Stretched thin financially and not sure how to get ahead

Financial Challenges Forum
1

I’m a 32-year-old male making around 105k a year, and my wife makes about 42k. We have a mortgage, two car payments, credit card debt, and student loans. After paying all our bills and expenses each month, we pretty much break even or sometimes go over budget a bit. We are able to make small investments monthly with a financial advisor, and I contribute 8% to my employer’s 6% 401k match. We also have an emergency fund and a small savings. I’m looking for advice on how to pay off our debt sooner and create more income. Any ideas?

2

It sounds like you’re doing a lot already with the investments and 401k. Have you thought about cutting back on any expenses?

3

Noor said:
It sounds like you’re doing a lot already with the investments and 401k. Have you thought about cutting back on any expenses?

We’ve tried to cut some expenses, but it’s hard when we have fixed costs like the mortgage and car payments.

4

Have you considered getting a side gig? A little extra income might help with those payments.

5

Masitsa said:
Have you considered getting a side gig? A little extra income might help with those payments.

Yeah, I’ve thought about it. Just not sure where to start. Any suggestions?

6

@Jesse
You could look into freelance work or something online. There are lots of options these days.

7

Maybe you could look into consolidating your debt? Sometimes that can help lower payments and interest rates.

8

Cameron said:
Maybe you could look into consolidating your debt? Sometimes that can help lower payments and interest rates.

That’s a good idea. I’ll have to research that more. Thanks for the tip.

9

Don’t forget to check if you can refinance your mortgage or loans. It could lower your payments too.

10

Dylan said:
Don’t forget to check if you can refinance your mortgage or loans. It could lower your payments too.

I’ll definitely look into refinancing. That might help free up some cash.

11

Have you set up a budget? Sometimes just tracking where your money goes can reveal areas to cut back.

12

Zane said:
Have you set up a budget? Sometimes just tracking where your money goes can reveal areas to cut back.

We try to stick to a budget, but it’s hard to follow sometimes with unexpected expenses.