I’m considering moving out but need help with budgeting. My income is $16/hour, working 40 hours a week, resulting in about $1,600 monthly after taxes. Here are my monthly expenses: Rent $750, Gas $160, Therapy $200, Car Insurance $60, Groceries etc. $300, Apple Music $10, Google Play Storage $2, iCloud Storage $1, and I have $117 left over. I owe my mom $7,000 for car repairs and my brother $4,000 for car payments, which total $700/month. I also have $20,000 in student loans and $60,000 in charged-off debts. Any advice?
You really need to up your income or you’ll struggle to pay rent and debt. Consider whether moving out is necessary right now.
I agreed to those car payments with my brother, but I don’t have a teaching degree, just a psychology one.
If the debts are charge-offs, you might work out a payment plan instead of moving out. Focus on paying off your mom and brother first.
Short-term, stabilize your car situation and pay your mom $50-$100/month. Long-term, eliminate that $700 car payment ASAP.
Staying home is financially wiser right now. You could pay off your mom in about 9 months if you focus on that.
I’m in a similar situation, so I’ll keep following this thread for tips too!