Good luck I hope you can get this under control The reason I don’t say to throw it all into paying the debt and encourage the $200 monthly savings is because you never know what can happen and it’s nice to have some money even if it’s just a little bit and if you get anxious by month 6-7 of this plan you can throw the entire savings up to that point at the credit card debt and pay it in full and then you just have the pay day loan. Itll take a while but in a year or so you’ll be debt free and have some savings. Keep going until your done and hopefully get a raise somewhere down the line. The 3rd month you repeat and do $300 to the pay day loan and $200 to the credit cards and save another $200. In 2 months you are finished with the checking account and can go back to using it instead of an app that is probably charging you a fee and you’ve got $400 in savings. Next month repeat and pay the final $300 for the checking and put $200 into the pay day loan and $200 into savings. Pay 500 of your checking negative balance and keep $200 in savings. Gonna assume maybe your paying the same as me just for the sake of this post so that’s gonna be $1096 - $315 for both phone and car insurance is $781. Not sure if you have a car or phone payment but I’m guessing you do so subtract those. Rent is $1100 bringing you to 1296 I allotted $200 a month for food (gonna have to suffer a little bud) which brings us to $1096 left over. You make 35k which after taxes in cali is $2396 a month. You only gave me one bill to work with but here’s what I got. Gotta create a budget and do what you can from there. This is not a place to advertise your product.Īlways do your own research before acting on any information or advice that you read on Reddit. If you would like to participate in the community, please follow the rules. To debt relief companies, credit relief companies, and other businesses: /r/Debt is a place for discussion and community. Matters requiring monetary or other direct assistance should be directed to /r/Assistance or another need-based subreddit. While the mission of /r/Debt and /r/personalfinance are closely related, general finance questions unrelated to debt should be directed to /r/personalfinance. Please be vigilant and report spam to moderators by using the report button. Your comment or submission will be removed without notice and you may be banned. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īffiliate links, blog spamming, or spamming in general will not be tolerated. Don't feel like you're alone when it comes to being in debt, find people that are in a similar situation as well as seeking helpful advice regarding your debt issues. This subreddit is a place to discuss debt-related issues, debt management, collections, and more.
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