Yet another Student Loan Paying Off Strategy
I have roughly $40k in student loan debt, and I live in NYC.
My question is what strategy should I follow given the financial situation I have?
Below are facts:
-I am 34, and working as an engineer.
-I pay roughly $500 a month (close to the minimum payment) for my student loan.
-I don't have an emergency fund to cover 3 to 6 month expenses, noir putting the money for it. I want to have the buffer soon, but not sure how...
-I have 401k with a match and also I am putting away $5.5k/anually for IRA for retirement.
-I don't have saving fund for a house downpayment, but I do think I need to start one.
-My fiance and I are talking about having a child, but I don't have any savings for it.
At the current budget, it seems it is impossible to save up any for emergency fund. How long does it normally take to save up that much?? I know it is depends of how much needed and how much you are putting away. I just wanted to know if that should be less than a year or over a year...? If I focus on emergency fund, it seems I can't pay off my student loan faster or save for anything else.
I am also interested in financial advisor/planner and the recommendation to find one is to ask around with my family, friends, or co-workers, but none of them use financial planner. What would be the next step? Find one in major banks such as Chase or Fells fargo?
I know there are lots of questions I have here. I think I am little confused myself.
Thanks in advanced!