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:
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Dump The Crypto (Completed)
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Cook More (Spending wayyyy too much on food)
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Driving way too far (trust me, I know). So either get a different car or move closer
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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.
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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
