Hey! So yesterday I finally got rid of my debt. (Okay no that's not true, I have one credit card that I pay off every month that currently has $250 that will be paid off next week, there's my Quicksilver that has 0% interest until June and has $700 on it right now that will be paid off before then, and I have $500 on a 0% financing card with Amazon that I bought my phone on). I paid of my $7k car loan in less than a full 3 months!
Great, but I don't have a whole lot of liquid cash anymore. I had a plan for the next year that would max my IRA and give me about $4-5k by the end of 2019 in liquid savings. Now I have a deductible to worry about that I will definitely hit, and an HSA I really want to max without touching...
Here's my numbers:
Current Net Worth (Bank accounts - credit cards): -$450 Net Worth + Retirement Accounts: $17,194
Income: $30k gross, $25,237.94 net, $970.69/paycheck
Expenses: Rent: $200.00 (Incredible cheap due to me and my best friend's arrangement. But I can't rely on this forever. In my area, rent for my own place would run $800-$1200)
Utilities: $100.00
Storage Unit: $85.00 (Part of my rental arrangement, it's not really mine I just pay for it)
Car Insurance: $150.00 (Cannot be lowered, I've tried and it's just a waiting game for me to get older)
Gas: $75.00
Phone: $20.00
Gym: $15.00
Pets - Food & Litter: $60.00 (I've only got 2 cats, but I pay for all the stuff for me and my roommate)
Pets - Vet: 40.00
Other: $100.00
Car Maintenance: $50.00
Gifts: $20.00 (I don't think I spend this much overall honestly, one I hit like $200 in an account I'll keep it there)
IRA: $458.33 (To max)
HSA: $583.33 (To max)
Deductible: $145.84 (To theoretically hit the deductible, which is $1750)
I will hit the deductible because I go to weekly therapy. My therapist said that she would charge me $60/session until I meet my deductible and my health insurance kicks in. I also pay $71 every three months for birth control and I'm about to get started on anxiety medication, I don't know how much it'll be yet. They would kick in with 20% coinsurance until I meet my max out-of-pocket which is $4k. I haven't even figured this coinsurance into anything.
I hopefully expect to end this year with $1k in savings, after maxing my 2018 IRA and paying off credit cards.
Next year, based on these numbers, I'll spend $25,230.00. That's a whooping $7.86 more than I'll earn. Not including anything else random we all know will come up. I know I won't die because obviously I don't HAVE to max my IRA and HSA, and I could just use the HSA as a HSA instead of trying to treat is as another untouchable retirement account. I just really, really want to.
Obviously the thing to do is increase my income... I'm at lost at how to do so. I'm desperately trying to get a job in programming, but so far this has not panned out. I've been applying to anything I think would make more than $30k. Right now I'm an administrative assistant, I've only been there three months so I can't expect a raise soon.
Before this, I was considering going back to school to get my bachelors (Would cost $20k overall, but then there's my living expenses and I know I couldn't work fulltime). Now I'm not so sure.
Maybe I could get a part-time job. If I did UPS morning package handling for 4 hours (I could fit this into my 9-6 schedule), I could net another $9k, but I just don't know if I could handle it.
Very confused and stressed out here. I'm 20, for what it's worth. So I expect to be on this health insurance for the next 6 years. Any advice is appreciated.
EDIT: Forgot to note that I've been planning a $2k, 2-3 week trip to Scandinavia for like a year for next June... I still want to take this trip, but honestly might just not be possible.
Submitted October 27, 2018 at 08:05AM by SippinWineWithCacti https://ift.tt/2CHNGQ6
