- 23M, one year out of college.
- Temp-job (full time) @ ~$600/week ~$2400/month
- Live w/ fiance who makes ~$3200/month
- Monthly expenses ~$3300 (Rent, utilities, and food are $1600)
- I contribute 50% of my earnings to our Joint account, and he contributes ~95%.
- My other 50% of earnings goes towards debt, savings, and personal discretionary.
- Our goal is to pay down all credit card/personal loan debt before our lease is up in October.
- Financial Snapshot:
- Credit Card: $5,000 (down from $6,775 on Jan. 1st)
- Personal Loan: $7,500 (down from $9,500 on Jan 1st)
- Student Loan: $40,000 (not our priority right now)
- Savings: $1,150 (up from $300)
- Retirement: $1,600 (up from $1000)
- Illiquid Assets: $600
- I used half of my $1500 refund to pay down debt and saved the rest. Please let me know what you think of my situation and if my goal (debt-free by Oct.) is even realistic. I am constantly looking for better-paying work, but now I think I should buckle-down and stick with a plan until I'm solvent. My cash flow has been tight since I left college, and this is the first time I've felt any sort of financial relief in a long time. I had no idea how emotionally exhausting it is to be in a perpetual state of debt. The only silver lining is that I am now extremely cautious about using credit.
Submitted March 07, 2019 at 08:45AM by macattack0101 https://ift.tt/2UpS2RN
