one loan that will need to be repaid starting January, but she should be able to make about $1000/mo subbing and should be able to pay off all student loan bills. I know we need an emergency fund, I will have a good paycheck for a few more weeks now. Maybe I should save for the student loan payments starting in November, Save 3 months worth, then let my wife start paying off everything towards our loans. How much should I put into emergency? Should we be fine at what I’m making if we’re smart about grocery and gas money? I don’t have a good figure on gas, but it could be around $350 per month. I drive for work and get compensated at times currently, so I can’t get an accurate number.
How are things looking? Any tips?
submitted by bower4311
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