So I'm a 22 year old idiot who makes $13.00 an hour and has about $26k in debt from two different failed college attempts. No degree.
I want to get rid of this debt and move past this financial mistake. At this point I don't see the point in going back to school as I've already dug myself into a hole and don't want to make it any deeper, and clearly I'm too dumb/depressed for university at this point. I just want to get out of my parents house.
I'm including my loan stats/type, interest rates, and my budget.
*Wells Fargo - Private lender - 7.74 % - $2,998.59
*FedLoan Servicing - Unsubsidized - 3.00-4.66% - $8,357.53
*Navient - Parent Plus loan non transferable - 7.21% $15,135.75
*GRAND TOTAL - $26,490
*MY TAKE HOME PAY WITH TAXES: $1,500 per month.
CURRENT EXPENSES: *Navient - $192.00 (minimum)
*Wells Fargo - $50.00 (minimum)
*MyFedLoan - $84.00
*Cell phone - $20.00 month
*Gas for shared vehicle - $40.00 a month (only go to and from work)
*Gym - $10.00 a month (I go everyday, close to home)
*My photography website - $9.00 per month
*Food - $50.00 a month (dollar store foods)
*Entertainment - $50.00
*TOTAL - $505
*AMOUNT LEFTOVER AFTER EXPENSES: $995
MY GAME PLAN:
I figured I'd use the snowball effect for my loans. Start with the smallest, (wells fargo) and work my way up to my bigger loan. Throw that extra $900 towards it until it goes away, and so on, and so forth. I'll be totally miserable doing this, but this is what I deserve and no ones going to get rid of this for me so I have to deal with it. I've created a budget on Mint.com and have the app and set up alerts for everything to keep me on track.
Does this sound like a good plan to get rid of this debt?
Submitted August 10, 2017 at 07:27PM by showmeyourbassface http://ift.tt/2wMS2yX
