Hi Everyone,
This is my first post. I hope there are a few smart folks in here willing to be generous with their time and advice to set me on the right (or better) path. I'm not sure where to start, so I'll jump right in and try to be concise:
I'm trying to figure out what the best course of financial action is for my daughter and I. I'm a 40-year-old, recently divorced, single mom with a 10 year old daughter and split custody. I've been working in social services for a state government for the past five years - not a dream job, but definitely secure. Post divorce, I'm living with a friend who is letting me save up to get back on my feet, not charging me a dime, and allowing me to stay as long as I need. That said, I don't want to stay there forever, perhaps another 6-12 months.
So, I'm not sure if I should look into saving to buy my own place or rent again. Also, not sure if I should hang onto my new-ish car I bought brand new in 2016 (for $24k)or trade it in before it's worthless for something more reputable/reliable. It's a Kia Optima (current KBB $11k), but I'd like to get a used Toyota truck. I'm open to any and all thoughts! I'm willing to struggle to get myself in a better place!!! Thank you so much for reading. Here are my financials:
Monthly Income:
$2818.00 net - take home
$230.00 - child support
Only Debt:
$5900.00 car loan (snowballing this)
Monthly Expenses:
$375.00 Car Note (Currently paying $2k+ monthly to pay remainder off quickly)
$125.00 Car Insurance (Working on getting dang speeding ticket removed from record to get this lowered)
$350.00 Food
$80.00 Gas for car to commute to school/work
$50.00 Miscellaneous necessities, medication, toiletries, etc.
TOTAL $980.00 + or -
Investments:
$55k current total accumulation in employer matched pension account - I can't touch this until I'm retired.
$50.00 in Vanguard account with no current contributions.
Savings Account:
$1k (emergency fund)
Checking Account:
$42.00
[/size][/size]