NT: Official Personal Finances Thread

[af1 1982]

I usually budget myself $120 a week for living expenses ($20 gas, $50 groceries, $50 spending money) aside from my $750 rent and $150 in utilities.

About $1100 a month into investment accounts, $500 into $401k (15% pre tax + company match), and $300 into a savings account with my bank (trying to build emergency fund slowly).

So far it's worked for me but I have a feeling I'll need to adjust accordingly. Especially since I just graduated college and this is all new to me I have a feeling that I need to contribute less to investment accounts and more into a savings just so I have some sort liquid to pull from

 

[water runs dry]

FYI, there are tutorials on youtube on how to create a budget on excel. Take a look:

https://www.youtube.com/results?search_query=excel+budget+spreadsheet

 

[antidope]

I've drastically altered my attitude towards my student loans. I used to do around double the min, but I'm up to past triple almost quadruple the min. They're the bane of my existence and they literally cost me money everyday they're active.

A combination of a new job and different spending habits.

 

[af1 1982]

I was fortunate enough where my parents were able to put me through college. But my girl has some loans she's paying off. Says it's terrible because it feels like all the money is going to thin air. She's paying it off with every spare penny she has, God bless her

 

[still itachi]

I've drastically altered my attitude towards my student loans. I used to do around double the min, but I'm up to past triple almost quadruple the min. They're the bane of my existence and they literally cost me money everyday they're active.

A combination of a new job and different spending habits.

That's what's up, hit those loans hard...my girl pays $3000 a month in student loans. Her payment is only $1000 though. She does it because the thought of all that debt hanging over her head gives her serious anxiety.

She started with around 215,000 when she came out...not she's down to just over 100k.

 

[af1 1982]

That's what's up, hit those loans hard...my girl pays $3000 a month in student loans. Her payment is only $1000 though. She does it because the thought of all that debt hanging over her head gives her serious anxiety.

She started with around 215,000 when she came out...not she's down to just over 100k.

$215k

 

[capital sb]

 
That's what's up, hit those loans hard...my girl pays $3000 a month in student loans. Her payment is only $1000 though. She does it because the thought of all that debt hanging over her head gives her serious anxiety.

She started with around 215,000 when she came out...not she's down to just over 100k.

WOW 215K doctor or dentist? Very smart that she is paying more than the minimum , that interest would kill her if she didnt.

 

[agentorange]

That's what's up, hit those loans hard...my girl pays $3000 a month in student loans. Her payment is only $1000 though. She does it because the thought of all that debt hanging over her head gives her serious anxiety.

She started with around 215,000 when she came out...not she's down to just over 100k.

DAMN

 

[still itachi]

WOW 215K doctor or dentist? Very smart that she is paying more than the minimum , that interest would kill her if she didnt.

We're both pharmacists...she went to an expensive private school though.

 

[capital sb]

@Still Itachi  so you went to a more affordable public school I'm assuming?

 

[still itachi]

@Still Itachi
 so you went to a more affordable public school I'm assuming?

Yep...had full scholarship for 3 years too which helped to get me out with under 60k...which I paid off in 3 years.

 

[capital sb]

Yep...had full scholarship for 3 years too which helped to get me out with under 60k...which I paid off in 3 years.

Nice thats great congrats ! Frees up a lot of capital for you.

 

[sole searchin]

Student loans are taxing though. On the mind and spirit. My minimum payment is about ~2500/month and I took the 10 year payback plan rather as a good amount of people I know opted for the 20-25 year option.

 

[still itachi]

Student loans are taxing though. On the mind and spirit. My minimum payment is about ~2500/month and I took the 10 year payback plan rather as a good amount of people I know opted for the 20-25 year option.

I like to think everybody should pay off their student loans as quickly as possible (unless you have sub-3% interest rates)

However, I always advise everybody to elect the longer duration option. I feel you can always pay more if you have the wherewithal, but that way you retain flexibility in case you have a family emergency or something else happens that prevents you from working as many hours as you normally would like to.

 

[capital sb]

 
I like to think everybody should pay off their student loans as quickly as possible (unless you have sub-3% interest rates)

However, I always advise everybody to elect the longer duration option. I feel you can always pay more if you have the wherewithal, but that way you retain flexibility in case you have a family emergency or something else happens that prevents you from working as many hours as you normally would like to.

Same mentality I have. My minimum payment is $124 for the 25 year graduated plan. If I know I am going to pay off my loans in less than 10 years why would I sign up for the higher 10 year fixed payments? If there is an emergency and the extra $1200-$1400 that I would usually drop on the loan is needed I only need to pay $124 then handle the emergency.

No need to stress yourself out when you can change your payment plan for free and as many times as you want. No other debt allows this.

I have a lot of friends stressing over the 10 year payments when they easily can change their payment plan.

@sole searchin  that is a crazy high payment $2500/mo 

 

[dathbgboy]

At least yall are paying on your loans, I owe $100k from playing Van Wilder in undergrad, not that I had a lot of scholarships anyway though. Can't even make payments as I only make $30k/yr and can't find anything else paying more. I'm damn near stuck in this situation.

