Hi,
It took me a very long time to realize that I have been spending more than I make and owe and needed to make a change. I have made horrible financial decisions by applying for and using credit cards and personal loans like no one's business because it felt good to have money to spend.
I've written down my expenses and calculated my income.
I make $17 an hour and work 40 hrs a week as a line cook and wouldn't trade it for the world. It's the best line cook gig I've had in years and I don't know any other position like it could compare to how great the pay is, so changing jobs is not an option for me. It also feeds me, so buying food thankfully hasn't been an issue.
Breakdown:
Monthly income: $2098.22 after taxes and state taxes
Rent: approximately $600 a month
Gas/Energy: $95
Internet: $140
Now for the good stuff:
Credit Card and loan debt has an incredibly high interest rate ranging between 20 and 35 percent.
I have about 9500 in personal loan debt with a $425 min monthly payment
I have 4 credit cards:
1: $126.12 balance, $30 min
2: $159.65 balance, $62.54 min
3: $1,347.23, $41 min
4: $1617.02, $63.64 min
After doing the math on this I have $506 left to spend on necessities or to pay more on one of those debts.
So, what can I do to better my situation? Is there anything I'm missing and if so, what? Any suggestions?
I have already began to sell the things I don't need and I'll update on my progress.
Submitted October 22, 2019 at 09:14PM by MahDang https://ift.tt/2MC6zbu
