Without going too much into the details of how I got where I am, I made a series of terrible financial decisions.
I had a job that payed ~150k a year and so I always thought I was just around the corner from getting my debt paid off. My credit card debt combined with my partners is 35k and we have a combined $100,000 (1,500/monthly) in student loan payments with a $2500 mortgage.
We had actually dropped our debt from 35k to 27k ealier this year, but my partner lost her job and was out of work for a while. In that time it bounced back up as we were making lower payments. Then a few weeks ago, the bombshell dropped. I lost my 140k a year job and realized that my company was the only one willing to pay that for my work. Most other companies are offering ~100-110 for these skills, and it will take me a while to get there.
Now I know the basics of where I screwed up in the past and how to fix it. I have to start budgeting, cutting monthly expenses (mostly lifestyle expenses) etc. I have a $50 a month storage unit I barely use, so I'm trying to empty that.
However: I have a $2500 mortgage that I can barely afford when I'm raking in decent money. We live across a toll bridge from any decent jobs in our market and it costs us ~$15 daily to commute. My zEstimate has gone up almost 15k from what I paid for it 2 years ago. Do I sell and move into a cheap apartment or hold on for equity? If I do sell, it looks like I will barely break even. Is that throwing a lot of money away? The savings on a commute would be ~$300 monthly. Part 2, I have about 25k in savings/investments. Do I pull all that out and pay off as much of our cards as I can in a lump sum? Or do I leave that and work on paying off cards over time?
TL;DR - I have royally screwed up. I need to know whether it is better to sell the house or not, and whether to dump my savings into paying off debt.
Edit 1: Mint Budget
10,000 in monthly expenses on average.
$2500 mortgage
~1,500 on food/dining/groceries
~250/month car payment, around 500ish on commuting,
600 on utilities (144 on power, $213 on comcast which can definately be dropped)
$100 for a gym that can't be cancelled for another 11 months
$800/month in interest charges
$1317 in student loans
We tend to have ~100 or so in healthcare, plus a hundred or so on your misc walmart and target etc.
Travel is a big one for us as we spend a lot of time doing things in other cities. That is the rest of the expenses.
Edit 2: Mint includes tolls in Travel which is about $200/month
Submitted October 20, 2017 at 09:18AM by amsterdam9477 http://ift.tt/2zEfZL9
