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dev919

My situation

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Income -~~$1400 bi weekly

Fedloans student loans. - 30k~ish $167.15/mth

Rent - $1030/mth will be reduced to $975mth when gf moves in

Xfinity mobile -$87.15/mth

La fitness $70/mth

Credit Card maxxed out 10k(this is the most egregious). Minimum pay is $200/mth.

 

Once we move in together Aug 15. This will be all I am responsible for. Goal is to clean credit up enough to purchase a new car. (New car = another credit type ). Now her and I was working on our budgets lastnight and ill have basically a free check a mth. ( which inevitably will get ate up by a car note hopefully by october). She is paying the car insurance; such a lovely woman haha.

 

 

What advice/tactics. Please chime in. I look forward to all ur advice and comments

 

Ps. I didnt add in moving expenses because this scenario wont take place til after we move.

 

Pss. I am soooo tired of sharing a vehicle, and I have settled my entire driving life on automobiles. Ive never had that new car feel. Well this is the grind thatll get me there.

 

 

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I moved this to a place where you'll get some good money and credit management ideas. Doesn't sound like you need actual credit counseling. 

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I moved this to a place where you'll get some good money and credit management ideas. Doesn't sound like you need actual credit counseling. 

Ty. Where too??

 

 

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How many months worth of expenses do you have in savings?

Take a full assessment of all of your expenses.  You certainly haven't considered everything if your financial model assumes that you do not eat.

 

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2 hours ago, dev919 said:

Ty. Where too??

 

 

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You're there. :) It's the money management forum.

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I have about 3 months of savings lined up. And the food bill is variable but 150/mth on my end ( we split it). Not really doing fastfood since we are saving. Entertainment and dining out another $100 a month.


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A couple of questions come to mind:

Is that income gross or net? 

Are you paying insurance premiums other than auto, like renter's or medical?

What about utilities?

Do you never need new clothes, haircuts, gadgets?

How much are you putting into a retirement plan each month, either through your employer or on your own?

Does your estimated grocery bill include things like toilet paper, or is it just food?

What are you estimating as your total cost of ownership for this new car you want?  Taxes, gas, oil changes, repairs, parking fees, tolls, etc...

Are you still putting charges on that credit card or are you just paying it down now?

 

It appears by the numbers you are sharing, that your rent is only going to go down about $55 a month, but you say you'll have over $1000 monthly left over when this happens.  Which means you should have over $900 extra a month right now.  Where is that money going?  Why aren't you using it to pay down your credit card? 

 

I understand wanting your own car.  But first I think you both need to take some time and track where every penny is coming in and going out for a month or two to get a clearer view of your financial health.  

 

It's OK if you don't want to share the numbers here (though it makes it harder for others to help), but you need to make sure you know the real numbers yourselves, and not just guesstimates.

 

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