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To-do list

August 8th, 2006 at 01:51 am

1. Calculate my income tax bracket so I know my actual take-home pay. Apparently, I screwed up my tax exceptions. Must fix, and adjust the figures.

2. Write a proper budget based on above post-tax pay. This might need to wait a few months so I can get a sense of what the ballpark range on bills will be.

3. Figure out how much to put into retirement, based on above budget. Maybe strategically take out enough pre-tax dollars to bump me into a lower tax bracket? Does it work like that?

4. Calculate the best way to pay off my student loans. All $23K of them. Shniff. Take into account the fact that interest rates on my Stafford will drop 1% next year if I make all my payments on time. And my Perkins has higher interest rates.

More as I think of them. Damn, being an adult is complicated.

Posted in Planning | 4 Comments »

4 Responses to “To-do list”

  1. baselle Says:
    August 8th, 2006 at 05:55 am 1155016513
    1155016513

    23K isn't too bad these days. Mine were 15K in 1984.

  2. PRICEPLUS Says:
    August 8th, 2006 at 08:12 am 1155024727
    1155024727

    Being an adult is as complicated as you want it to be. Lists are always good for getting things done. Way to go!!! Keep up the good work and those loans will disappear sooner than you think!Smile

  3. fern Says:
    August 8th, 2006 at 03:41 pm 1155051714
    1155051714

    In answer to #3, yes, do that! But if you can set aside more, do that, even better.

  4. amberfocus Says:
    August 9th, 2006 at 03:13 am 1155093194
    1155093194

    baselle: My loans would have been much worse had my university not capped how much you could take out, and made up for the rest with work-study and non-repayed grants. I still maxed out my loans, though. Smile If I didn't get a scholarship, I would be $150K in debt right now. I only wish I were kidding. So I completely agree--$23K is not bad at all. That still doesn't mean I'm thrilled about the debt, though. Smile
    Paul (priceplus): I kind of like being an adult. It's so fulfilling, working a job, making a paycheck, and being independent. I just wish I have this money business figured out. I'm really making an effort to take control now, before I accumulate too many regrets, mistakes, and I-wish-I-had's. I might even get a kick out of it once I know the ropes, instead of being stressed out. Smile
    fern: Dude! Really? I can't believe my off-the-wall idea is valid! Too hilarious! I'll definitely take advantage, then. Many thanks for the affirmation. Do you have any suggestions of how much to set aside? I want to take advantage of the tax shelter, but I also want to have enough money on hand in case I want to buy a car, or put a down payment on a house (not that I'm even close to that point, but still, it's a consideration against over-depositing in retirement, where you can't touch it for 40 years). Am I thinking too hard?

    ~mimi

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