Hi everyone! This is my first post, so first and foremost, hello!
I hope I am posting this in the right part of the forum.
I am really lost as far as my finances are concerned... both mentally lost, and also currently dealing with out of control finances. I made a lot of mistakes, and sometimes even repeated those mistakes. I am seriously trying to get my life and my finances back in order, but there are many things that I am not really sure about, and i'm not really comfortable talking about with my friends and family. Luckily, I am in a position to turn things around. I want to be able to get married, have kids, and also live financially free. I am tired of being tied down by this. Anyway, here is my current situation. Sorry for the long post!
Income: $55,000.00 per year. I take home about $800 per week, and $3,200 per month, plus occasional overtime.
Debt: Student loans: $8,000. These are paid on time and in good standing. I also have credit card debt from a few years ago. I currently have about 13k in total CC debt. A few years back I had major problems (lack of job being the major one). Anyway, I all but stopped paying my CC's. Needless to say, I destroyed my credit, and I have been regretting it ever since. This leads me to my first few questions: is it worth it at this point to pay them back? Is there a statute of limitations on these debts? Will paying them back even help my credit? (I am ashamed to even ask this)
Monthly Bills: Currently, I have about $1,600.00 in fixed bills per month (not including any CC payments, obv). April 1st, this total will drop to $1,150.00. In 11 months, my car will be paid, freeing up another $200.00 per month, making my month expenses $950.00.
Savings, Investments, 401k: Currently, I have about $1,700.00 in mutual funds, $2,500 in my 401k, and about $300.00 in an Orange Savings account. Other than that, I am terrible with my money. I have poor habits that I am working on changing, and eventually eliminating. Quite honestly, I don't even know where the rest of my money goes. I do know that I don't want to live like this anymore.
Ultimately, I would like to save as much money as possible. I think my income allows for this, but this CC debt is really hanging over my head.
How much of my money should I be investing into my 401k? (No match, sucks I know)
How much should I be investing into a Roth IRA? Stocks, or Mutual funds?
How much should I be keeping in a savings account?
How much should I keep in an emergency account? (Car repair, Hospital visits, etc)
And again, What do I do with the CC debt?
Again, sorry for long post, and I appreciate anyone who takes the time to read and offer their advice. I am tired of being irresponsible, and I am tired of being held back by my poor choices.
I hope I am posting this in the right part of the forum.
I am really lost as far as my finances are concerned... both mentally lost, and also currently dealing with out of control finances. I made a lot of mistakes, and sometimes even repeated those mistakes. I am seriously trying to get my life and my finances back in order, but there are many things that I am not really sure about, and i'm not really comfortable talking about with my friends and family. Luckily, I am in a position to turn things around. I want to be able to get married, have kids, and also live financially free. I am tired of being tied down by this. Anyway, here is my current situation. Sorry for the long post!
Income: $55,000.00 per year. I take home about $800 per week, and $3,200 per month, plus occasional overtime.
Debt: Student loans: $8,000. These are paid on time and in good standing. I also have credit card debt from a few years ago. I currently have about 13k in total CC debt. A few years back I had major problems (lack of job being the major one). Anyway, I all but stopped paying my CC's. Needless to say, I destroyed my credit, and I have been regretting it ever since. This leads me to my first few questions: is it worth it at this point to pay them back? Is there a statute of limitations on these debts? Will paying them back even help my credit? (I am ashamed to even ask this)
Monthly Bills: Currently, I have about $1,600.00 in fixed bills per month (not including any CC payments, obv). April 1st, this total will drop to $1,150.00. In 11 months, my car will be paid, freeing up another $200.00 per month, making my month expenses $950.00.
Savings, Investments, 401k: Currently, I have about $1,700.00 in mutual funds, $2,500 in my 401k, and about $300.00 in an Orange Savings account. Other than that, I am terrible with my money. I have poor habits that I am working on changing, and eventually eliminating. Quite honestly, I don't even know where the rest of my money goes. I do know that I don't want to live like this anymore.
Ultimately, I would like to save as much money as possible. I think my income allows for this, but this CC debt is really hanging over my head.
How much of my money should I be investing into my 401k? (No match, sucks I know)
How much should I be investing into a Roth IRA? Stocks, or Mutual funds?
How much should I be keeping in a savings account?
How much should I keep in an emergency account? (Car repair, Hospital visits, etc)
And again, What do I do with the CC debt?
Again, sorry for long post, and I appreciate anyone who takes the time to read and offer their advice. I am tired of being irresponsible, and I am tired of being held back by my poor choices.
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