### Need some help making a money decison

Posted:

**Tue Jan 10, 2017 8:59 pm**Hi, so I just started with ERE as well as my first real job. I'm currently working as a low level IT guy (Full time temp is what they call it- for about a year contract). I'm making $13/ hour and work 37.5 hours a week. My current expenses are $510 for rent and groceries which I'm gonna try to budget around $50 a month, but I'm thinking my total monthly expenses will be about $600. Here is what I've crunched out number wise, please correct me if I'm wrong.

Income: $13*37.5 hours= $487.50 - 20% taxes (I'm not quite sure about this)= $390 after tax. This gives me about $1,677 a month (4.3 * 390).

Expenses: Budget $600/month. $1,677 - $600 = $1,077

So I'm guessing that within a year I should make $12,924 Or about a 63% savings rate. Talk about slave wage :/

My other question is that

I've currently got $29,164 in student loans at a 4.3% interest rate.

I'll start my payments in about 5 months for 120 months at $300 a month which would total out to about $35,992

Should I put my saved up money into a savings account or some other form of investment account with a decent interest rate and have that interest pay for the loan payments, or should I just pay off the student loan as fast as possible?

Thanks!!!

Income: $13*37.5 hours= $487.50 - 20% taxes (I'm not quite sure about this)= $390 after tax. This gives me about $1,677 a month (4.3 * 390).

Expenses: Budget $600/month. $1,677 - $600 = $1,077

So I'm guessing that within a year I should make $12,924 Or about a 63% savings rate. Talk about slave wage :/

My other question is that

I've currently got $29,164 in student loans at a 4.3% interest rate.

I'll start my payments in about 5 months for 120 months at $300 a month which would total out to about $35,992

Should I put my saved up money into a savings account or some other form of investment account with a decent interest rate and have that interest pay for the loan payments, or should I just pay off the student loan as fast as possible?

Thanks!!!