I’m reaching out here to get some advice and suggestions on my current situation/predicament.
Background: I’m 29/M and moved across the country a little over 6 years ago to pursue a career in entertainment. I have a job at a studio now, I love it, and make $45k a year including OT (I work 50 hours a week). However, I just started here and don’t see myself getting a raise or promotion in the near future (at least a year). I’ve started Lyft driving on weekends (which nets me around $100 extra per week ($400/month), if I drive for about 6 hours. I know I should be doing more of this, at least for the time being.
I’ve been struggling with debt ever since I’ve been out here, digging deeper and deeper in debt. That being said, I made so little at my first job, and between that and keeping up with the joneses out here and being a complete idiot with my finances, it has got me in the following trouble.
Debt – ($48k in total debt)
$1700 @ 22.99% (CC)
$5000 @ 19.50% (CC)
$4500 @ 14.99% (CC)
and $27k in student loans
I am ALSO paying down an Upstart loan which is currently at $10k (I pay $517/month on this and will end in Nov 2019) (I consolidated credit cards and then ran them back up again).
I’m really mad at myself, am under so much stress, and can barely even figure out how to approach this. I’ve been listening to Dave Ramsey, read tons of articles about debt management, personal finance, etc., and have started to take a more positive approach about how to handle this. Since the new year, I’ve been on a warpath trying to make things work and start to climb out of this massive debt mountain, but still have to keep pulling from what little savings I have in order to live.
Here are my expenses broken down (and yes, the answer is that I have done so much budgeting but still feel that I can never get ahead). Between all the debt payments each month, my student loans, car payments, rent, etc. I am saving so little (and have to keep pulling from it), as well as living paycheck to paycheck. I feel like I’m drowning with no help in sight. Each month the minimums keep going up (even though I’m paying the minimums and paying them on time). I have stopped digging (for now), but feel that I can NEVER get ahead.
Back to my working life, I want to find a side hustle that I can do that makes me more money than Lyft driving, but I feel as though I have no skills, or get discouraged every time I try to start something new and attempt to make more money. I’m overwhelmed with what options I have, etc.
Here are my expenses per month:
Rent - $892 (per person, split $1784 per month with my GF)
Car Payment - $211
Car Insurance - $195
Gas/Electric bills - $20 estimated
Gas for car - $75 (sometimes more if I lyft drive)
Groceries - $200 (per person - $50/week)
Haircut - $17
Cell phone - $58
Entertainment - $91 (includes streaming services, gym membership, internet) Upstart Loan - $517
Student Loans - $134
Between all credit card minimums it’s about $250, but I’ve been trying to pay $300. I save $50 per paycheck, so $100 per month, which ends up coming back and being spent on something else in order to live.
All this nets me not even $75 for spending cash, which is absurd. I feel like I’ve cut back tremendously but can’t even make ends meet! Please help!
Do I withdrawal from my 401K to pay off debt? I have about 6K in there I think? Try consolidating my debt even more? Ask family for help? Not sure what other options I have. I feel helpless. Please help!
Background: I’m 29/M and moved across the country a little over 6 years ago to pursue a career in entertainment. I have a job at a studio now, I love it, and make $45k a year including OT (I work 50 hours a week). However, I just started here and don’t see myself getting a raise or promotion in the near future (at least a year). I’ve started Lyft driving on weekends (which nets me around $100 extra per week ($400/month), if I drive for about 6 hours. I know I should be doing more of this, at least for the time being.
I’ve been struggling with debt ever since I’ve been out here, digging deeper and deeper in debt. That being said, I made so little at my first job, and between that and keeping up with the joneses out here and being a complete idiot with my finances, it has got me in the following trouble.
Debt – ($48k in total debt)
$1700 @ 22.99% (CC)
$5000 @ 19.50% (CC)
$4500 @ 14.99% (CC)
and $27k in student loans
I am ALSO paying down an Upstart loan which is currently at $10k (I pay $517/month on this and will end in Nov 2019) (I consolidated credit cards and then ran them back up again).
I’m really mad at myself, am under so much stress, and can barely even figure out how to approach this. I’ve been listening to Dave Ramsey, read tons of articles about debt management, personal finance, etc., and have started to take a more positive approach about how to handle this. Since the new year, I’ve been on a warpath trying to make things work and start to climb out of this massive debt mountain, but still have to keep pulling from what little savings I have in order to live.
Here are my expenses broken down (and yes, the answer is that I have done so much budgeting but still feel that I can never get ahead). Between all the debt payments each month, my student loans, car payments, rent, etc. I am saving so little (and have to keep pulling from it), as well as living paycheck to paycheck. I feel like I’m drowning with no help in sight. Each month the minimums keep going up (even though I’m paying the minimums and paying them on time). I have stopped digging (for now), but feel that I can NEVER get ahead.
Back to my working life, I want to find a side hustle that I can do that makes me more money than Lyft driving, but I feel as though I have no skills, or get discouraged every time I try to start something new and attempt to make more money. I’m overwhelmed with what options I have, etc.
Here are my expenses per month:
Rent - $892 (per person, split $1784 per month with my GF)
Car Payment - $211
Car Insurance - $195
Gas/Electric bills - $20 estimated
Gas for car - $75 (sometimes more if I lyft drive)
Groceries - $200 (per person - $50/week)
Haircut - $17
Cell phone - $58
Entertainment - $91 (includes streaming services, gym membership, internet) Upstart Loan - $517
Student Loans - $134
Between all credit card minimums it’s about $250, but I’ve been trying to pay $300. I save $50 per paycheck, so $100 per month, which ends up coming back and being spent on something else in order to live.
All this nets me not even $75 for spending cash, which is absurd. I feel like I’ve cut back tremendously but can’t even make ends meet! Please help!
Do I withdrawal from my 401K to pay off debt? I have about 6K in there I think? Try consolidating my debt even more? Ask family for help? Not sure what other options I have. I feel helpless. Please help!
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