Hello everyone and Happy Holidays! I am a long-time lurker, but a first time poster. I am looking for advice on my current (frustrating) financial situation.
I am 38 years old, no children, and not married. I am employed as an attorney with state government for the last 3 years (I was a self-employed attorney before) and make $30 an hour, with no opportunity for overtime. My parents are spendthrifts and I did not grow up being taught to save money. As a result, I spent money in my younger years as fast as I would make it and did not start a ROTH IRA until very late in my 20s. I am extremely frustrated with my current student loan debt, which now has a balance of approximately $67,000 (started with approximately $150,000 in debt).
My current debt is as follows:
Mortgage - $69,000
Student Loan - $67,000
I can expect a pension from work of approximately 50% of my income if I stay until 65. I also participate in Deferred Compensation (currently contribute $75 a month) and have a ROTH IRA with a balance of approximately $46,000 (I contribute the max each year).
This year has been difficult for me as I had to have a new furnace, AC, and hot water heater installed. Also, one of my pets had a serious medical problem which left me with some expensive ER and vet visits. My health has generally been good but I did have some unexpected medical expenses late this year.
My monthly bills are as follows:
Mortage payment - $744.49
Condominium Dues - $175.00
Student Loan payment - $500.00
Eating Out / Groceries - $450.00
Precriptions / Medical Bills - $125
Cell Phone - $50
Electric / Gas for Condo - $125
Water/Sewer - $75
Gas for Vehicle - $125
Internet for Condo - $50
Pets (including medical expenses) $100
Gifts - $150
Entertainment (movies, clothes, misc) - $200
As you can see, my expenditures almost equal my monthly income. I am trying to cut down the grocery bill and the entertainment costs, but do want to enjoy life a little as well. I have been looking for a part-time job teaching in the legal field and do have applications out there. Would it be worth it to me to find a lower paying part-time job just to get some extra money coming in? I would like to stay in my state government job if possible because I do enjoy the work. I would appreciate any suggestions on how I can improve my situation. I feel so completely overwhelmed by the student loan debt and feel lost. :-) Thank you in advance to all who reply!!