This is a long post, and probably doesn't contain all the necessary details. I'd really like some help here, as I definitely don't have all the tools necessary to succeed in this money business.
Alrighty! I've been browsing PF for a while, and have determined my need for help! (Throwaway account activated)!
Situation - 25 yo, make 77k a year. Take home is around 4200 a month after paying into pension/CPP. I seem to have a problem with debt, as I can never seem to get it down.
Background - Grew up low-ish income, parents did an amazing job making ends meet, but they definitely struggled to do so. I have taken most of my advice from my parents, which may or may not have been good, not really sure. Currently make more than they would make over a few years, so I can't always tell if their advice is the best.
Graduated university in 2013 with ~15k of line of credit (rest was paid by working through school). Moved across Canada for work, but didn't pay down the debt immediately (didn't know better). Was paying at a standard Prime + 1 for a few years, had it down to about 9k. Credit card was paid, no other debts at the time (making around 55k per year)
Problem - Had 10k in savings, purchased a house with 5% down (didn't know better), because work covered the lawyer/other random fees. Used Credit Card for a lot of stuff you need when you buy a house that I didn't think about (+/- 4k). I was having trouble getting that back down, and I still needed some work on the house. Decided to take a consolidation loan at 9% for 20k, used to cover off credit card, school loan, and the remaining 8k was put into home renovations (which I did myself). Since then, money seems to be pouring out of me, for random stuff here and there (tracking it's all not mandatory, but again, I'm bad with money).
Pay 77k per year as of Dec 17.
Current Debts
Mortgage - 172k (2.54%) (house appraised at 224k before major renovations)
SUV- 7k at 0% (11 months remaining, purchased in May 13)
Credit Card - 4k at 19.99%
Furnace - 13k at 9% (Converted house from electric to gas to save me the 1k hydro bills in the winter and increase home value)
Monthly Expenses
Loan Payment - 400
Car Payment - 600
Mortgage/Prop Taxes - 1100
Cell - 120
Gas - 100
Hydro - 100
Cable/Internet - 120
I'm sure there are a few more i'm missing...
Total
2540 In monthly bills.
Question
What do I do with the remaining money... I have plenty of other liquid expenses (gas, food, entertainment, ect), but I never seem to pay down enough debt. My bank account normally sits around 2k, rising or falling depending on what bills are in/when pay comes in, but it never drops below 1k.
I constantly worry about money, like I could be doing a lot better for the money I make, but it's one of those things I always push off.
Surprises
I am expecting around 3k in backpay sometime in 2017
Filed a claim for a workplace injury, could pay anywhere from 20-100k, but it has had a life long effect on my true passion, which was sports.
Please help me!
Submitted May 16, 2017 at 11:55PM by Imbadwithmonies http://ift.tt/2qPHsZd
