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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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- 9 years ago
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