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Hey Everybody! I posted in the Newbie personal finance thread and it was suggested that maybe I make my own thread since I might benefit from it. So here is my original post! : I'm in a bit of a bind at the moment. 24 y/o. 59,300.04 in Student Debt. (25,169.39 Wells Fargo at 8.75 APR) (34,130.65 Federal [these are multiple small loans with interest ranging from 3.4-6.8 but I have a consolidated payment plan] ) 8,141.96 in my bank account. That is my only asset. No other bonds or etc. I don't own a car, a house, or horse. Income : 35k a year. I make roughly 35k a year. This is ambiguous because I work as a server in NYC, some weeks are better some weeks are worse, and also I take home cash tips which I don't declare, then use on groceries and miscellaneous poo poo and promptly forget I ever got it. (I'm recognizing I should keep better track of this money). But I would say I probably made 35k, and as I get more responsibilities and a larger section at my job I can project I might make 40k this year. Not the job I want to be in ultimately but it is what I do right now. Monthly expenses: 680 Rent 100 Utilities 116 Public Transport 150 Groceries ____ 1046 base survival expenses I have just started throwing bigger amounts of money at my loans. I was pretty freaked out my first year being on my own and afraid I would bottom out so I was only doing the minimum payments on both loans. Once I realized I was stable I realized I was capable of putting more towards them. I have recently started paying 800$ to my Wells Fargo, and 200$ towards my Federal. I graduated from school with a degree in acting. I'm here in NYC pursuing that and art stuff for the time being. I would eventually like to maybe move into a more stable and lucrative career but I'm not quite ready to give up pursuing this for the time being. That being said I would like to start a retirement account and I would like any guidance and input on being more financially responsible. How much can I safely put into a retirement account? Vangaurd has a minimum of 1k before you can start investing it. Should I hold off on building a retirement account until I conquer my debt? I'm trying my best but I don't have a lot of guidance from my family or help. I can't move in with my family to save money on rent since my mom is being evicted and there are drug issues. Anyway... Thanks a bunch! 
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Aug 7, 2016 01:04
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| # ¿ May 18, 2024 18:52 |
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Thanks everybody for the input so far. The bulk of my tips have been on credit cards (80%) so I have been paying most of my taxes (lol). But I'll start declaring. I'll focus on paying down my loans and declaring taxes to start lol.
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Aug 7, 2016 05:44
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Utilities do include internet, phone, electric . My food budget has been hosed up lately due to mad birthday parties, but for the most part I shop at Trader Joes and eat a lot of beans and rice. But it can really vary. I'm going to try to track my spending better. Yeah I thought about moving home to save on rent but then I'd have to get a car and that was a whole new expense. :/
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Aug 8, 2016 03:04
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I live in Washington Heights which is upper Manhattan and split a 3 bedroom with two other girls. I took the smallest room. The area can be kind of sketchy and it isn't super picturesque but there are some pretty parts. I'm just nervous I'm going to be rooming with multiple people forever. 
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Aug 12, 2016 16:58
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Hey everybody I'm back. Still throwing 1k a month at my loans, haven't really gotten better at the food stuff because my life has been a little hectic lately, but I'm back asking about job advice. I have been thinking a lot the last two months and I really think I would like to get into a higher paying job with benefits and something that was more inspiring than waiting tables. It's really hard to say this because after 2 years of being here I actually booked a co-star role on a television show, and I'm really proud but I can feel that practicality has finally caught up with me. I'm so much more stressed about my debt and actually saving for my future that a lot of what I thought I wanted doesn't seem as compelling anymore. I can't tell if I'm giving up or if this is all going to be ok and I just don't like this life anymore. Anyhoooo I really really really want to find the job that is right for me. I want to feel fulfilled and secure. I just don't know what that is  . I feel pretty lost at 24. That being said I'm still interested in creative stuff. I've been playing around with the idea of a podcast or some sort of content production in my free time, but in the meanwhile I would like to work at a company that specializes in something creative (maybe something to do with media?) . I live in NYC so there are a few openings but I have some anxiety about this whole process. Problems: I have a degree in Acting (BFA), I'm afraid this doesn't look to hot on a professional resume I have spent the last two years waiting tables and sporadically acting , I'm afraid this doesn't look very dynamic or good on a resume. Maybe this is that whole thing where women are less confident about pretending they are qualified for jobs lol? I make 35k as a waiter, is it possible I find a substantially higher paying job (45k-60k?) with an acting degree and 2 years at a restaurant?? I really need to get full time employed, I could be working more at the restaurant but it drives me crazy.
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Nov 22, 2016 05:52
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| # ¿ May 18, 2024 18:52 |
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Awesome thanks for all the advice everybody!!!!! Lol I know that was a weird comment phrasing I was trying to refer to the study that showed that women on a whole were less likely to apply to jobs they didn't feel qualified for (which is subjective lol). I'm really trying to focus in on my Wellsfargo loans while paying the bare minimum on my federal. I'm going out of town for a bit then I'm coming back in December to apply for jobs! :>
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Nov 23, 2016 17:22
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