u/Proof-Peace-6068

Hi everyone! I’m 28 years old, live in New Jersey, and I’m looking for some advice on whether I’m prioritizing my finances correctly. I finally feel like I’m getting organized, but I’d love some outside opinions.

Income: $100,000 salary
Current debt:
Private student loan: approximately $71,750 at 6.75%

Federal student loans: approximately $20,000

Credit card debt: approximately $9,500

Car loan: approximately $7,900

Assets/Savings:
About $800 in my emergency savings

About $20,000 in my 401(k)

Monthly living expenses (excluding debt payments):

Approximately $1,100 to $1,300 per month including rent, groceries, gas, phone, car insurance, subscriptions, etc.

Car situation:
I drive a 2017 Kia Sportage with just over 100,000 miles and still owe about $7,900 on it. I’ve had to put money into repairs over the past year, and my check engine light is currently on. It’s been intermittent and I’m in the process of getting it looked at. I’m trying to decide whether I should keep driving it for a few more years while I aggressively pay down debt or start planning for a replacement before it becomes a bigger financial burden.

Long term goals:
Buy a house in the next 2 to 4 years
Get married around 2028
Build a solid emergency fund
Become debt free or as close as possible

I’ve worked really hard to increase my income from $55k to $72k to $100k over the last few years, and I don’t want to waste the opportunity I’ve created for myself. I know I have a lot of debt, but I finally feel like I’m in a position where I can make meaningful progress if I have the right strategy.

If you were in my shoes, how would you prioritize paying everything off? Would you keep driving my current car or start planning for a replacement? Would you focus more on debt payoff or increasing savings? Is there anything you’d do differently to set yourself up for long term financial success while also working toward buying a house and getting married in the next few years?

Any advice, lessons learned, or things you wish you had done differently would be greatly appreciated!

Hi everyone! I’m 28 years old, live in New Jersey, and I’m looking for some advice on whether I’m prioritizing my finances correctly. I finally feel like I’m getting organized, but I’d love some outside opinions.

Income: $100,000 salary
Current debt:
Private student loan: approximately $71,750 at 6.75%

Federal student loans: approximately $20,000

Credit card debt: approximately $9,500

Car loan: approximately $7,900

Assets/Savings:
About $800 in my emergency savings

About $20,000 in my 401(k)

Monthly living expenses (excluding debt payments):

Approximately $1,100 to $1,300 per month including rent, groceries, gas, phone, car insurance, subscriptions, etc.

Car situation:
I drive a 2017 Kia Sportage with just over 100,000 miles and still owe about $7,900 on it. I’ve had to put money into repairs over the past year, and my check engine light is currently on. It’s been intermittent and I’m in the process of getting it looked at. I’m trying to decide whether I should keep driving it for a few more years while I aggressively pay down debt or start planning for a replacement before it becomes a bigger financial burden.

Long term goals:
Buy a house in the next 2 to 4 years
Get married around 2028
Build a solid emergency fund
Become debt free or as close as possible

I’ve worked really hard to increase my income from $55k to $72k to $100k over the last few years, and I don’t want to waste the opportunity I’ve created for myself. I know I have a lot of debt, but I finally feel like I’m in a position where I can make meaningful progress if I have the right strategy.

If you were in my shoes, how would you prioritize paying everything off? Would you keep driving my current car or start planning for a replacement? Would you focus more on debt payoff or increasing savings? Is there anything you’d do differently to set yourself up for long term financial success while also working toward buying a house and getting married in the next few years?

Any advice, lessons learned, or things you wish you had done differently would be greatly appreciated!