How should I think about savings especially as layoffs may be happening more?

- pre MBA teaching/non profit career (no savings)
- 45k student debt
- salary is 7k /month take home
- cost of living( rent, food, etc): 3000 / month (the rest has been going to debt)
Should i keep a savings account and not pay debt ? Get LOC ? Safe investments? Anything else ?
Thanks

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I would have reduced that 3000, a year ago and aggressively tackled that 45k in loans. Then I would have saved as much as possible.

If shit hits the fan now, you will be treading trying not to drown but remember that I am always praying for your success.

Buona Sera

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Yes , he's on the search. We spent the evening reviewing each other's resumes.

Pay the debt out over it’s term - inflate your way out of it just like the US Govt. That’s a low rate. Better to pay it off slower, establish an emergency fund, max out your retirement, invest, then make an extra payment.

FWIW, my wife graduated with $110k in student loan debt. It is financed at 2.2% on a 30yr note. We joke that by the time it’s paid off you’ll be able to buy a Big Mac at McDonalds for what our monthly payment is.

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Make the minimum payment to debt until you have 3 months (or more) of living expenses saved then get back to it.

Get a LOC and/or a high limit credit card (don’t carry a balance) while you have a job.

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I'll have to see if they take a credit history from canada...thanks 9% is def better than a credit card.

If your student loans are still held by a federal servicer, I would've saved all of those payments while they're in forbearance until 9/30 if you don't have a solid emergency fund already.

Otherwise you'd have to cut down on living expenses. Is it possible to move back home until you need to return to an office. Maybe you can pay off debt aggressively.

May be worthwhile to do both if you can. I love an opportunity to aggressively ramp up savings and/pay off debt.

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School, debt, and home in another country...

Save up to a cushion then get done with the student debt. The mental pressure is not worth it. Get it done and stop thinking about it.

3k cost of living in NY is impressive. good job!

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Additional context the debt is 3.5 % interest. Is it worth the risk to invest vs pay back debt?

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