Reply to Millennial making 45k - how feasible does this budget sound?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.[/quote]

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting. [/quote]

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?[/quote]

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings. [/quote]

[b]I would definitely advise you to build your emergency fund- 6 months of expenses[/b]- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans. [/quote]

I disagree on the emergency fund of six months.  First off, op is eligible for unemployment if she's laid off.  At her age and level it's much easier to find a new job.  She doesn't have a mortgage and can't be responsible for any repairs to her rental.  Really there is no reason to have a large sum of money sitting around in cash. She could probably use another 1-2k in case she ever had a car repair but that's really all she could use it for.

[/quote]

That is so not true. I cannot believe you are advising her to stop saving at 2k. What about an emergency health issue, down payment on a house, etc? [/quote]

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