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Need help straightening out my Financial Life
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(Warning: Long Post/LOTS of numbers) Long Story short I have historically not good with money. I have just finished a lengthy court battle and although I won a few battles I feel I lost the war. Regardless I am at a point where I need to basically start over, and I want to know what is the best way to go about this. I am finally in a position where I can actually save some money as well as actually let my family have a little fun without worrying how we are going to pay for the next bill. As we have lived paycheck to paycheck for the last 10 years I am really wanting to make sure I don't screw this up.

I really just need to know what I pay off / What do I continue to pay monthly / What do I save / what do I put off and what do I do with the extra money that I accrue?

Goals:

Want to move closer to Job (Currently 50 minutes away)

Would like to look at getting a house before winter if at all possible. (Looking 100~150K Range)

Want to have a safety Net financially that is respectable

Wish to pay off all lingering debts incurred from court / unemployment

Rapidly Improve Credit Score

Intelligently Save / Invest remaining income.

Overhead Information:

Current Credit Score | 630

Current 401K | $4500

Work Grants | 5%

Work will grant up to an additional 3% is I contribute 6%

Current Savings / Income:

Savings: | $26,897.33

Income: | $1,959.37 | Bi-Weekly

6% 401K Deduction | $173.54 | Currently not Contributing

1.5% Daughter Acct | $26.79 | Currently not Contributing

Current Bills:

Rent | $625 | Monthly

Cell Phone | $224.25 | $90 is paid to me for this

Electric | $130.00 | Annual Average

Cable/Internet | $133.34 | Monthly

Car Insurance | $91.84 | Monthly

Gym Membership | $20.00 | Monthly

Laundry Budget | $40.00 | Monthly / Average

Church Donation | $200.00 | Monthly

Physical Therapy | $60.00 | Monthly

Living Expenses:

Gas | $350.00 | Monthly Average

Food | $400.00 | Monthly Average

Fun Money | $300.00 | Monthly Average

Current Loans:

Student Loans | $103.73 | $1,857.63 Remaining

Car Loan (9.8%) | $278.53 | $3,527.84 Remaining

Car Loan (3.9%) | $384.43 | $18,023.54 Remaining

Incurred Debts:

Personal Loan to Parents | $9500.00

Personal Loan from Friend | $1000.00

Credit Card | $3250.00

Various Collections Debts | $600.00

Various Medical Bills | $2600.00

Court Fees | $360.00

Car Maintenance (Not Critical) | $350.00

Various Identified Home Needs | $1700.00

New Cell Phone (Damaged) | $200.00

Apologies as I know this was A LOT of info, thank you very much for any advice you can give.

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Posted
9 years ago