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Help me with my money…

Hey y’all,

Started a job that pays me $75,000 a year in California. That is $4,688 a month take home.

My health insurance is $100 per month, I have no auto loans, no CC debt, I live with my parents, I have roughly $28,000 in federal student loans. My student loan monthly payments are on the 10 year payment track, so it’s about $300 per month.

My employer offers a 50% match up to 6% of my gross income into a 401k, no brainer I’ll match that.

So just taking out the 400 for health insurance and student loan repayments, that’s about $4300 per month. And then roughly $375 a month for 401k, that’s $3925.

Should I aggressively pay off my student loans? If my math is right, I could pay like 2.5k a month and live off of and save whatever’s left and my student loans would be gone in about 12 months.

Or should I make the minimums and aggressively save for a house?

That’s all not including potential bonuses as well.

22 making around 7-10k a month. Confused on if i should buy a 40k car

So god has blessed me with an amazing job as a insurance broker which i love to do. Now i went from making barely 2k a month to making 7-10k a month. ( i get paid on commission and 7k is my lowest average per month) and i have never owned a car and now i’m in the market looking for a car. I’ve always been a huge fan of BMWs and i’m confused on if i should pull the trigger on a 2020 BMW 540i with 32k miles on it. i’ll be getting an auto loan for around 40k and my credit is at 735. Now the real reason i’m coming on here is because i don’t know if i should buy it or not. My monthly expenses are solely me and my GF phone bill. I live rent free and i just buy groceries so i have a lot of money to play around with and save but ultimately i just don’t know if it’s smart to put myself in 40k debt VS me fulfilling my dream of owning a 5 series so some advice would really help out guys !!!!

Would like some advice on investments.

I am currently in the military and my wife is working bringing approximately 4.5k per month. I am investing in my retirement roughly 400 per month.

My big question is. I have a reliable motorcycle on a loan,as my daily driver, a truck bought outright for 4.5k that I am working on and have at this point out in ~500 bucks to fix up. We have a 2019 Subaru forester as our daily driver and her driver to work vehicle. I have 30k in savings and my income and hers covers monthly expenses. I would like better direction on what exactly we should be doing with our extra income. Thank you for responses in advance.

Finance or buy new car outright? Lowest auto loan found is 5.24%

Hi everyone. I’m purchasing a new car in the LA area that has an OTD price of approximately $55,000. With financing rates as “low” as 5.25% (local credit union) and as high as 7%(dealership), I’m at a crossroads as it seems buying outright does not seem encouraged nowadays. Rates aren’t low as in the past where it seems investing could give a higher return than loan interest rates. My gross income is around 160-170k/yr. Is there any investment opportunities out there where it’d be worth to finance instead? Should I purchase outright?

Do I need to save more/ invest more?

26y/o making 75,000 USD
100 dollar monthly HSA contribution with 40 dollar employer match
5% 401k contribution 2.5% employer match
No debt
746 credit score with 3 cards 10k 10k 3k credit limits, always pay my balances end of month
Car paid off
Rent was 1400 for 14 months but now down to 800 starting this month

I have worked this job for a year, first raise was at 6 months 73.5k to current. Fresh out of school starting at $0 saved essentially

I have 14k in my checking account and 5.5k in 401k

My company offers a share purchase plan that i feel I should take advantage of but dont know how aggressively to use it. Pretty standard 15% share discount with no limitations on withdrawals. Maybe i should pump some of the money saved on rent into this?

Pretty much know nothing about making personal investments and if that’s something i need to start now outside of what ive already listed.

wanting to upgrade my office/ pc setup. 2-3k on that doesn’t sound scary to me as its my main hobby and i spend almost all of my time there working or gaming. Not sure if that’s reasonable or not given my current financial situation.

Main points being should i use the SPP more, am I spending too much, and should i start my own investments outside of work.

Roth if you aren’t going to be active with investment options?

I’ve proven to myself time and time again that I don’t get in there and analyze investment options and direct where contributions are going to go more than the initial selection… I’m not active in keeping up with what funds/options are best on any regular basis. Does the 401k match/max Roth/max 401k advice still hold true in this case? Are there Roth’s more suited to “inactive” participants?

Best way to pay off an unplanned expense

My cat had become sick so we took him to the vet and sadly he didn’t make it. After treatments and inpatient cost the bill was about $7,000. About a month or so prior I took out a loan to pay off my debt so I don’t think I could take another loan to cover the vet cost. Someone reccommend to me opening a new line of credit and moving the balance over to the new card so I can pay it off without interest. If possible what would be the best card to go about doing this? I would only need the card as a means to pay off the balance and then I’d close the line. Any help with this would be great

I need help… I cannot stop binge spending and feel out of control.

28 years old, $70k salary, and roughly $3000-$4,000 to my name, $5,000 in 401k. And the kicker, around 21k in cc debt. I used to have around $15k in cash and no cc debt, about one short year ago. Since then I moved into my own apartment, and just started spending on every damn thing you can imagine.

After my budget for rent, other fixed expenses and saving, I have about 900 I can put towards the cc debt. I met with a financial advisor, he helped me plan a budget and strategy to payoff the cards. But I can’t stop spending… on complete BS. I don’t know if I’m using it as a coping mechanism or something, but its kind of similar to binge eating. During the week I do great at keeping everything in order, but then the weekend comes and I somehow screw my budget on a night or two of going out, which ultimately further depletes my low savings.

