My gf and I are both 19. Our financial situation looks like this:
My income: $1,200-$1,400/month depending on tips
Her income: same
Rent w/ water and trash: $700
Electric and wifi: $100-$150 depending on electric usage
Car insurance for me: $90 (I own my car)
Student debt for her: ~$10k. It has been more than 6 months since she has been out of school, so she has to start paying on it.
Student debt for me: $8,190 (currently) & ~$32k (estimated debt after completion of bachelor's, and I want to get a master's)
Medication and therapy for me: $70/month
Medication, therapy and regular doctor's appointments for her: $125/month (Currently, but she has been declining in her mental health so much recently that she has been missing work and her bills in this area will most likely increase when she actually starts getting that taken care of)
Credit card debt for me: $1k, minimum is $35/month (I know that I shouldn't be paying the minimum and don't plan to)
Food for both of us: at least $300/month
Gas (one of my jobs is takeout delivery) for me: $50-$60 /month
Misc.: ~$100-$200
Repairs that need to be done on my car: $400
Ok, so she has had a truck with no working A/C for awhile and we planned on taking it in to sell it and using that money to get a good used car for ~$6k, which would fetch a perfectly serviceable vehicle. Today she went with her Dad to go get said car and sell the truck. She got $6k for it, and then texted me while I'm at work, saying that the one she wants is only $18k and that her dad was talking about how great of a deal it is.
Apparently he also said that he would help with the payments, but when I asked how much he said he would do, I got a "however much we can month to month". Then she and her dad signed off on the car (he cosigned because she has no credit) and they left with the car and $250/month payments.
With this new bill, I feel like our entire financial situation is in jeopardy, and it adds an additional layer of insecurity to it on top of her already declining health.
Finally, if things work out and she shifts gears and wants to erase this, can we even take the car ... back? How would that work? Neither of us have ever done business with a dealership before.
Thank you!
Edit: responses that are detailed in their explanation of exactly why we can't afford it (eli5 style) would be greatly appreciated.
Submitted August 31, 2018 at 11:36PM by ryandollar27 https://ift.tt/2PVqRMY
