I am 23, $9000 in debt, living paycheck to paycheck, and need money for upcoming expenses. How do I tackle all of this?
I have tried to set up a budget, but I feel like I am not making enough money to cover my monthly expenses and start paying down my debt.
I make 16.50 an hour and try to work 30 hours a week. I get paid bi-weekly and after taxes my checks range from 700-800. My re-occurring expenses are-
cell phone: $100/ month,
car insurance $250/ month,
credit cards min payments: ~$300/month,
gas: $35 every 5 days,
gym membership: $50.
I am also in a DUI court mandated program that add these expenses for 6 more months-
counseling center: $40/ week,
random drug testing: ~$20/ week,
BIID: $55/ month,
case management fees: $500 due in 6 months (I can break this up in payments),
lawyer fees: $850 remaining.
I drive an older car that is running, but needs about $2000 in repairs to last me at least 5 more years.
I am a photographer currently working at a studio, but I want to branch off to my own business. I need about $3000 to get the camera, computer, and equipment I need to start.
I am living with my parents, but my commute to work is 35 minutes one way. I want to move out, but I want to live alone. Rent would be about $615 a month plus electric.
I feel like the smartest thing is to tackle a majority of my debt before I move out, but with my monthly expenses, I don't know how to put aside enough money to save and pay off my credit cards.
Posted May 29, 2016, 7:20 PM UTC · edited