Need Help with Budgeting – Stuck Between Paying Off Debt and Saving

Seeking Advice Forum
1

Hey guys…

I’m in serious need of some budgeting advice. I bring in around $4,900 a month, but I feel like I’m stuck in a cycle of debt and can’t figure out how to start saving.

Here’s a breakdown of my situation:

  • Rent: $950
  • Monthly bills: Around $530
  • Credit card debt:
    • Card 1: $244
    • Card 2: $245
    • Card 3: $5,412
  • Student loans: $39,500

I’m so tired of being in debt and really want to start saving, but I’m not sure where to focus my efforts. Should I put more towards paying off my credit cards or start chipping away at my student loans? Or should I prioritize building up some savings first?

Any suggestions on how to tackle this would be super helpful. Thanks in advance :blush:

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I’d suggest starting with a small emergency fund first; maybe $500 to $1,000. This way, you won’t have to rely on credit cards for unexpected expenses. Once that’s in place, focus on paying off your credit cards. The high-interest rates on credit cards usually make them a priority over student loans. After those are cleared, you can start tackling your student loans with a more manageable budget.