Help me determine my financial priorities regarding debt, savings, etc.

[Gandalara]

Originally Posted by houstan-dan

My income is far too much too high for my school loan interest to be tax deductible anymore.

But but but ... you didn't tell me that

[houstan-dan]

Originally Posted by ragnarkar

I'd also build an emergency fund.. I wouldn't prioritize it higher than paying off debt but maybe split 1/3 of the money you have left over after all the required debt payments and monthly living expenses are paid off.

Use 1/3 of the money left to prepay the highest interest debt.
1/3 into your Emergency Fund
1/3 into your retirement accounts.

THEN once you have at least 2 years of living expenses in your emergency fund, go all out on paying your debt and saving for retirement, starting with the highest interest loan.

1/2 in retirement accounts (if they're not maxed out)
1/2 for paying off debt.

Very true... I think that is pretty sound, especially regarding the emergency fund regarding the nature of my work.

Originally Posted by Gandalara

But but but ... you didn't tell me that

Haha you're right I didn't. In fact, I purposely left my income out, because if you guys saw how much I made, and that I only have around $2400-$2600 left over each month, I'd get a swift kick where the sun doesn't shine! Lol

After all my bills are paid, trailer, truck, student loan, cell phones, insurance, rent for rv spot, etc., I have around $5500-$6000 left over. I budget about $2500-$3000/mo to go towards, groceries, entertainment, travel, emergency expenses (i.e. my car has a 90k mile service due in April, will be about $900, but won't effect my overall budget)

I try and have extra savings on top of what I originally stated at the end of each month, but I can usually count on around the $2400-$2600. I'm just a realist and realize crap comes up. Another thing in May would be a surgery I'll likely have and my expense will be around $1000, luckily, May has 5 Fridays, and since I only "budget" for 4 paychecks a month, I get a 5th paycheck in May, which will cover that surgery and a vacation in July

[golfgal]

As long as you are saving at a rate that will get you to your retirement goals, there is nothing wrong with having spending money to enjoy your life. I still say max out your 401K, not just meeting the company match but putting in as much as you can legally. If I'm still alive when you retire-you will thank me . Once the wedding comes along, a couple kids, etc. your disposable income starts going away.

[Aggiebuttercup]

Max out your Roth IRA for 2013 (you have until April 15th to contribute for last year) and 2014. If your income is very high, then you will at some point in the not-so-distant future likely hit the cap and be unable to put money into one of these accounts. Stock as much away there as you can until you reach that point.