Current 27 year old who has made strides to douse my flaming hair. I am in a new position which I love, it's all about trimming my expenses now. Thanks in advance for all comments and/or advice. I will take the face punches till I am bloody, I deserve them.
Income:
- Net: 3,025/month
- Rental Income (net of expenses besides mortgage): 1,625/month
Total = 4,650/month
Current expenses:
- Mortgage on Rental (Including Ins. & tax) = 925/month
- Rent (1br 1ba) = 615/month
- Car Lease (23 months of 39 remaining) = 352/month
- Car Payment = 292/month
- Electric = 55/month
- Cell = 60/month
- Netflix = 15/month
- Grocery = 175/month
- Dining out = 100/month
- Gas = 135/month
- Entertainment = 120/month
- Cable Internet = 65/month
- Student Loan = 145/month
- Car Insurance = 192/month
- Misc = 125/month
Total = 3,371/month
Assets:
- IRA = 14,500
- House = 175,000 (50k Equity)
- Car (Volvo C30) = 13,000 (5k upside down)
- Savings = 5,000
Total = 207,500
Liabilities:
- House = 126,000 – 4.75%
- Student Loan = 12,100 - 4.2%
- Car Volvo Loan = 18,200 - 3.9%
Total = 156,300
Net Worth = 51,200
Notes:
- My rental house is currently 3 hours away from where I work, therefore moving in there isn't an option.
- Worked as a contractor in telecom for 2 years. Made good money but the hours were awful and the expenses started to add up. This is the reason for my car lease. It was a good tax write off and my unmustachian brain didn't think things through. I've listed it on both lease trading websites. Cost to turn lease in is approximately $6,000.
- As you can see above, I'm upside down on my OTHER car by about $5,000. The car costs are destroying my budget.
- I currently love my apartment but have been offered a room (all expenses included) for $500 that I will be moving into February 1st.
Specific Question(s):
Once I move and cut some more fat off my budget the obvious target are the two cars. I've thought about taking the rest of my reserve money to pay off one and taking out a small loan to pay off the other. I need these gone! I feel once I get rid of them my budget will actually start looking somewhat mustachian. Does anyone have any creative ideas to shore up these two auto albatrosses?