So due to depression and some destructive money tendencies I've faced over the last two years, I have gotten myself into a little bit of a financial jam. I am married and just had a kid at the beginning of the year and am in my early twenties.
Since a little bit before the kid was born, I have changed my ways and have been spending our money more wisely and have been saving. However, here is my financial situation:
Mortgage: $635/mo (renovated a foreclosure back in 2014)
Car: $215.40/mo (had to replace my wife's rebuilt title car in 2015)
CC debt: $11,200 ($325/mo minimum) this is the really depressing part.
wife's student loans: deferred to june 2017. She hasn't been working since august 2016 and she got a little bit behind on her payments. She owes around $800 in tuition that built up between her losing her job and filing for forebearance. Not sure what options we have here, any advice on student loans would be greatly appreciated.
Hospital bills: $1600 from having the kid. Paying $175/mo at the moment
Current income: $60,000/yr ($1155 gross/week, $762 after taxes, health/dental/life insurance, 401k contributions, and $10 credit union witholding). So i'm bringing home $762/week with the above payments.
I really want to be able to plan to eliminate the massive amount of credit card debt i've accrued. If i can do that, i feel like my family will be in a great place to save a ton of money. My wife is currently a stay-at-home mom and probably will be for the next several months unless our financial situation becomes dire.
Any and all advice is welcome. I know we are idiots, but we are ready to pick up the pieces and do what it takes to put our daughter first and really plan for her future.
Thanks
April 20, 2017 at 11:02AM
