Advice on possibilities with your financial situation

You’re in a strong position, especially considering your ability to save $600 monthly on a modest income. Here’s a tailored roadmap to help you build on this solid foundation and achieve your long-term goals like homeownership or starting a family:

1. Strengthen Your Emergency Fund

You’ve saved $15,000, which is excellent. Since your monthly expenses appear manageable, this likely covers at least 6–12 months of living expenses, making it a sufficient emergency fund. If not:

Aim for 6–12 months of essential expenses in a high-yield savings account to protect against job loss or unexpected costs.

2. Accelerate Student Loan Payoff

With $22,000 in student loans and the ability to save $600/month:

Allocate a portion of your savings ($5,000–$10,000) as a lump sum toward your student loans to reduce interest costs (if it won’t drain your emergency fund too much).
Direct a portion of your monthly savings to aggressively pay down the balance.
If your loans have a high interest rate (>5%), prioritize this as your top financial goal.

Debt freedom will give you more flexibility to save for a house or future family expenses.

3. Expand Your Investments

You’ve already started investing, which is smart. Once you’ve paid off your student loans:

Contribute to a Roth IRA or traditional IRA for retirement savings (up to $6,500 annually if under 50). A Roth IRA is ideal for long-term growth since withdrawals in retirement are tax-free.
If your jobs offer a 401(k) or similar retirement plan, contribute enough to receive any employer match. This is free money.
Use a taxable brokerage account for additional investing beyond retirement accounts. Focus on low-cost index funds or ETFs to grow wealth passively over time.

Even small, consistent contributions can compound significantly over decades.

4. Plan for Homeownership

Buying a home is achievable with thoughtful preparation:

Save for a down payment: Start setting aside part of your monthly savings toward a down payment (ideally 10–20% of the home’s cost). For a $200,000 home, aim for $20,000–$40,000.
Improve credit: Ensure your credit score is strong (700+ is ideal) to secure the best mortgage rates.
Explore assistance programs: First-time homebuyer programs in your area may offer grants or lower down payment options.

Owning a home can be a powerful tool for building wealth, especially if you buy within your means and view it as a long-term investment.

5. Budget for Kids

Having children is a significant financial commitment, but planning can help you prepare:

Start a “future family fund” once your student loans are paid off. This can cover prenatal care, childcare, education, and other costs.
Look into state-sponsored 529 college savings plans to invest for your children’s future education expenses.
Research your current insurance (health, life, and disability) to ensure adequate coverage for a growing family.

6. Maintain and Grow Your Lifestyle

While your income works for you now, consider long-term opportunities to increase it:

Skill-building: Invest in certifications or training that could boost your earning potential without significant costs.
Side income: Explore part-time freelancing or small business ideas for supplemental income.

Increasing your income—even modestly—can help fund larger goals like homeownership or family planning without significantly changing your lifestyle.

7. Use Your Savings Strategically

Your $15,000 savings is a solid start. Consider segmenting it:

$10,000 for emergency savings.
$5,000 toward your student loans or a house down payment.

Once your student loans are paid, shift your monthly savings entirely toward building your house or family fund.