Hi everyone, I’m currently 23 F working full time, $38/hr 40 hrs/wk. I get paid weekly ~$1350 net pay each week.
I currently am budgeting each weeks paycheck down to a T and it has been driving me insane. I am super stressed about my financials for some reason; it’s not the fact that I don’t have enough money to pay my NEEDS, but it’s more of the fact that I don’t have much left over for wants.
Here are my financials:
• $693 /month for rent
• $320 /month for car loan
• $183 /month for car insurance
• ~$300 into savings each week ($1200 /monthly), which is put in a HYSA
~$275-300 /month for student loans
**THIS IS ALL THE MINIMUM**
With everything and how I budgeted, I’d have around $500 left over but that money will be spent on paying off two credit cards ($3500).
So in my checking I wouldn’t have much left,
I’m debating if I should use my credit cards for daily expenses (groceries, gas, etc) is that a good idea?
Any ideas on how to ease this financial stress? Or just words of encouragement? I’m struggling here.
Your math doesn’t add up. 1350/week is $5400. After your listed expenses you would have $2704. If you can’t survive on that there’s something definitely wrong with your financial decisions.
Definitely don’t use credit cards unless you pay them off before the interest capitalizes. If there’s even a chance of that happening, never use a credit card. Their interest rates are objectively insane and never worth paying. There’s always a better/cheaper way even if it gets to that point.
Stop putting $300 a week into savings and put that against your credit card debt. Possibly even take some money out of savings to pay the credit card debt off.
Saving about 25% of your paycheck is pretty high. Is that all of your saving that you are doing or do you have retirement (401k) money coming out of your paycheck too? What are you saving for?
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