Cancelled Wedding - Cleaning up Financial Mess - Help! What do I do first??
$2,200.00 – Monthly Income
$2,600.00 – Monthly Expenses
$ 400.00 – Monthly Deficit (Dipping into Savings Every Month) now that I'm living alone/have moved out.
Debt:
$15,000.00 – Credit Cards [FICO: 690 with 50% Debt Utilization] (New house / cancelled wedding)
Of my monthly expenses:
$550.00 – is Credit Card Payments
$270.00 – is Car Lease
Assets:
$ 4,500.00 – Nest Egg/Savings
$12,800.00 – House Buyout Money coming next week
$17,300.00 –Total Money On Hand
My car lease is up in October – I will need a new vehicle to get to work.
If I pay down credit card debt and raise my FICO score, I can either lease or buy a cheap car.
Goals:
NEED: New vehicle by October 15th
NEED: Emergency Fund
WANT: Pay down credit card debt/raise FICO score and debt utilization percentage
If I pay off 100% of my credit card debt and raise my FICO score, I’ll wipe out my savings account (and won’t have enough money to buy or lease a car). What’s the smart move here, so I have a car, have a savings account, and have less credit card debt?
I’m already working to raise my monthly income to cover the $400/month deficit (by job hunting a higher paying position & working extra hours until then).
How do I clean up this financial mess - Where do I start, what do I tackle first??
Submitted August 25, 2018 at 11:52AM by throwaway55558888 https://ift.tt/2PD2Wl6
