Hi all! I’ve backed myself into a dumb corner, but if I tighten the reigns up and budget very seriously, I am hoping I can clean things up a little bit hopefully before the economy gets worse and I end up underwater. Here is where I am at:
Income: ~3900/mo
Expenses:
- 1400/mo rent
- 570/mo car + 250/mo insurance + 100/mo gas
- 70/mo internet
- 90/mo phone
- ~100/mo electric
- ~100/mo cat supplies
I way overspend on my fun & food budget, but this is something I can cut back to $0 immediately. I probably have enough in my pantry/freezer to make do for a few months with a minimal grocery budget. However, the debt is what’s making this harder and I need help realistically budgeting this.
CC Debt:
- C1: 7477 balance @ 30.49% APR
- CU: 8852 balance @ 13.25%
- PP: 362.72 @ 0% until August (I’m currently paying $125 a month on this so this will be paid off without interest by August) + 259 @ 0% until October (this will be paid off without interest by October)
I currently have $765 in savings. I also have $27k in federal student loans which I have not started paying on yet as they are in SAVE forbearance still. I really feel like I need to catch up on my CC debt to be able to afford my student loans. Obviously I need to start with the C1 card which has a huge APR which is kinda fucking me over right now.
I am currently trying to supplement my income a bit by selling stuff I don’t need. I have stuff that could speed this up a bit, but it’s slow waiting on buyers.
This is my own fault obviously. I’ve tried using the spreadsheets out there and I’m really struggling to understand what is realistic and how quickly I can manage to get the CC debt under control. I’m a little too embarrassed to tell anyone irl about it, so I was hoping someone here might be able to help.
Thank you in advance to anyone who may be able to!