I’m currently managing $72,000 in student loans—$36,000 in federal loans with a 4.2% average interest rate and $36,000 in private loans at 3.45% over a 15-year term. Right now, I’m making the minimum payments on my student loans.
Here’s how I’m allocating my finances:
- I contribute $150 per week to my Acorns account.
- I also put about $155 per week into my Roth IRA to max it out.
- My employer matches 1% for my 401(k).
I’m starting to wonder if I should be prioritizing my student loan payments more and reducing the amount I’m putting into Acorns. Here’s a snapshot of my financial situation:
- I bring home $4,800 per month (with an $81,000 annual salary).
- My rent is $1,250.
- My student loan payment is $735.
- I have $17,000 in my Acorns account.
- I’ve just started contributing to my Roth IRA.
Am I prioritizing my finances correctly, or should I be adjusting my strategy to pay down my student loans more aggressively? Any advice would be greatly appreciated!