Hi there,
I just started reading this week, but have long been wanting to minimize my debt and spending. I consider myself somewhat thrifty, but I tend to waste my money on my younger siblings (they're like kids to me and our mom/parents are kind of out of the picture due to drug problems and other various bad parenting).
About me: 29, never married, no kids, renting, had shitty jobs for a long time. BA in History and then I went back to school and got my Masters in Teaching.
Take home pay: ~2700
Rent 500
Student loans 500/mo (38,468 total, 6.55%)
Car 500 (I've been doubling my payment, still owe 5000, 1.9%, 2010 Toyota yaris)
Insurance 70
Cellphone 50
Savings 500
Spending money 500 (groceries, gas, etc)
Those are all my bills. My boyfriend pays everything else. A few more details:
Savings account $1500
401k $2310
I spend about $150 on gas a month, but I live 7mi from work and can bike there in 40min. I've been avoiding it due to weather but this month I'm going to start at least a few days a week. I spend between 100-150 on groceries. The rest I blow on random shit or traveling to see my siblings (they live 3-4hrsaway). I don't buy a lot of clothes and I don't eat out or go to bars often.
Where should I start? I was thinking of paying my car off first. If I just keep at 500 I can pay it off by January, if I up it to 750 and use my savings, I can pay it off in sept. if I up it to 1000 and use my savings, then July. Or I could sell it and get a cheaper car?
Next, student loans. I'm set to pay them off in 10yrs. If I pay off my car ill be able to double my student loan payment. Also I work at a low income school and after 5yrs I may be able to get somewhere around 8-12k forgiven. I think I could buckle down and get it paid off in 4-5yrs.
Even after that, I still don't think I can save a full 75% of my paycheck. I think I'll have to figure out a second income... Cleaning houses, a summer job, etc. or if I switched careers and got a higher paying job (definitely doable in my location).
My last step is getting my bf on board. He makes a lot more than me and wastes much of it on beer, DVDs, records, etc.
And when my cell plan expires I want to get on Republic Wireless (in about a year)
I think I remembered everything. Advice? Comments?
EDIT: I forgot to mention that I don't want kids and my ideal house is a Tumbleweed tiny house (still trying to convince the bf on that one)