Hi all,
Just as the title says. I was working a dead-end job that I was unhappy with, and finally got the boot this past Wednesday (7/31). It was a sales job and I was pulling in approximately $3k-$4k per month. The reason I was fired was because I was "late", so I'm unsure if that qualifies me for unemployment where I live (New York State).
I've never been fired before, so although I feel a degree of freedom (at the moment), the weight of my financial situation is definitely starting to take hold.
Yearly salary: Approx. $52,000
Here is a breakdown of my current monthly expenses:
Expenses:
- Rent: $621
- Car (including insurance): $305
- $175 car payment, $2,559 left to pay, 3% APR, pay off date: Oct. 2020
- Student Loan: $159
- $33,866.13 total, 3.4%-6.8% fixed rate on each loan
- Streaming/Subscriptions: $48
- Phone Bill: $41
- Food: $681
- Medical (braces): $97
- Entertainment: $163
- Miscellaneous: $360
- Gas: $163
Total: $2,792
Credit Card Minimum Monthly Payments:
- Citi: $143
- Amex: $35
- MC: 117
- Barclay: $194
Total: $489
Monthly Grand Total: $3,281
Total Credit Card Balances (APR):
- Citi: $5,940 (17.74%)
- Amex: $2,766 (24.24%)
- MC: $2,149 (15.99%)
- Barclay: $1,355 (0%)
Total: $11,907
I plan on significantly cutting back on my food/miscellaneous expenses, as well as gas. I was also told I'd be receiving severance pay for the next 3 weeks (the company paid on the 15th and last day of every month). I should receive around $2,000 on the 15th, and I'm unsure how much I'll be receiving (if anything) on August 31st.
I also plan on pulling from my 401k; I can pull from it after my employment status becomes "inactive", which occurs after 2 unpaid payment cycles. I have about $4k that I can pull from.
What would you recommend I do to manage the debt I currently have, and avoid it ballooning as I try to gain a foothold on my employment status? I know I dug myself into a hole, but I'm hoping this situation will teach (or rather force me) to reevaluate my spending habits going forward.
Edit: I'm 28
Submitted August 04, 2019 at 07:32PM by elozio https://ift.tt/2Kwt7se
