Im 75% sure my car is on its last few months and am preparing for the inevitable. Theres only so much this 2007 Impala with 453,000 km can take before she decides to quit on me.
I put 2k into the car in the months of January and February and something may be up with it right now. I need to take it into the garage tomorrow. I feel like I'm just putting bandaids on a flesh wound.
Here is where I lay out my finances to you:
Student Debt
- $32,693.25 Federal @ a floating rate of 5.5%
- $20,150,51 Private with TD @ a fixed rate of 4.2%
Accounts
- Chequing - $10,644.11
- TFSA - $1101.36
- Mutual Fund - $2269.45
Income Recently started a new job in sales at 45k/year. After Blue Cross and Life insurance is paid it works out to be $1281 bi-weekly. I expect this to go up as time passes.
Expenses & Fixed Costs
- Rent/Utilities: 500/month
- Groceries: 150-200/month
- Car Insurance: 100/month
- Gym Membership: 47.15/month
- Federal loan: 377.35 (minimum)
- Private loan: 225 (minimum)
- Health: 170/month (for now)
Non-Fixed Costs
- Gas: Paid for by my company Reimbursed $0.52 per km for first 5k km in a calendar year. $0.46 per km after 5k km.
- Car Maintenance: $50/month
- Cell phone: paid for by company.
- Eating out: bit high, ~150/month
- New Clothing: ~45/month
- Hygiene: 25/month
- Google Music: 9.99/month
- Allowable for Extras: 100-200/month
So my situation sucks, but I'm optimistic that it's not hopeless if I am careful.
I should note:
- My parents are not well off, I can not live with them or depend on them financially at all.
- My goal is to pay off my loans as quickly as possible, but to not live paycheque to paycheque. I am scared to death of this.
- I want to save while I do this.
- I am from New Brunswick and am 27 years old.
- I do not drink. I do not do drugs.
- I am educated. (BBA & P. Tech)
I looked through the past 3 months of my spending history. I want to add I have spent 871.70 on a golf membership last week. And roughly $1500 so far going on my first trip outside of North America, I am heading to Italy in 3 weeks. It killed me to spend so much on these two things but I REALLY want this trip and I know these are more wants than needs but man. I just worked so hard, I really wanted to do something for myself.
Finally, what I am looking for is advice on what to do for a vehicle. I need one for work without question. It's a necessity.
I am not happy with my financial situation and would like any advice. My goals are simple. Pay down debt, save for retirement, to enjoy life and for a home. Buying a home is optional for me at the moment, I don't feel the need to buy one alone but if I ever meet the right person I would consider it.
If you need any other information please ask. I will respond. Sorry if I left anything out.
Edit: Formatting
Submitted May 10, 2017 at 08:30PM by MrBrucey http://ift.tt/2pySugr
