Life Situation: 2 adults in what would be considered domestic partnership, file independently. Lived in Louisiana all life, recently moved to Texas in the past 2 months.
Gross Salary/Wages:
Me: ~1400 monthly
Her: ~1200 monthly
Pre-tax deductions: None
Taxes: We normally net around $2000 a month
Current expenses monthly:
Rent: $850
Car Insurance (both): $190
Car Payment (my car): $128
Health Insurance (me): $44 - ACA subsidized
Cell Phone (both): $167
Food (both): $300
Misc: $75
Medicine (her): $115
Fuel (both): $75
Liabilities:
Car Payment 2005 Kia:
Original Date: Nov 2014
~$2700 original
~$2100 left currently
Credit Card - Capital One Mastercard
175 dollar line right now
Student Loan Payment
Original Date: August 2010
~1600 left currently
Specific Question(s):
Okay, so as you can see I'm in a bit of a situation. I need more money and I'm not exactly sure where to start. I have been reading the blog and I was thinking about selling my car. I went without a car for about a year and a half before I bought my car and I know how to navigate even the most non bike friendly streets. I live 8 miles from work and usually start around 330 am. so I would need to wake up at 230am every day which would be a bit of an adjustment but I think I would be alright.
Blue book Value of my car is around $2600 in my current area and I feel like I could lower that a couple hundred, pay off my loan and still have some left over to get my bike up to commuting standards (lights, mirrors, spare tubes, etc.). That would free up around $350-$370 monthly to give me some breathing room.
As far as everything else goes, I am looking in to articles about my grocery spending, like killing your $1000 grocery bill. My phone is locked in to a contract so no luck there. Also we rent someone's garage unit with utilities, cable, internet included. It is as cheap and convenient as you can find in this area. It's on a very private street at the end of a cul-de-sac in an affluent area with no crime. I'm not moving to a different area and risking the peace of mind we have now with a safe place to stay with a very understanding, quiet, and accommodating landlord with whom we have a great relationship.
My goal right now is to enroll back into CC to get my AAS in radiography to bump my salary up to a respectable level and hopefully squirrel away some money to invest.
Also, this is not just about the car. If you can find any other way to kill my budget please let me know.
Be easy on me,
Otis