I feel like I can’t stop myself from impulsively going out / spending(wasting), feeling terrible about it afterwards, and then find myself doing it again. As a matter of fact, I am writing this now after getting home from the strip club where I wasted money, and am currently feeling like shit about it.

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Please, I would greatly appreciate help with this.

Tackling debt seems impossible, what am I doing wrong? :L

Hellooo! I feel like I’m stuck in a hole and never getting out of my young adult debts. I feel like I’m trying but I look and it feels like there’s no progress. I’m a 25 y/o male with roughly about 20k-ish in debt spread between CC and personal loans. I don’t have a car payment, it started to have issues and I got out of it and cashed a car out, I pay about 350-420 for rent and utilities currently staying with my family member and I spend about 60-100 on eating out split between my girlfriend and I because sometimes I will buy her lunch at work. I’m working on cutting back on that and making food at home and taking it to work. Generally eating out less overall to cut costs.

I just started doing the snowball method with my debt and it feels like its working but also at the same time not working.

Between everything, I have 4.5k one a card, 3.8k on one and I did have 800 on one but I just paid it down to about 300-ish. Personal loans I have one at 5.5 and one at 6.5k.

I make about 750-1100 a every two weeks. depending on how much I work. I feel like I get a pretty decent pay but I’m only part-time and am considering picking up a second job, but I have the opportunity to pick up full time hours which is what I try to do when I can. My payment dates are all sporadic nothing is higher than 250 for my debt outside of rent and I was wondering if I should just move them all to the same date to know how much money I have or keep them as is. I feel like there are weeks where I pay out my bills and I have barely 100 bucks left to spend within two weeks.

I’m currently doing the snowball method and working on my lowest card which has currently 380-ish balance on it and then will tackle the next lowest. I feel like maybe I’m budgeting wrong? I totaled up everything and how much in total a month for bills and debt that I have to pay and how many hours minimum I have to work to afford the minimum amount of my bills and debt within a months span because being part time I can see a big cut in hours sometimes, but right now we are in a busy season so the hours are pretty consistent with being around 30-35 hours a week.

I feel like maybe just putting everything at the end of the month will help with knowing how much I can spend and not spend. Also what I can throw more at and when I can throw more at these mountains of debt. I understand I made a mistake by being young and dumb and I am paying the price. I froze all my CC so if I tried to use them it wouldn’t go through and only carry my debit card and venmo card as I occasionally do photography and video on the side and that’s how most clients pay me, but it’s VERY slow.

I don’t know. I feel like I make just enough to tackle everything and it’s not really that bad, but at the same time I feel like I’m struggling. I just want to know if it’s truly possible to consolidate this within a shorter time span other than trying to do it over the next 5/6 years and getting eaten alive by interest. I’m probably leaving out info but it’s late and mentally I have been struggling on this topic.

Advice on credit card debt and retirement?

I would like advice on whether, given my frighteningly poor financial situation (and if I can figure it out) it would be a good idea to withdraw from my retirement to pay off my credit card debt. Or at least part of it. Given the amount of credit card debt I am in, I know (and read in other posts here) that everyone says it’s penny-wise pound-foolish to withdraw from retirement to pay credit card debt, but in my case, it seems like it might be a good idea, especially since it would be for a relatively short time period. I guess I’m just wondering if there are any exceptions to this general rule of thumb, to always leave retirement alone.

I have had CalPERS for the last 4.5 years (which I know I cannot withdraw from), but prior to that I worked in a local government with its own retirement system for 4.5 years, and prior to that at a consulting firm for 2 years.

I struggled with undiagnosed bipolar disorder up until about 6 years ago, and a big part of this manifested in my spending and overall deranged behavior (crashed cars, injuries, etc.). I have my disorder well under control now, but I’m completely haunted by it through my debt.

Without being able to add any amounts of my credit card debt, it’s hard to describe how bad it is. But my APR is 28% across four credit cards.

I am in over-draft on my bank account every month. There is ZERO excuse for this with the money I’m making. As I said, I have my spending and mental health under control now, but with my car payment, credit card minimum payments that just cover interest, car insurance (I had multiple car accidents during the height of my bipolar disorder and my car insurance is unusually high), I am always under water.

I’ve never reached out for help with anything like this before because it’s a source of such overwhelming shame and disgust in myself, and represents such a painful time in my life. No one in my life knows about this. I am so intimidated by finances that every time I try to begin learning about how to help myself, I get totally lost, have no idea where to begin in my situation, and keep putting it off. I feel like I’ll never get out of this hole. I know I’ve screwed my future and retirement.

I literally don’t know what else I could do to help myself at this point. As mentioned, I am in CalPERS now, which I know I can’t withdraw from, but if I can figure out if I am able to withdraw from my previous accounts, would this be something wise to do?

Any advice is greatly appreciated.

P.S. If I wrote anything that sounded extremely dumb or incoherent or didn’t make sense, please know I won’t take it personally if you say so-I want to try to learn even the basics of personal finance, and I know I’m a disaster.