Need help setting up my life

[peterj]

So at the moment i have completed 1 of my courses. I am now working full time earning around 950 per week. I start my new uni course of 3 years in around 8 months time. I have:-

car loan which i owe $9000
interest free finance laptop which i owe $2000

I live with my parents they do not want any money but i help them out.

I have a cell phone which cost me 70 a month

and my insurance is $185 a month

I was going to sell my car but i would end up still having to pay the same amount for a decent car that i already owe so it seemed stupid to sell it.

I have $5000 in my EF

I want to save during my time at uni as me and my gf want to do the things such as get married, buy a house. We will both graduate in the same year, i will be a nurse she will be a teacher.

I am currently 22 years old. By the time i finish all my degrees i will be nearly 26. She will be 23. I know this is not old but i wished i went to uni earlier. I spend most of my early 20's in managment for a music company. I know i have probably learnt a lot from this role but i feel like i have made so many bad life decisons such as being a typical guy here in australia and spending too much on a car, and getting stupid loans. I think back and think i could have had like $20,000+ sitting in an account if i was not such a tool.

How can i reach my goals. During uni i will be working around 3-4 days a week earning around 24 dollars and hour, and hopefully doing weekends which will see an 50% increase per hour on saturday and 75% on Sunday. I want to live comfortable. I always tell my girlfriend that we will both have decent income jobs when we leave uni but i feel as the male i should have already set my life up and should already be looking at housing and things...


Basically what i want to do it be debt free by the time i start uni so that way each dollar i make i can pump into an account for 3 years and have a hopefully deposit for a house and money for a wedding. My girl will be contributing to the fund aswell.

I have around 8 months, i can go a little over since if i pay it jsut about all down i can cover a few payments here and then to finish it off.

[buildmybudget]

Do you have a budget and cash flow projection? In tough situations like this, the best solution is a cash forecast that shows you exactly where you are headed...so you can see whether your goals are plausible and if you will run into any trouble spots. Create a budget that shows you this and you'll be empowered to make better decisions.

[jimmyengland]

if i were you i would add up your total bills for the next 8 months b4 u go to uni. compare that too how much money u r going to make (using excel for FREE) and see if this is even possible. I would then set yourself goals to stay on track. e.g. by 3mnths have 30% debt paid off, 6 mnths 70% and 9 mnths 100%. I would keep track of how i am doing and measure against the goals that you set. Also as you go review your bank accounts to see where you are spending additional income that u dont even realize and eliminate this from your spending. Personally I wouldnt worry about ur past and how much you could of had $$$$ wise. I would concentrate on the future and building your future with the woman. good luck

[snafu]

Don't waste energy beating yourself up for making financial mistakes. Just don't keep repeating the mistakes. My dad likened a big mistake I made..to picking up the cat by it's tail! You quickly learn a lot of about cats the scars and nasty experience helps you grow.

How will you get buy-in from your GF? Have you fully researched opportunities for scholarships, grants, loans for tuition and school expenses to avoid having a huge financial albatross at graduation?

Short term, try to negotiate a lower interest rate on the car and get it paid off asap while continuing on the no interest payments for the laptop. Does your cell phone contract include services you rarely use? Can you change it to basic service. [I really hate the fact that the phone makes me available 24/7]