Hello all I had a question about the extra money I’m saving monthly from living off post. Currently E4 and rooming with 2 people so rent + utilities is split 1/3 between us. On top of that I have 15% going to my TSP already, an extra $200 on top of my normal car note going towards my auto loan, and yes I’m contributing to a separate Roth IRA. But it’s only been a few months so I haven’t maxed my IRA out just have done the monthly recommended amount to max it out yearly ($583 monthly so far)
So by the end of the month I’m saving a lot more than I’m used to so my question is where should I be putting this money to work effectively? On the subreddit r/personalfinance the step by step checklist says step 6 is to put 15-20% towards retirement, and then step 7 is save for other goals. Should I just skip to step 7 in this case and just keep the saved money in my HYSA? Or possibly put more towards my auto loan? With the extra $200 I’m already putting towards my car I’m on track to pay it’s off roughly 2 years early, but I didn’t know if I should try to pay it off even earlier.
Not sure if it’s relevant but for my personal goals I’d like to save for a property to either live in for awhile or rent out within the next 3 years so I’m not sure if I should put any extra money directly into my HYSA for that.
What to do with extra saved money monthly.
byu/Kind_Buy3564 inMilitaryFinance
Posted by Kind_Buy3564
1 Comment
Sounds like youre doing the right stuff. What’s your emergency fund look like? I’d use that HYSA to hold all my extra funds after I max out Roth IRA and Roth TSP. If you don’t want to increase your TSP allotment you can look at taxable accounts.