Help Me Create a Budget – I Want to Pay Off Debt and Start Saving

General
1

Hi everyone,

I’m looking for some guidance on how to budget effectively. I currently bring in about $4,900 a month, and here’s a breakdown of my expenses and debts:

  • Rent: $950
  • Monthly Bills: $530

Credit Card Debt:

  • Card 1: $244
  • Card 2: $245
  • Card 3: $5,412

Student Loans: $39,500

I’m really tired of being in debt and want to start saving, but I’m unsure how to balance paying off my debts with starting a savings plan. Should I focus more on paying off my credit cards first, tackle my student loans, or start saving for the future?

Any advice on how to manage my debt and savings would be greatly appreciated. Thanks in advance :roll_eyes:

2

Focus on paying off high-interest debt first, like your credit cards, starting with Card 3, since it has the highest balance. Make minimum payments on the other debts while attacking that one. Once your cards are under control, split your efforts between paying down student loans and building an emergency fund. Automate savings to ensure consistent progress.