Over the last year, I have paid off 85% of my CC debt, freeing up some of my income to pay debts/save. I am conflicted whether it makes more sense for me to aggressively pay down my private student loan, to save aggressively, or to do a 50/50 split of my discretionary income. 

**Currently own about 50k in student loans, divided below as such:**

* **Private Student loan with credit union** \- \~**$9,100 at 3.02%** \- min monthly payment **$225.** 5 year loan, paid off in Aug 2026 if paying on minimum. 
* **Federal loans** \- **$41,599.00** \- weighted average interest rate: **4.21%,** no monthly payments as currently frozen. Eligible for 20k forgiveness if it goes through, but I am not hoping on it. Once payment resumes next summer, I estimate my payment to be around $150/month with the new IPR plans. 

My remaining CC debt totaling about **$3k** on an AMEX card. Will have it paid off before the intro APR expires in April. 

I am currently making **$4400/month** after taxes (including health/vision/dental premiums, and contributing 3% to my company offered 401k plan.). I live in a HCOL. 

Within the next year, I am expecting a pay raise of $10-15k/year, with high probably of reaching $120k+/year in the next 5-7 years. I work in a field that is very minimally affected by a potential recession. 

**Current savings: $2,000**

**Retirement - 401k balance is \~$7,000.** I am 26 for reference on how close I am to retirement. 

My company matches 50% of the first 8% of pay contributed, which is vested after 3 years of service. Currently have slight a year of working at my current company. 

Total combined 401k balance is **\~$7,000.** I am 26 for reference how close I am to retirement. 

**Monthly expenses (minimums): $2,171**

* No rent/housing expenses as I live at home, but I pay the electric bill as an agreement - **\~$300**(taking the average through the year)
* Student loan minimum - $**225**
* Other debt minimums (including car, CCs, and installment plans) - $**1041** (lowering to $800 by March 2023)
* Other expenses(phone, car insurance, etc): $**605**

Did not include things like groceries, gas, and other misc. expenses in this, as it is easier to reduce how much I am spending and there are no minimums.

Finally, want to mention that my goal this year is to move out of my parents’ and move to another state (with MCOL) by fall, so having enough savings is important. 

I am open to all feedback. Thank you!
Firstly, congratulations on your progress so far in paying down your credit card debt and managing your finances. Your situation is quite unique and requires a tailored approach. Here are a few suggestions:

1. **Emergency Fund**: It's crucial to have an emergency fund that would cover at least 3-6 months of living expenses. As you're planning to move out, take into account future living costs in the MCOL area, including rent, utilities, transportation, groceries, etc. 

2. **Credit Card Debt**: Continue with your plan to pay off the remaining credit card debt before the intro APR expires in April. 

3. **Student Loans**: Given the interest rates and the potential for forgiveness on your federal loans, it may be more advantageous to focus on the private student loan. However, do not rely solely on the potential forgiveness and make sure to keep some money aside for these loans.

4. **401(k) Contributions**: Consider increasing your contribution to your 401(k) to take full advantage of your company’s match policy. It's essentially free money and can significantly boost your retirement savings.

5. **Savings vs. Loans**: After meeting your minimum payments and living expenses, split your leftover income between saving for your move and paying down your private student loan. You could adjust the ratio based on your moving timeline and how aggressive you want to be with your loan repayment.

6. **Future Pay Raise**: Once you get your pay raise, re-evaluate your budget. Consider using a portion of your increased income to boost your 401(k) contributions, increase your loan repayments, or build your emergency fund and savings.

Make sure to regularly review and adjust your plan as your situation changes. It's important to stay flexible and adapt to new circumstances. Lastly, consider consulting with a certified financial planner to help you make the best decisions for your situation.
### Human
Over the last year, I have paid off 85% of my CC debt, freeing up some of my income to pay debts/save. I am conflicted whether it makes more sense for me to aggressively pay down my private student loan, to save aggressively, or to do a 50/50 split of my discretionary income. 

**Currently own about 50k in student loans, divided below as such:**

* **Private Student loan with credit union** \- \~**$9,100 at 3.02%** \- min monthly payment **$225.** 5 year loan, paid off in Aug 2026 if paying on minimum. 
* **Federal loans** \- **$41,599.00** \- weighted average interest rate: **4.21%,** no monthly payments as currently frozen. Eligible for 20k forgiveness if it goes through, but I am not hoping on it. Once payment resumes next summer, I estimate my payment to be around $150/month with the new IPR plans. 

My remaining CC debt totaling about **$3k** on an AMEX card. Will have it paid off before the intro APR expires in April. 

I am currently making **$4400/month** after taxes (including health/vision/dental premiums, and contributing 3% to my company offered 401k plan.). I live in a HCOL. 

Within the next year, I am expecting a pay raise of $10-15k/year, with high probably of reaching $120k+/year in the next 5-7 years. I work in a field that is very minimally affected by a potential recession. 

**Current savings: $2,000**

**Retirement - 401k balance is \~$7,000.** I am 26 for reference on how close I am to retirement. 

My company matches 50% of the first 8% of pay contributed, which is vested after 3 years of service. Currently have slight a year of working at my current company. 

Total combined 401k balance is **\~$7,000.** I am 26 for reference how close I am to retirement. 

**Monthly expenses (minimums): $2,171**

* No rent/housing expenses as I live at home, but I pay the electric bill as an agreement - **\~$300**(taking the average through the year)
* Student loan minimum - $**225**
* Other debt minimums (including car, CCs, and installment plans) - $**1041** (lowering to $800 by March 2023)
* Other expenses(phone, car insurance, etc): $**605**

Did not include things like groceries, gas, and other misc. expenses in this, as it is easier to reduce how much I am spending and there are no minimums.

Finally, want to mention that my goal this year is to move out of my parents’ and move to another state (with MCOL) by fall, so having enough savings is important. 

I am open to all feedback. Thank you!

### Assistant
Firstly, congratulations on your progress so far in paying down your credit card debt and managing your finances. Your situation is quite unique and requires a tailored approach. Here are a few suggestions:

1. **Emergency Fund**: It's crucial to have an emergency fund that would cover at least 3-6 months of living expenses. As you're planning to move out, take into account future living costs in the MCOL area, including rent, utilities, transportation, groceries, etc. 

2. **Credit Card Debt**: Continue with your plan to pay off the remaining credit card debt before the intro APR expires in April. 

3. **Student Loans**: Given the interest rates and the potential for forgiveness on your federal loans, it may be more advantageous to focus on the private student loan. However, do not rely solely on the potential forgiveness and make sure to keep some money aside for these loans.

4. **401(k) Contributions**: Consider increasing your contribution to your 401(k) to take full advantage of your company’s match policy. It's essentially free money and can significantly boost your retirement savings.

5. **Savings vs. Loans**: After meeting your minimum payments and living expenses, split your leftover income between saving for your move and paying down your private student loan. You could adjust the ratio based on your moving timeline and how aggressive you want to be with your loan repayment.

6. **Future Pay Raise**: Once you get your pay raise, re-evaluate your budget. Consider using a portion of your increased income to boost your 401(k) contributions, increase your loan repayments, or build your emergency fund and savings.

Make sure to regularly review and adjust your plan as your situation changes. It's important to stay flexible and adapt to new circumstances. Lastly, consider consulting with a certified financial planner to help you make the best decisions for your situation.<eos_token>