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I want to go on a trip to attend a best friend's wedding in Costa Rica.
Age is 32, my income is $61,000/yr, I have a student loan of $13,000 (most of it at 2.5%) and the payment is only $120/mo., car loan 66 months remaining $260/mo. at 2.99% (original loan was for 72 mos.), savings are $10,000 which covers about 7 mos. of expenses.
Trip is going to cost me about $1500. My take home is around $2500, my monthly expenses $1500 and I save $1000 a month right now. I will start to apply an additional $500 towards my car until it's paid off and save $500/mo.
How much do you have saved towards the trip?
What other expenses are there (gift, new clothes/shoes/etc)?
Does the $1500 include rental car, food, drinks, and other expenses while there?
I had a choice kind of like yours to make several years ago... I did something I had never done before and spent money I wouldn't have normally spent before to make a dream of mine happen. I have never regretted doing it... I have some of the best memories. Within a year of that, I got sick and almost died and I have been even happier than I was, that I FINALLY did something for ME! I darn sure owed it to myself.
I say DO IT while you can and before you get tied down with even more bills and responsibility! Go without guilt and HAVE FUN... The memories will be priceless and you will always have them.
I want to go on a trip to attend a best friend's wedding in Costa Rica.
Age is 32, my income is $61,000/yr, I have a student loan of $13,000 (most of it at 2.5%) and the payment is only $120/mo., car loan 66 months remaining $260/mo. at 2.99% (original loan was for 72 mos.), savings are $10,000 which covers about 7 mos. of expenses.
Trip is going to cost me about $1500. My take home is around $2500, my monthly expenses $1500 and I save $1000 a month right now. I will start to apply an additional $500 towards my car until it's paid off and save $500/mo.
The trip means a lot to me, should I go or not?
Your finances are kind of shaky, but this looks like a one off event, so I would go.
Given what you put into savings, yes, you can afford to go on the trip. Set up a short-term savings fund, put part of your $1000/month into that account to save for events like this, a new TV, whatever. Since you are saving a significant portion of your income, you can live a little.
At 2.99% I don't know that I would be in a rush to pay off the car personally.
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