TLDR: I recently consolidated my debt and started a budget spreadsheet for the coming year and would like to plan a savings/ emergency fund, and for future investment. I'm hoping to sign another year on my lease to save some money, and move to a bigger apartment by Winter 2021. I need to build my credit from a 650. Right now I owe 16k in CC Debt, 10k on my car, and 5k from my student loans. 31k total.
I've been living on my own for about a year now. This is the first time I've had a chance to look at my spending for a full year, since I also started a new job last year. After reviewing my income for last year I averaged about 3.1 - 3.2 k/ Month. About 40 k after taxes, 50k before.
I recently consolidated 6.3 K of CC debt (5 cards, ranging from 23%-28% APR) into a loan from my credit union. New APR of 11.5%. My old Min Pay was about $290, and it is now reduced to $210/mo (196 min pay + insurance)
I owe about 31.5K total in Debt.(car, school, cc, new personal loan/ debt consolidation). See TLDR (top) for breakdown.
I drive a lot for work, so my budget for fuel and food is a little high. I do get reimbursed for fuel costs at the end of the month, and I should be receiving a work truck from my company in the next couple of weeks. Last year I put almost 40 K miles on my personal vehicle (current mileage 135 K) (3.5% APR ON $10K owed, remaining term of 29 Months. Min Pay 260) - 2012 Tacoma 2wd 5.7L appx. 18-22 MPG.
My student Loan is 5k with a Min. Pmt. Of $60 and APR of 16%. Not sure if I'll really find a better payment plan than that with my current credit score.
I'm a 25 yo Male. Does anyone have any advice for me? Whether it pertains to the layout of the Spreadsheet , or plans of action, all are appreciated.
Ive been considering refinancing my vehicle loan sometime soon, but my credit score is only appx 650. I'm really just looking to save money wherever possible, start an emergency fund, and possibly begin investing in the next 3-5 years. I also need to start rebuilding my credit, I'd like to buy a house or some properties withing the next 5-10 years.
Thanks for your time! :D
Edit: I know the column labeled "gross income" is mislabeled, ill fix it.
Submitted February 11, 2020 at 09:30PM by aba994 https://ift.tt/37kWw1R
