Here’s my situation..
Annual employment income: ~$18,000 combined. I work two jobs, one as a PT (~35hrs/wk) receptionist making $11.75/hr paid bi-weekly on the 5th & 20th (hours fluctuate with the seasons as the business is tourist oriented). The other job is a 1099 LMT at the same business, paid bi-weekly at $48-$101/session +tips, generally $20/client. I usually see and average of ~$300/pay-period from this job. Other Income: $195/month EBT Savings: $0 Checking: $20
Expenses:
Rent: $300/month with utilities included minus internet (aside from mobile hotspot, I don’t have it) and gas (cooking & heating, ~$120/year). I live on the same property that employs me, as well as most other staff. Gas & Car Insurance: $~218/month. Professional Liability Insurance: $60/qtr. Health Insurance: Free w/ Oregon Health Plan and no deductible/co-pay, however, I pay out of pocket for mental health services that are out of network with my health plan. My therapist is flexible about compensation. Other: my only dependent is my cat, who I spent about $150/month for food and litter. $20/month for Hulu and Amazon Prime. Other job-related expenses: $75/month for laundry, $60/month for oil, $10/month for ad-free music streaming. Possibly owing the Gov ~$550 in taxes, uncertain.
Debt:
No student debt!! Title Loan: $150/month average payments (Initial loan: $1,144 for engine repairs @ 25% interest for 12months; Min. Payment: $95; Principle due: $437.70). Total payback amount ~$1,500. Credit Card: unknown. I haven’t looked at this debt in a long time (5+yrs) and have no clue on its standing. Credit limit: $1,500, maxed, at unknown interest. Bank overdraft: $600 at unknown interest about 1yr overdue. I was stranded in the middle of the Nevada desert when moving from my home state to Oregon. I was leaving the CU behind, and felt OK with burning that acct and opened a new acct at another CU in my new town. Credit Score: abysmal. Probably around 500/550 last I checked about 8 months ago.
Circumstances:
My family has historically always been poor and, regardless of their bettering positions, none are in any standing to offer financial assistance aside from my mom paying for my phone, because she knows I’d rather go without having one and she’d never hear from me if she didn’t. Also, they all live a thousand miles away and moving back is a huge hell no. The college town I live in is small and heavily tourist dependent, so jobs are scarce and pay is usually at minimum ($10.25).
My goal is to form strong habits with budgeting and saving so that I can 1) reach $10k savings and min. checking acct. balance of $1k, 2) bite the bullet and pay off all debt, and 3) reach a minimum credit score of 700/750. Long term goals after most of this is achieved.
Thanks for any advice you have, and thanks for taking the time to read if you don’t! Hope this can offer help to others in a similar situation as well. Blessings!
[edit: clarifications]
Submitted May 26, 2018 at 02:11AM by jbo1993 https://ift.tt/2ILPzLE
