Monthly Expenses/ Income Advice please

[YLTL_Dan]

Great Job!

You're killing it, keep up the intensity and you'll get this taken care of! It doesn't sound like you agree with the car advice, but I couldn't agree with them more. After I graduated from college, I was making ~$45k/year and I bought a Xterra for $28k. I couldn't take control of my finances until I got rid of those huge payments. I bought a used Volvo (AWD) for $10k.

When I got rid of the car payments, my life quickly began to change. I was able to pour that money into other debts and turn my situation around. I still think that one decision propelled me to where I am today. You can read about my breaking point and subsequent selling of my car on my blog - yourlifetheirlife.com/blog/how-i-paid-50000-debt-two-years-08212011

[SA Saver]

What is your reason to finance a vehicle?

Reason to have CC debt?

Why do you tracking your credit for $10? You get one free report per year from all 3.

Personal loan of $204 for what?

Internet for $85? Who do you have? Speeds? This is expensive.

My rule of thumb : NEVER finance a vehicle.

Always pay your Credit card bill in full every month. There are resources on the net for how much credit you should carry and how much you should spend each month.

Hello all,

My name is Michael and I am new to the site. I am a 23 year old Correction Supervisor and ARMY Veteran from Virginia. I currently live at home, as my parents do not want me to leave and I figured until I figure out where I want to live/ settle down.

My financial goals include to eliminate all of my financial debt and save towards a secure financial future!

My salary is $37,000 a year and I average no less than $1100 a check.

Here are my monthly expenses.

2005 Jeep Liberty my mother currently drives this vehicle due to hers being broken. $278

2011 Toyota Prius my daily driver. $478

Car insurance $143 a month full coverage on both.

Cell phone bill $150 a month for two phones ( I pay for my dads ) with data plan for my work.

Chase Credit Card: 60$ balance $1750

Capital One Visa Credit Card: $20. Balance: $650

Capital One MasterCard Credit Card: $20 Balance: 650$

Credit Keeper: Where i use to track my credit $10.

Personal Loan: $204

Internet: $85 for now.

Total monthly: $1761 give take a few dollars.

Monthly Savings:$559 a month. I have started to really crack down hard on my spending to eliminate the credit cards from me. I have good credit, I have NEVER been late on a payment in my 6 year credit history, But I know my credit could be improved.

Note: I receive $215 a month drill pay from the army.

Goals:

1.Pay off credit cards completely.
2.Pay off Personal Loan Completely.
3.Double the payments on the Jeep Loan until paid for.
4.Double/ Triple the monthly Prius loan if possible.

Continue my good credit history.

I am willing to take any advice given, I am young but already make good money in this economy and driven to succeed.

Thanks alot,

Michael

[playamwj12]

UPDATE:

Thanks for everyones advice in this forum. I have been busy at work and unable to reply.

ALL of my credit card debt is now GONE! so i'm very proud of that. I am able to put that $115 a month towards paying off other stuff now, I am also saving some money.

Michael

[BMEPhDinCO]

UPDATE:

Thanks for everyones advice in this forum. I have been busy at work and unable to reply.

ALL of my credit card debt is now GONE! so i'm very proud of that. I am able to put that $115 a month towards paying off other stuff now, I am also saving some money.

Michael

Great Job! What about the loans for personal and car? Any update on selling those?