Hey folks,
I just wanted to say I'm recovering from some mental health issues/addiction and I'm trying to right the ship. I recently got sober and faced my demons/reality and decided I would try to be kind to myself instead of self-destructive for a change. Part of getting my life together is getting finances back in order, obviously.
I make $3,050 a month, and this is the crazy debt I ran up over the course of 5 years that I'm trying to pay off:
| Name | Balance | Interest | Monthly Payment |
|---|---|---|---|
| Personal Loan 1 | $6,301.63 | 11.94% | $331.86 |
| Personal Loan 2 | $5,646.56 | 16.99% | $447.25 |
| CC1 | $16,125.61 | Var (29.99% highest) | $205.00 |
| CC2 | $2,856.97 | 19.24% | $500.00 |
| Car Loan | $12,409.69 | 5.74% | $314.07 |
| Total | $43,340.46 |
Other Monthly Expenses
Phone+Internet=117.47
Electricity=$70
Gas=$35
Rent=$775 (water/sanitation included)
Car Insurance=$72.19
Fuel=$30
---------------------------------
I'm trying the snowball method (currently on CC2 at $500/mo) because I just paid off my first card and saw the psychological benefit.
Can you share your thoughts on this budget/payment plan going forward? Thanks for letting me share this.
Submitted October 24, 2020 at 07:45PM by throwaway_12312313 https://ift.tt/37DHDLD
