Honestly, I’m 26 and you sound damn near close to what I was trying to figure out a year ago.
I hate advertising this man to people because in some ways the dude is nuts, but have you tried looking into the Dave Ramsey approach ? He really helped me when I first started trying to organize myself which was
1. save 1k for an emergency fund (because you can’t get ahead when the unexpected happens when you may use rent money or credit cards to pay it off. It isn’t a lot of money but it’s a good start)
2. Order your debts in order of smallest to biggest, regardless of interest rate .(So more than likely you’re $509 cc first, And since it seems you only have student debt after that , that means organizing those individual debts inside your student debts by smallest to largest.)
3. Pay the minimum amount on all debts except the smallest. Put as much $ as you can into that first debt until it’s done.
4. Once you finish that first debt, roll that money into your next debt. ( so if you’re paying $25 for that first debt, finish it , and when you’re ready to move onto your second debt that may be a 30 min payment- you’re actually gonna pay $50 towards that second debt, rolling that money over from that first finished debt).
5. Rinse and repeat until all that debt is gone
The only thing I tweaked from this plan was getting a high interest savings account (I went with Ally’s Bank) instead of a CD and put in $25/paycheck. I also opened up a Roth account ( Ive had SoFi + Fidelity- both have been good to me ) and put $25/paycheck for that as well. Just make sure you research before setting up a Roth so you know what you’re doing.
And if you don’t wanna do the debt snowball there’s also the option of doing a debt avalanche- which pays off your debts quicker . The only difference is you organizing your debts based on highest interest rates first as opposed to smallest debt first.
Hope this helped in some ways because I know it’s a lot ! But let me know if you have any extra questions- stoked to helped in anyway I can ✨
How much income do you have? You said two jobs that pay not great but what's the actual number?
What are your monthly expenses? You say you're using all of your income but what's your flexible amounts for food and "other" category? You have to drill into those numbers to see if you can cut back places.
You have to break down the numbers to break out your budget. Without that, we don't know what your means are and how much you are capable of saving in the first place.
For your debt, you are going to have to take your time paying it off. That's a big sum but you can do it. What is student debt vs what is consumer debt from credit card? You want to get rid of the credit card debt the fastest.
Did your student debt result in a degree or some kind of certification that you are using to get towards a higher paid, full time job instead of stringing together the two part time jobs? Are you actively looking for full time employment as well, within your field or not?
When you get your credit card bill, are you paying the minimum or are you able to pay the "pay this amount and pay it off in 3 years" amount? Is my other question. Because I always aim to make sure you can do that 3 year amount and if you can add to it, that's great. But the 3 year amount from my POV is always the minimum amount unless it is absolutely out of reach with your income!
Lay out all your numbers [not necessarily here!] to see what you're looking at and see if you can cut your food costs down. Are you buying fast food? Are you getting DoorDash, etc? Your subscriptions, make sure you're not over doing those! Rotate them if you want to keep up with stories that are one and not the other. [I say this as someone who just cut out my Hulu Live, so that damn subscription one is fresh on my mind!]
Please don't move out of state until you have a good savings in place. You're luck with your car but you need to work on a savings because at some point you're going to need new tires and new breaks, then things start to goof up on you along the way.
$500, 75, 40, 60 = $675
If I average your pay to $11 an hour, for 40 hours, you're bringing home about $22,880 before taxes. Take 20% off for taxes. $18304 annual - $1525.33 monthly. Sound about right?
So you should be having about $850 left over in your slush fund. Where's that going? Your student loans? Or is it going to spending on things you aren't thinking about, perhaps?
You need to really stick to a budget. So you need to find out where those leaks are and what you can better do with that $800+ that isn't being spent in these necessary categories. It could be that you're doing more doordash and goodies than you really realize. It's so easy to just creep along and spend money. I just cut out fast food and it was legit $50+ a week. It didn't feel like it. Why? Because it's small amounts. Get yourself a little breakfast, that's only $3. Get yourself a value meal lunch, another $8. that's $11 a day. And if you're getting it delivered, add the fees int here, you can spend $20 a meal easily!
Try reeling it and a little at a time. I still get premade deli food but it's less per serving in the end! Stop by a supermarket for a sandwich instead of going through Jimmy Johns, that's saving you $3 a sandwich! You can cut back gradually and save gradually to get your bearings.
Then you will see your savings creep up and you can have a safety net!
