Hello world.
I'm a single college grad, age 26, looking to get my finances in order. I found this site and started reading, quickly realizing that there's plenty room for improvement. My main concern is my low income, but I'll let the numbers speak for themselves. I work at a state liquor store in Alabama. The job provides health and dental insurance, retirement, and a meager salary. I live with 2 others, so some expenses are split 3 ways. Basically I'm wondering how these mustachian principles work at the lower end of the salary scale.
Income
Salary $1,952
Pre-tax deductions
Insurance $18
Retirement $118
Taxes
Federal $105
State $70
Soc. Sec. $120
Medicare $28
AGI = $1,493
Expenses
Rent $391
Car $100
Credit card interest fees $120
Eating out $230
Electricity $70
Entertainment $83
Gas $90
Groceries $140
Internet $20
Medicine $10
Phone $100
Water/Sewer $26
Beer/Alcohol $70
Misc $6
Total = $1,456
Assets
I don't think I have any...
Liabilities
Credit cards
Card 1 Balance: $2,298 APR: 15.24%
Card 2 Balance: $888 APR: 11.99%
Card 3 Balance: $4,269 APR: 22.9%
Student loans
Loan 1: Subsidized $1,478 APR: 6%
Loan 2: Subsidized $412 APR: 4.5%
Loan 3: Subsidized $5,508 APR: 3.4%
Loan 4: Subsidized $2,800 APR: 3.4%
Loan 5: Unsubsidized $22,237 APR: 6.8%
Currently I'm in deferment due to income, so I'm not paying anything.
Total = $39,882.46
I know some of these spending numbers look off, so I'm prepared for all the face punches. I know I'm in debt emergency phase, and I plan on putting more money towards the credit cards next month. Specifically, the one with the lowest balance to get a debt snowball going. The spending on restaurants is high, and I plan on reducing that. The $100 car spending is basically what I give my mom towards the lease. She takes care of the payments and insurance.
Early retirement isn't specifically my goal, but I could definitely use some financial independence. I'm not enamored with my current job, but not exactly sure what I'd rather do. Craft beer is a passion of mine, and I've thought about opening a brewery, but that takes an insane amount of capital. I studied music in college, but finally realized I didn't have the discipline or desire to do what's necessary to be a successful full time jazz musician. I'm decent with computers, built my last 3 for gaming. My hours at work don't leave me much time for a part time job. I'm definitely feeling a quarter life crisis, lol.
Any and all input is appreciated.