Help! Finances are starting to get out of control, worried could be broke in a few months...

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Hi /r/ PersonalFinance

Using a throwaway account to avoid being connected via my main account. Literally feeling like my head is underwater in my current situation, and reaching out here to see if there is any advice or help to get my finances back under control.

Quick Backstory:

Previously I was working overseas and while my financial situation with loans and debts wasn't perfect, I was actively in control and making strides toward financial freedom. Recently my mother was diagnosed with a rare and aggressive cancer, and only given 3 months to live. As a result, I returned to the U.S. to help take care of her during this difficult time; and to spend what remaining time I have with her while I can.

Subsequently this has taken a blow to my finances and now I'm starting to feel the pressure as bills mount and my savings diminish. Here is where I am at currently.

Credit Score: 700 - 750 depending on Bureau

Savings Account: $9,500 (Previously $19,000 before listed events occured)

Checking Account $4,000


Expenses

Auto Insurance $132.73 monthly

Health Insurance $272.55 monthly

Credit Card Balance *$2,045 balance, @ 9.15% Variable Interest.

Minimum payment $50/mo* Normally my balance is paid off each month, but I've had to over extend myself recently with purchase of flight and other unforeseen cost circumstances.

Federal Loan Balance $13,427.27 @ 6.8% Fixed Interest. Minimum monthly payment of $176.00

Private Loan Balance $76,053.21 @ 6.6% Fixed Interest. Minimum monthly payment of $875.50

Private State Loan Balance $4,853.53 @ 9.00% Fixed Interest. Minimum monthly payment of $51.00

Phone Bill $65.00


Total Minimum Monthly Payments = Approximately $1,600

Previously I was making around $5,000 to $6,000 monthly while working overseas; sometimes more, but at current I'm back in the U.S. and have been unable to find new work. So I have no income at the moment and I'm starting to lose all my savings while trying to quickly readjust to the current situation.

No Car payment, bought a used car outright for $1000 to get around town, visit to hospital, looking for work, etc.

None of this is ideal, and I'm now concern about handing upcoming costs of funeral, burial, etc. Father lost his business a few years ago, and has practically no money to contribute.

Obviously the real big item here is quickly finding a new job stateside Until that happens however, I'm afraid I'll be broke or near broke within 3 months time. Checking account will last me until end of August.

Savings account will technically add three more months, but I want to avoid losing that money and going broke, as I will have no other recourse if that happens. Also worried about new unforeseen costs creeping up too.

Regarding Rent & Food

Currently staying with a friend so do not have to worry about rent, although this will not be available indefinitely. Food costs are being kept to a minimum, but conservatively coupled with gasoline costs, approximately $300 monthly. This brings my total monthly expenses to around $2000/month


I feel blindsided by the events that have occurred and now starting to feel the pressure. I'm trying to be there for my sick mother who won't be here much longer, but also running out of time to stay afloat and sustainable. Actively applying, calling, e-mailing, and pursing job leads; but the job market where I'm at hasn't good for a long time.

Starting to feel lost here - are there better ways for me to handle my current financial situation with everything that's happened??

Posted Jul 16, 2017, 9:51 PM UTC

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