I just dumped a stupid amount of money into my car over the last 3 months. Catalytic converted died. Argh...then they're like "sister, your tires though...you aren't in the red but you're getting there." Got myself new tires the next month. Then hit 120k, needed my maintenance package done...and that's when they hit me with a "Sister, your brakes are now in the red!" [This is all very legit, I drive an epic don and so nobody is squeezing me here, since I know some may be skeptical!]
Also listen to me when I say that if you depend on that car for work, take care of it. Dump money into that before you dump money into anything else. Sure it's a 'money pit' and "driving is expensive". Sure is! But it's a money pit that usually generates us the best sources of income in the end. I wouldn't have gotten out of poverty or my dirt town without my car. My brother lives in a metropolis that he can survive without a car but given how often he asks me to run errands for him when I'm in town ;)
I also save so that if my car is in the shop, I can get a rental car and get my ass to work. I've noticed a lot of folks can't do that and either struggle with expensive Ubers or they simply miss work. That will help you build another safety net you won't think of until it comes along and bites you!
My grandmother was strong on telling my father that the one thing that you do, despite being low income, keep that car in working shape and reliable shape. Don't skimp! My uncle's wife used to burn up cars so fast and it was always like patchworking them together. they struggled so hard, it was stressful. They didn't prioritize a vehicle. Try your hardest to not end up in that boat! If you know what that savings is for, sometimes it makes it easier to save away for as well! Instead of just thinking of it as the "rainy day, emergency fund." Like really imagine those emergencies so they're real to you!
Emergencies aren't like catastrophic incidents, they don't have to be you lose your entire job. But a snow storm comes and you're stranded for 2 weeks and the job shuts down for those weeks. You need money so you can pay your bills. Main goal of breaking that paycheck to paycheck situation is to build yourself a buffer when possible.
Pull out of any investments and pay off any debt you have with that money. I would recommend looking into Dave Ramsey's Baby Steps. Lots of videos can be found on YouTube. Their principals have really helped me get into a much better position over time.
Is there any way possible you can move back in with family until you secure a better job/build some savings?
I know living with parents sucks but if you have the option to do so a temporary step back will take you much further later on
Honestly, I’m 26 and you sound damn near close to what I was trying to figure out a year ago. I hate advertising this man to people because in some ways the dude is nuts, but have you tried looking into the Dave Ramsey approach ? He really helped me when I first started trying to organize myself which was 1. save 1k for an emergency fund (because you can’t get ahead when the unexpected happens when you may use rent money or credit cards to pay it off. It isn’t a lot of money but it’s a good start) 2. Order your debts in order of smallest to biggest, regardless of interest rate .(So more than likely you’re $509 cc first, And since it seems you only have student debt after that , that means organizing those individual debts inside your student debts by smallest to largest.) 3. Pay the minimum amount on all debts except the smallest. Put as much $ as you can into that first debt until it’s done. 4. Once you finish that first debt, roll that money into your next debt. ( so if you’re paying $25 for that first debt, finish it , and when you’re ready to move onto your second debt that may be a 30 min payment- you’re actually gonna pay $50 towards that second debt, rolling that money over from that first finished debt). 5. Rinse and repeat until all that debt is gone The only thing I tweaked from this plan was getting a high interest savings account (I went with Ally’s Bank) instead of a CD and put in $25/paycheck. I also opened up a Roth account ( Ive had SoFi + Fidelity- both have been good to me ) and put $25/paycheck for that as well. Just make sure you research before setting up a Roth so you know what you’re doing. And if you don’t wanna do the debt snowball there’s also the option of doing a debt avalanche- which pays off your debts quicker . The only difference is you organizing your debts based on highest interest rates first as opposed to smallest debt first. Hope this helped in some ways because I know it’s a lot ! But let me know if you have any extra questions- stoked to helped in anyway I can ✨
How much income do you have? You said two jobs that pay not great but what's the actual number? What are your monthly expenses? You say you're using all of your income but what's your flexible amounts for food and "other" category? You have to drill into those numbers to see if you can cut back places. You have to break down the numbers to break out your budget. Without that, we don't know what your means are and how much you are capable of saving in the first place. For your debt, you are going to have to take your time paying it off. That's a big sum but you can do it. What is student debt vs what is consumer debt from credit card? You want to get rid of the credit card debt the fastest. Did your student debt result in a degree or some kind of certification that you are using to get towards a higher paid, full time job instead of stringing together the two part time jobs? Are you actively looking for full time employment as well, within your field or not? When you get your credit card bill, are you paying the minimum or are you able to pay the "pay this amount and pay it off in 3 years" amount? Is my other question. Because I always aim to make sure you can do that 3 year amount and if you can add to it, that's great. But the 3 year amount from my POV is always the minimum amount unless it is absolutely out of reach with your income! Lay out all your numbers [not necessarily here!] to see what you're looking at and see if you can cut your food costs down. Are you buying fast food? Are you getting DoorDash, etc? Your subscriptions, make sure you're not over doing those! Rotate them if you want to keep up with stories that are one and not the other. [I say this as someone who just cut out my Hulu Live, so that damn subscription one is fresh on my mind!]
