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I feel extremely stressed right now because I feel like there's no way out of debt. So, here it goes:

Single Guy - 26 years old

Income: ~3,000/month take home after Medical, Dental, and Vision (49,000 salary + Commission doing software sales)

Expenses: $2786/month if I'm thinking of everything here

Rent - $1075/month ($4300 total across all roommates)

Utilities - I don't know since my roommate agreed to take care of them since he dominates one room as a home office, but he's moving out June 1st and I'll need to cover these with my other 3 roommates

Car - $300/month lease

Gas - $300/month ($75 each time I fill up and I fill about once a week, maybe a little longer. My commute is 50 miles round trip every day)

Car Insurance - $150/month

Credit Cards - $175/month ($8500 in debt, I've stopped charging the cards. I got into debt because I had to loan my mom most of my money during her divorce. Chances of her paying me back are almost zero)

Student Loans - $230/month (I'm already on income based repayment)

Netflix - $10/month

Playstation Network - $15/month

Food - $440/month estimate (My company provides breakfast and lunch, so I only take care of dinner and food on weekends)

Gym - $20/month (That I don't use and am going to cancel today)

Cell Phone - $71/month at Verizon

Assets:

~$2,000 in Savings Account

~$1,000 in Cryptocurrency which I'm going to liquidate and put towards my credit card

~$3,500 in 401k that I just turned off my contributions to (no company match)

Edit: I live in Southern California. I can't do much better on rent. I've been looking for quite a while. My lease is up June 1, so I'm going to try to go month-to-month while I look for a cheaper place that is closer to work. The problem is that not a whole lot of people want to rent to 4 young guys. They look for families.

Edit 2: Thank you to everyone for your help! My take away from this:

  • Dump The Crypto (Completed)

  • Cook More (Spending wayyyy too much on food)

  • Driving way too far (trust me, I know). So either get a different car or move closer

  • Rent is too high, but honestly I'm in a high cost area so I don't think I can make much of an impact on this.

  • Balance Transfer credit card debt to a 0% APR card and aggressively pay that off



Submitted May 22, 2018 at 11:00AM by The_Brutally_Honest https://ift.tt/2IG0OFq

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