Yet another Student Loan Paying Off Strategy

[Masashi Borges-Silva]

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!

[Melissa Gittens]

@Masashi Borges-Silva did you consolidate your student loans? If not this should be your first step. Consider, Income driven payments until you are able to afford to pay more than what you are required to pay, while saving. 

Step 2, Review your household expenses and find ways to either cut unnecessary debits each month. Ie: stop eating out, prepare food for breakfast/lunch/dinner at home, consider taking shorter showers at home (yes you will still be clean and don't need to spend an hour in the bath), another tip is consider changing out light fixtures to energy efficient bulbs and lightfixtues, unplug cords not being used (while plugged in they still draw current), if you can  walk to work or ride a bike  or car pool that would save you money too. ALSO NO ONLINE SHOPPING UNLESS ABSOLUTELY NECESSARY, this was my vice., it was difficult to curb my habit.... its still a struggle to this day..lol

Step 3, Look at how much you are making each month, if you think you can make more money look for a higher paying job, or a part time gig that can help you save more money. 

Step 4: start shopping around mortgages to see if you can  get a better understanding of what you need to set aside and how much you may be able to qualify for. NOTE don't run credit unless you are absolutely sure you are ready to start looking for a home in the next 3-4 months. Pulling credit is a hard inquiry on your report and can have an affect on your score. 

Step 5: DO NOT GET PREGNANT!! LOL Although babies are an absolute Blessing, sounds funny but children are a major expense, I would suggest figuring out your living situation and your home purchase first if you can. And SAVE SAVE SAVE SAVE Then have the kids, you will be less stressed if you have a year's worth of reserves from either your income producing property or just from the savings that you have incurred from all of the steps that you took from the above!  <--- This wasnt a step for me lol but since you mentioned it in your post I wanted to touch on it. 

I am not a financial advisor but that majority of these steps I did take to better prepare my self and become mortgage ready