Quote:
Originally Posted by BMEPhDinCO
So it sounds like you do NOT pay for food, housing, utilities (other than phone & cable/internet)...
If that's the case, you have ~$774 a month available... so:
Month 1: Pay off Capital one visa ($650) + $124 to Chase
Month 2: Pay off Capital one MC ($650) + $164 to Chase
Month 3: Pay $874 to Chase
Month 4: Pay off Chase ($468) + pay $406 to personal loan + regular loan payment
Month 5: Pay $874 to personal loan + regular loan payment
Month 6: Pay $874 to personal loan + regular loan payment
Month 7: Pay $874 to personal loan + regular loan payment
Month 8: Pay off personal loan ($292) + $787 to savings
So at the end of 8 months from now, you would only have the cars left, assuming you haven't sold one or paid it off (you didn't say how much was left on them) and you would have 2 months of expenses (not including loans) in savings. For month 9, I'd bump that up to 3 months of expenses and then really hammer at the car loans... ideally in 1 year from now, you'd have savings, one or no car payments, and would be free to move past the debt to real savings...
Some other things:
1. don't think in terms of monthly payments, only total amounts - it sounds worse and that's a good thing since it will help you pay down faster!
2. It's good that you are helping your parents, but to the tune of $713.50 a month, that's quite a bit, even for "free" room and board.
3. At 23, you should start figuring out longer life term plans - do you want to go to school? buy a house? Start saving for those options as well...
good luck!
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Thank you so much for this post it is going to help me loads! I forgot to mention I have a Bachelors in Criminal Justice and I plan on furthering my education. I want to be a Warden of prison/ Write reform for Immigration those are my goals.
Buying a house is my whole reason for saving money, as I know it will take some time to save up a down payment for one. I just don't know where I want to live. Time will answer that question though. Appreciate it!