Feeling like I'm falling

[jessejess13]

Ok, so I'm am a college student on my second semester of junior year. On Jan 6th, I out laid off of my job, had completly no notice. Due to this, my boss says you can work the month jan by training the person they are going to how. I get paid once a month and didn't receive my payment for Dec, so my check will consist of Dec and Jan payments. Let's say that is approximately $1300. I have a credit card balance of $900 (minimum payment $25) and phone bill of $120. I currently have $500 saved up. I didn't my taxes yet and made approx. $7000... so let's say I get back about $300 in taxes. What should I do to continue my saving and pay credit card bills. I was thinking of opening a second credit card to transfer some of the balance over. This semester I'm looking for another job, yet I really feel this is the time to get my GPA up again.

[disneysteve]

Ok, so I'm am a college student on my second semester of junior year. On Jan 6th, I out laid off of my job, had completly no notice. Due to this, my boss says you can work the month jan by training the person they are going to how. I get paid once a month and didn't receive my payment for Dec, so my check will consist of Dec and Jan payments. Let's say that is approximately $1300. I have a credit card balance of $900 (minimum payment $25) and phone bill of $120. I currently have $500 saved up. I didn't my taxes yet and made approx. $7000... so let's say I get back about $300 in taxes. What should I do to continue my saving and pay credit card bills. I was thinking of opening a second credit card to transfer some of the balance over. This semester I'm looking for another job, yet I really feel this is the time to get my GPA up again.

Welcome to the site.

First thing you need to do is cut up your credit card. You need to start living on cash only and not spending more money than you have.

Second, it doesn't sound like you got laid off if they are having you train your replacement. Are you eligible for unemployment benefits?

Are you saying you earned $7,000 for the year 2014? If so, then you need to take a really hard look at your budget. You can't have a $120 phone bill on a $600 income. Switch to a prepaid phone and use it strictly for emergencies.

So just based on what you've posted so far...

You have $500 in savings.
You have $900 in debt.
You are expecting a check for $1,300.
You are also expecting a tax refund of $300.
And you have lost your job.

What should you do? The answer to that really depends on what your budget looks like. What expenses are you responsible for besides the cell phone (which absolutely needs to go)? It also sounds like you aren't sure whether or not you will be working this semester. If you don't work, how will you cover your expenses?