I'll start with my numbers, text underneath. Original sums are in SEK, but I have included a USD conversion next to each category.
INCOME
29500:- monthly salary which is 21900:- after taxes $2619.00
1050:- stipend for child care $125.00
10 000:- side income (after taxes. Typically monthly but not always, it depends on how much work there is for me to do) $1196
32 950:- total $3941
BUDGET
9800:- Rent (all inclusive, utilities and internet) $1172
200:- Rental insurance $24
250:- Cell phone $30
800:- Childcare $95
3200:- Food budget $383
18 700:- leftover $2236 (8 700:- without side income) $1040
I've hit bottom, guys. I'm currently just under $20,000 USD in debt and just lost the place where my 5 year old daughter and I were living because I've been such a fuck up/not paying bills on time. I've also been struggling with depression, anxiety, and as I recently came to realize a small gambling problem. (The gambling problem is in remission. Lottery tickets were my way of buying time/coping with depression. I am attending GA meetings, haven't gambled in two weeks, and have cut off any way for me to play whatsoever for the next year if not longer.) I am also seeing a psychologist about my depression and anxiety.
What I've come to ask about is how best to hande my current situation, get myself out of debt and into a healthy place financially for myself and my daughter. As you can see from my budget, I have a relatively bare bones budget and am rather frugal. I am in the process of moving to southern Sweden which is significantly cheaper than the area I currently live in. The monthly salary stated is my current job (my new job down south has offered to match this). The rent is for the new place down south, and while it appears high, is all inclusive and means I don't have any fluctuating utility expenses and I know exactly how to budget. It's also very close to my new work and in the dead center of town in a very safe & nice area. Rentals are hard to come by in most parts of Sweden, so, beggars can't be choosers. I walk, bike, or take local transportation rather than owning & driving a car.
With the remaining money I have each month, what should I be doing first? Should I snowball my debt payments so I get rid of my debt as fast as humanly possible? Should I build a buffer first and then pay the debt? Once I am out of debt, how much should I proceed with savings and investments? I'd like to be able to have some breathing room/not have to be as strictly frugal once the debt is gone, but how much would you be trying to save if you were in my shoes?
Thanks in advance.
Submitted October 31, 2017 at 05:32AM by sweetenthedeal_0 http://ift.tt/2ygeZjb
