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Xavier has been working at his first post college job for almost a year when his company gives him a raise, resulting in a paychecks increase of 200, for a total of $400 extra in take home pay every month. He makes a quick list of possible ways to use that money, along with relevant notes for each.
Save for fun summer vacation trip in 8 months
Estimated cost= $1000
Interest rate-- 1% - savings account
3 friends are going -- really want to join
Pay off credit card debt sooner
Balance= $6,500
Interest rate-- 20%
Completely up to date on payments
Typically pay monthly minimum only
Pay down student loan dept
Balance= $34,000
Interest rate-- 4%
Completely up to date on payments
Increase Emergency funds
Balance= $250
Interest rate-- 1% savings account
Realize this should be much higher
Have been lucky so far-- haven't used the account once yet
Participate in company 401(k) plan
Not participating yet
Interest rate-- Variable
Company will match dollar for dollar up to 5% of my salary ($250) a month)
Finance Nicer, more reliable car
Estimated cost- $25,00
Interest rate-- 6%
Currently driving 14-year-old car paid for in cash at a time for purchase
No down payment currently saved
Provide a detailed plan, including actual dollar amounts, for Xavier to wisely use the extra $400 per month from his raise. For each part of the plan, briefly describe why you're making this choice
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