22 y/o looking for some financial advice
22 year old full-time uni student here. I should be done with my classes by the end of this year with the grad ceremony next May. I'll end up with about 22k in student loans debt. The grace period is from late-December to May, meaning I go into repayment in June 2015. I expect monthly payments to be around 300/month?
Currently I have a part-time job (couple days a week with varying hours) that gets me around 1k/month. When I finish school, I intend to keep this part-time. I’m still trying to figure out what “job” I can get with my degree. So assume 1k/month income for now.
I live at home with family so living/housing expenses are minimal at the moment, at 200/month (cell phone bill, going out, transit, etc).
I have about 15k saved up, sitting in a high-rate savings account with 1.05% interest.
I’m looking to open a TFSA - have 26k unused contribution room. Where should I open it? A friend of mine recommends doing it at Industrial Alliance (http://www.inalco.com/english/individua ... a/tfsa.jsp) and then starting investments with funds. How different would this option be as opposed to say, opening a TFSA at TD or Coast Capital for example?
Another question, should I be buying life insurance? At my age, monthly premiums are “low”. 10/month for 100k Term-10, although it doubles to 20/month for the following 10 years, and increases more after that. Or instead of Term, should I look into UL instead? UL appeals in the sense that the investment portion from interest earned will eventually be able to cover the basic cost of insurance, so I don’t have to pay every month when that happens.
- 22k student loans debt, repayment starts June 2015
- current income 1k/month, from part-time
- expenses 200/month
- 15k saved up
- want to start TFSA
- investment options
- what about life insurance? UL?