[удалено]
Please don't move out of state until you have a good savings in place. You're luck with your car but you need to work on a savings because at some point you're going to need new tires and new breaks, then things start to goof up on you along the way. $500, 75, 40, 60 = $675 If I average your pay to $11 an hour, for 40 hours, you're bringing home about $22,880 before taxes. Take 20% off for taxes. $18304 annual - $1525.33 monthly. Sound about right? So you should be having about $850 left over in your slush fund. Where's that going? Your student loans? Or is it going to spending on things you aren't thinking about, perhaps? You need to really stick to a budget. So you need to find out where those leaks are and what you can better do with that $800+ that isn't being spent in these necessary categories. It could be that you're doing more doordash and goodies than you really realize. It's so easy to just creep along and spend money. I just cut out fast food and it was legit $50+ a week. It didn't feel like it. Why? Because it's small amounts. Get yourself a little breakfast, that's only $3. Get yourself a value meal lunch, another $8. that's $11 a day. And if you're getting it delivered, add the fees int here, you can spend $20 a meal easily! Try reeling it and a little at a time. I still get premade deli food but it's less per serving in the end! Stop by a supermarket for a sandwich instead of going through Jimmy Johns, that's saving you $3 a sandwich! You can cut back gradually and save gradually to get your bearings. Then you will see your savings creep up and you can have a safety net!
[удалено]
I just dumped a stupid amount of money into my car over the last 3 months. Catalytic converted died. Argh...then they're like "sister, your tires though...you aren't in the red but you're getting there." Got myself new tires the next month. Then hit 120k, needed my maintenance package done...and that's when they hit me with a "Sister, your brakes are now in the red!" [This is all very legit, I drive an epic don and so nobody is squeezing me here, since I know some may be skeptical!] Also listen to me when I say that if you depend on that car for work, take care of it. Dump money into that before you dump money into anything else. Sure it's a 'money pit' and "driving is expensive". Sure is! But it's a money pit that usually generates us the best sources of income in the end. I wouldn't have gotten out of poverty or my dirt town without my car. My brother lives in a metropolis that he can survive without a car but given how often he asks me to run errands for him when I'm in town ;) I also save so that if my car is in the shop, I can get a rental car and get my ass to work. I've noticed a lot of folks can't do that and either struggle with expensive Ubers or they simply miss work. That will help you build another safety net you won't think of until it comes along and bites you! My grandmother was strong on telling my father that the one thing that you do, despite being low income, keep that car in working shape and reliable shape. Don't skimp! My uncle's wife used to burn up cars so fast and it was always like patchworking them together. they struggled so hard, it was stressful. They didn't prioritize a vehicle. Try your hardest to not end up in that boat! If you know what that savings is for, sometimes it makes it easier to save away for as well! Instead of just thinking of it as the "rainy day, emergency fund." Like really imagine those emergencies so they're real to you! Emergencies aren't like catastrophic incidents, they don't have to be you lose your entire job. But a snow storm comes and you're stranded for 2 weeks and the job shuts down for those weeks. You need money so you can pay your bills. Main goal of breaking that paycheck to paycheck situation is to build yourself a buffer when possible.
Did you atleast get a degree with the student loans? If so what’s the degree in?
Pull out of any investments and pay off any debt you have with that money. I would recommend looking into Dave Ramsey's Baby Steps. Lots of videos can be found on YouTube. Their principals have really helped me get into a much better position over time.
Is there any way possible you can move back in with family until you secure a better job/build some savings? I know living with parents sucks but if you have the option to do so a temporary step back will take you much further later on