 

[bballkid11]

At least yall are paying on your loans, I owe $100k from playing Van Wilder in undergrad, not that I had a lot of scholarships anyway though. Can't even make payments as I only make $30k/yr and can't find anything else paying more. I'm damn near stuck in this situation.

You and me both Brother~!!!

Sucks really bad.....

 

[dathbgboy]

At least yall are paying on your loans, I owe $100k from playing Van Wilder in undergrad, not that I had a lot of scholarships anyway though. Can't even make payments as I only make $30k/yr and can't find anything else paying more. I'm damn near stuck in this situation.

You and me both Brother~!!!

Sucks really bad.....

Swear, not like I'm not trying to find something better. I'm learning web development and project management but nobody wants to take a chance on me here and u need capital to do your own thing. Catch 22 all the way around.

 

[bballkid11]

Swear, not like I'm not trying to find something better. I'm learning web development and project management but nobody wants to take a chance on me here and u need capital to do your own thing. Catch 22 all the way around.

Keep pushing bro it will come thru!! I try to have the same attitude and i know how frustrating it can be.

I am in Good Ole Michigan, barley anything here unless you want to work in "Gilbert Land" or a health professional.....I got my BA and almost have my MBA. I am working at a University which may seem big but I am only doing administrative work......I have tried to move around to bigger positions and network around here but nobody biting yet.....Hopefully soon!

I would like to pay on my loans...just not enough room on the budget for them with regular living costs.

 

[capital sb]

Swear, not like I'm not trying to find something better. I'm learning web development and project management but nobody wants to take a chance on me here and u need capital to do your own thing. Catch 22 all the way around.

It is going to be almost impossible to land a PM job with no experience, they just don't hire people with no experience for those jobs. Jr level PM jobs really don't exist so I wouldn't spend much time on that, I say focus on the web development and other languages. Somebody was saying those coding boot camps may be able to help you land a job I am not sure I would look more into it if that is the route you are trying to go.

Do whatever you have to do to gain experience. What was your major?

 

[dathbgboy]

Swear, not like I'm not trying to find something better. I'm learning web development and project management but nobody wants to take a chance on me here and u need capital to do your own thing. Catch 22 all the way around.

Keep pushing bro it will come thru!! I try to have the same attitude and i know how frustrating it can be.

I am in Good Ole Michigan, barley anything here unless you want to work in "Gilbert Land" or a health professional.....I got my BA and almost have my MBA. I am working at a University which may seem big but I am only doing administrative work......I have tried to move around to bigger positions and network around here but nobody biting yet.....Hopefully soon!

I would like to pay on my loans...just not enough room on the budget for them with regular living costs.

Same here in Pittsburgh. Heinz/Kraft is one of the biggest employers here and they just cut jobs again. UPMC (University of Pittsburgh Medical Center) and Highmark still going tit for tat.

Swear, not like I'm not trying to find something better. I'm learning web development and project management but nobody wants to take a chance on me here and u need capital to do your own thing. Catch 22 all the way around.

It is going to be almost impossible to land a PM job with no experience, they just don't hire people with no experience for those jobs. Jr level PM jobs really don't exist so I wouldn't spend much time on that, I say focus on the web development and other languages. Somebody was saying those coding boot camps may be able to help you land a job I am not sure I would look more into it if that is the route you are trying to go.

Do whatever you have to do to gain experience. What was your major?

Yea, I know that's why I opted out of taking the CAPM, it was a waste of money until I got the experience. I'm working in Free Code Camp which is a free dev bootcamp. It's recognized on LinkedIn so that's clutch. I'm also working on a website redesign and the person allowed me to run PM on it. It's not in depth but it's experience. Just gotta keep pushin.

 

[snaggykicks]

The only reason I joined the army at first was to avoid student loans. Feel bad for all the NT fam dealing with them smh

 

[water runs dry]

Anyone here have a savings account on an online bank? I'm not really experienced/knowledgeable about them, but I hear it's been a growing trend. I was thinking of opening one up for some short-term goals (saving for a car, or a vacation). Would that be a good idea? But what should I be looking for or be aware of before opening one up?

Any thoughts?

 

[HankHill]

Anyone here have a savings account on an online bank? I'm not really experienced/knowledgeable about them, but I hear it's been a growing trend. I was thinking of opening one up for some short-term goals (saving for a car, or a vacation). Would that be a good idea? But what should I be looking for or be aware of before opening one up?

Any thoughts?

I use Barclay. 1.0% APY. I just transfer funds from my checkings over to it. No physical locations -- you may consider that a downside since you can't just walk into a location to handle issues.

 

[crcballer55]

With an online savings account, the interest rate will be a lot higher than traditional banks but you're still earning close to nothing. Capital One 360 offers .75% & Ally offers 1%. Just found a bank called Northpointe in Michigan that is offering 5% up to $5000 as long as you swipe your card 15 times during the month and have direct deposit/direct debit. It's not the best interface, but the rate is unbeatable.

I have a credit union for those times when I need to walk into a branch, but have it connected to my online banks so I can easily transfer money back and forth.