Kalee Terrill 2nd period
- No kids
- Plumber (41,700 a year)
- It cost $156,500.
- I paid a down payment of $3,913 which is 2.5% of the mortgage.
- I chose a 15 year fixed mortgage,
- Interest rate: 3.122%
- Monthly payment: $1,054
- 2016 Nissan Versa 1.6 S
- 36 month plan
- Interest rate: 2.44%
- Monthly payment: $338.66
- I put down the remainder of my inheritance after my house down payment which was $257.
- For my retirement, I have 5% set aside in my 401(k) plan. That's $173.75 a month.
- At the end of my budgeting plan I had $30.67 left which I added to my savings account.
- It will take me 47 years to build up my 401(k) to $1,000,000.
Student Loans and Credit card Debt
- My career did not require schooling therefore I did not have any student loan debt to pay off.
- I did not have any credit card debt to pay off either.
- One of the main challenges I encountered was not having a lot of money left over to put into a savings account or emergency fund. By the end of my budgeting I had just barely enough to afford a house, a car, and basic necessities.
- I tried to budget other non essentials efficiently and find the best deals in terms of my house and car.
- I learned that there is actually a lot of things that I will have to consider when I go to live out on my own. My parents pay for the majority of my things, so I feel like I've taken for granted the little things that my parents pay for like electricity, T.V., and cell phone bills. It's made me realize how extremely important it is to manage my money efficiently.
- It has made me look at money differently. I now realize how much money actually goes into buying just basic necessities and I will manage my money more efficiently as I go out to live on my own.