Hey I am currently 24 years old, making $52k/year - company doesn't offer a match so I am not currently enrolled in 401k and wouldn't be able to until March.
Debts:
Car: $16,159 @ 3.9% fixed paying $357 / month
Student Loan: $21,221 @ 3.66% variable paying $150 / month
Money
EF: $10k about 8 months worth of expenses
$416/ month into roth
Expenses $1160 / month
I have about $1555 available a month. I am planning on paying off either the student loan or the car debt this year. The problem with the car is I drive a lot for work (make .40 cents a mile but don't figure that into my income) so the value of the car right now is $12-14K.
Should I pay 16k on a car that is only worth 14k at best? or pay off student loan debt
Thanks for the help and advice is appreciated
Joe
Debts:
Car: $16,159 @ 3.9% fixed paying $357 / month
Student Loan: $21,221 @ 3.66% variable paying $150 / month
Money
EF: $10k about 8 months worth of expenses
$416/ month into roth
Expenses $1160 / month
I have about $1555 available a month. I am planning on paying off either the student loan or the car debt this year. The problem with the car is I drive a lot for work (make .40 cents a mile but don't figure that into my income) so the value of the car right now is $12-14K.
Should I pay 16k on a car that is only worth 14k at best? or pay off student loan debt
Thanks for the help and advice is appreciated
Joe