Hello all, I'm 25, earning $4500 monthly after tax and I currently live two states away from my only parent, who is single, divorced and not currently working due to mental health issues. My parent is 45, is an excellent parent whom I love very much and keep in contact with every day but not too financially responsible and ran into massive card debts (shopping related, buys lots of irrelevant stuff), has very little saved up and defaults on mortgage and utility bills regularly due to the lack of cash (though my parent's attitude towads money has now changed and financial responsibility has set in). I wouldn't be anywhere near where I am today without my parent, who paid for my education, cared for me and doted on me like I was a newborn and didn't expect anything from me in return. So when I found out that my parent is fighting massive debts, I immediately contributed my share to paying off the debts of around $2000 monthly despite not being asked at all because I knew my parent wouldn't be able to pay it off anytime soon and will lose the house at that rate (also can't move in with me due to lack of space in my place and I don't want my parent to feel uncomfortable). That leaves me with about $2500 to budget on and pay off my credit cards, auto loan and insurance, food, rent, utilities etc. Here's a rough breakdown of my current budgeting:
Food -$200 ( no eating out as far as I can!)
Rent and utilities - $1300
Insurances - $300
Gas - $150
Internet, phone and cable - $90
CC payments - $100
Car loan - $250
Misc household and personal expenses - $50
So I have like $60 left to save and pretty nuch nothing to contribute to my retirement. I know the obvious answer here is to cut down on my largest expense (rent and utilities) by finding a different place to live in but I can't do that right now due to my job commitments. I need some financial advice to help manage my finances better for both me and my parent's sake. Thanks!
Submitted January 06, 2019 at 12:15AM by TimeCellist http://bit.ly/2AyUdL4
