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Need a budget to eleminate debt and manage finances

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badcredit87
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Cash: $ 0.25

Posts: 1
Joined: 20 Oct 2016
Location: NY
Need a budget to eleminate debt and manage finances  Reply with quote  

Hello Smile

I am in a financial mess with nowhere to turn, I have put myself in this situation, I am aware of the severity of my situation and I am willing to do all it takes to get myself out. I feel overwhelmed and would like some assistance/advice from people who have taken the steps to get themselves out of debt. I don’t know where to start. I will divide my debt in two categories on credit report and off credit report. Would love help with a budget/gameplan. Thanks for your help

THE DEBT

Credit score is 550 currently On Credit Report

200 Old Navy (Closed- In COLLECTIONS)

200 Credit One Card (Closed- IN COLLECTIONS)

2000 (Paydayloan- On time with payments)

600 of 1000 (Capital one- on time with payments for 5 months but a history of missed payments)

500 of 500 (Capital one- On time)

900 (T-Mobile- In COLLECTIONS)

25 000 (Student loans- Not due, still in school)

Not on Credit Report

100 (Quest Diagnostics labs)

700 (Chase Bank)

400 (Hospital Bills)

2000 (Braces for Brother)

2700 of 4000 ( 401K Loan)

INCOME AND BILLS

Income

$2300 After Taxes

Monthly Expenses

$ 80 (401K Loan)

$ 370 ( Payday Loan)

$ 1263 (Rent)

$ 150 (Internet/Cable/Landline)

$ 150 (Food)

$ 200 (Braces)

$ 60 (Capital one Credit Cards)

$ 160 (Transportation me/mom and little brother)

$30 (Gym Me and Little Brother)

$ 120 (Electric, no adequate heat in winter/disabled mom at home no choice have to use heater)

$ 80 (Little Brother Allowance)

$ 80 (Me monthly extras)

$ 40 (Laundry for 3 people including one disabled (soiled sheets etc.)

$ 230 (Cellphones me and brother- I know this is outrageous but I am on the hook with sprint for another year because I have two phones on lease)

Total = APX. 3200

As you can see, I spend more than I earn, I bring lunch to work, buy my clothes second hand, but see no end in sight, I have used financial aid money to pay the rent etc. because I cannot afford it. I wish I could take a second job but with my mom being disabled and needing care, I am unable to.


Thank you for reading
Post Thu Oct 20, 2016 5:38 pm
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ken-do-nim
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Joined: 08 Sep 2016
Location: Mansfield, MA
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Step 1 - Know the interest rates of all your debt. Pay off the highest interest rate loans/cards first.
Post Thu Oct 20, 2016 7:42 pm
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ken-do-nim
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Cash: $ 15.40

Posts: 76
Joined: 08 Sep 2016
Location: Mansfield, MA
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Oh and step 2 - your income after taxes is $2300 but your rent is $1263? That's way too much on housing. You either need to get a cheaper place or get a roommate.
Post Thu Oct 20, 2016 7:43 pm
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