Looking for budgeting insight!
Hello! I (24F, Arkansas based) hoping to get some help or even just some good tips on my budget, my debt, and/or how I can make it better! I've recently started to feel like I'm drowning a little, so I'm really trying to make it right and better! Any advice is wonderful, just please be kind.
💰 Income
Total Monthly Income: $2690
💸 Expenses
Rent: $350.00 a month (split with bf)
Car payment: $492.37 a month (Exeter Finance - 2015 Dodge Charger)
Medical bills: $50.00 & $91.00 (two separate hospitals every two weeks)
Phone: $65.00 a month (Verizon)
Internet: $69.99 a month (Connect2First)
Car insurance: $207.03 a month (Progressive)
Minecraft realm: $8.00 a month
Amazon: $8.00 a month
Spotify: $20.00 a month (for me and younger brother)
Gas: $250 a month
Groceries, shopping, etc.: $200 a month (split with bf)
💳 Debt Information
Medical Bill: $50/month (Balance: $438.38)
Medical Bill: $91/month (Balance: $361.49)
Car: $492.37/month (Balance: $15,607.11, 24.38% APR)
Credit Card: Balance: $3,456.03
- CAR: Starting with the car, because it's the roughest point to me. :( I have had the car for a year, and it was my first ever car purchase, so I KNOW that APR is horrible. Trust me, it FEELS horrible to see so little progress on the total this past year. I have attempted to reach out to my bank to refinance in order to lower that APR, but I have been rejected twice due to the credit balance I currently have. My thought is to get my credit card balance down ASAP in order to get the car refinanced! I have also considered attempting to trade in since seeing the expenses that come with this car, but I have no idea how that works...
- MEDICAL: I had some recent medical stuff come up and - luckily - I have pretty good insurance from work that helped a lot! I am still left with two separate bills from two separate places, and I have paid down on them a little already. To help clear that up, I am paying on it every two weeks when I get paid.
- CREDIT CARD: The main goal is to get the credit card balance down ASAP. I am hoping to pay $500 a month towards that balance, which will hopefully get it paid off in 6 months?
- PHONE: I am a pay-as-you-go phone person, and I have been since I was 17. I have recently considered changing providers though, because it is SO expensive for a phone that I hardly try to use.
- INTERNET: Connect2First is really the only option for internet out where me and my bf live. Country living lol!
- CAR INSURANCE: Having a sports car + making sure I'm fully covered on everything = $200 bill. :( Progressive was the lowest I could find at the time. I have not attempted to find a lower car insurance.
- GAS: ... yeah. It's $3.99 a gallon at the moment. I don't expect this to change, unless gas prices go down or I have a different vehicle.
- EXTRAS: I really enjoy having Spotify and Minecraft Realm lol! May delete Amazon subscription because they have not been great recently.
I apologize if this seems like a lot or too detailed lol! I just wanted to show how I was looking at things + wanting the best opinions for my situation! Thank you!