Fresh out of college with debt

One of our community members asked the group on an honest case study with regards to his own personal financial situation which many fresh graduates face.

Let’s break it down!

Let’s call this anonymous contributor Alex who has graciously asked the group on his personal situation:

Background: Alex is aged 25 to 29 years old and just graduated from a local university Income: Drawing a $2.5k monthly basic pay Debt: Student loan amounts to $29k left to pay Expenses: Supporting family with $500 a month with other daily expenses Savings: Currently stand at $2k

It is clear he/she is confused between the allocation between paying down of his loan and building up savings. What happened next was really interesting with over 14 different community members from different backgrounds sharing their views on Alex’s situation.