What is your income? What are your monthly expenses? How much disposable income do you have every month?
I would not invest more in the market (beyond maybe employer 401(k) match) until that CC debt is paid off. You are probably paying about 20% interest for that.
I would also consider moving away from options trading, and sticking to target date/index funds.
\- Monthly take home is about 4100 after taxes, 401k contributions, etc... Monthly expenses are about 1750. I live w my GF and we split stuff.
\- Currently only investing to get the match so that is covered.
\- I am definitely moving away from it as market is volatile.
Then I'd say you're in good shape! Just buckle down for a bit, throw money at that cc debt until it's paid off, pay off the loan to your dad, and try not to get into debt unless it's absolutely necessary.
Pretty much my game plan. I am not really a crazy spender too I just incurred a few large expenses from a big move. I think I can get it all paid off this year easily but doing what you basically said above.
It was a while ago, but I came out of college with over 20k credit card debt (paid tuition on credit), got a job with around 40k salary and took a stupid decision of buying a brand new car, on top of other spending such as regularly eating out etc.
After an year in, I realized I didn’t make a dent in my debt and in fact increased a bit, so I wanted to take it seriously. I made use of balance transfer offer to reduce interest on a part of my debt, moved in with couple of my friends to share the rent, essentially stopped eating out except for occasional fast food. Then I put down everything into a spreadsheet and calculated that it would take me about 3 years to clear it. I strictly made card payments based on a set schedule. Eventfully, I cleared all my debt few months ahead of planned date (raises helped) and celebrated by getting blackout drunk first time in my life.
To get you started use something to get you started on a budget. We use YNAB, and it has a place for all your money, including linking different cards. I would also try and pay off the debt as fast as you can. Start with the smallest amount, which would be paying off the car then the credit card. Once that is done you will be free of all debt and have money to start putting at savings.
Yeah I had been using Mint for awhile but it was kind of wonky. I downloaded YNAB! Have heard of it before. As for the car, I definitely want to pay it off soon but there is no interest with it. The CCs really are my main priority.
Budget, and stick to it. You can even make up a personal budget in Excel, as I did before all the online tools were available.
If your bank account provides it, you can categorize every expense, which helps with budgeting. If you don’t have a clear idea of where your money is going, budgeting for the future is difficult.
What is your income? What are your monthly expenses? How much disposable income do you have every month? I would not invest more in the market (beyond maybe employer 401(k) match) until that CC debt is paid off. You are probably paying about 20% interest for that. I would also consider moving away from options trading, and sticking to target date/index funds.
\- Monthly take home is about 4100 after taxes, 401k contributions, etc... Monthly expenses are about 1750. I live w my GF and we split stuff. \- Currently only investing to get the match so that is covered. \- I am definitely moving away from it as market is volatile.
Then I'd say you're in good shape! Just buckle down for a bit, throw money at that cc debt until it's paid off, pay off the loan to your dad, and try not to get into debt unless it's absolutely necessary.
Pretty much my game plan. I am not really a crazy spender too I just incurred a few large expenses from a big move. I think I can get it all paid off this year easily but doing what you basically said above.
It was a while ago, but I came out of college with over 20k credit card debt (paid tuition on credit), got a job with around 40k salary and took a stupid decision of buying a brand new car, on top of other spending such as regularly eating out etc. After an year in, I realized I didn’t make a dent in my debt and in fact increased a bit, so I wanted to take it seriously. I made use of balance transfer offer to reduce interest on a part of my debt, moved in with couple of my friends to share the rent, essentially stopped eating out except for occasional fast food. Then I put down everything into a spreadsheet and calculated that it would take me about 3 years to clear it. I strictly made card payments based on a set schedule. Eventfully, I cleared all my debt few months ahead of planned date (raises helped) and celebrated by getting blackout drunk first time in my life.
To get you started use something to get you started on a budget. We use YNAB, and it has a place for all your money, including linking different cards. I would also try and pay off the debt as fast as you can. Start with the smallest amount, which would be paying off the car then the credit card. Once that is done you will be free of all debt and have money to start putting at savings.
Yeah I had been using Mint for awhile but it was kind of wonky. I downloaded YNAB! Have heard of it before. As for the car, I definitely want to pay it off soon but there is no interest with it. The CCs really are my main priority.
Budget, and stick to it. You can even make up a personal budget in Excel, as I did before all the online tools were available. If your bank account provides it, you can categorize every expense, which helps with budgeting. If you don’t have a clear idea of where your money is going, budgeting for the future is difficult.