$450 per month for car payment
$150 per month for car insurance
$240 per month for gas
Other expenses... $100 monthly (credit card
Cell phone $100 monthly
Gross pay is roughly $1400 monthly
2007-10-05 03:29:14 · 4 answers · asked by veranoduck 2 in Business & Finance ➔ Personal Finance
This one is a no brainer. With gross pay of around $1400, you cannot afford the car you drive. More than half of your earnings each month are going to transportation. You are basically working so you can drive. Can you move closer to work and lose the car for a little bit? Use mass transit? If you can get out from under the car situation, you will be better off financially.
2007-10-05 03:37:45 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
First thing you need to do is get rid of that car payment. That is WAY to much of a payment for what you make a month. You are spending $600 a month for your car that is almost half of your pay. Actully it is if 1400 is your gross.
Now look at maybe cutting your cell phone plan down. You will neeed to get another job or more hours at your current job to make it.
Make a budget and stick to it. Take lunches to work and if you drink coffee make your own in the mroning and take.
Make a list and carry with you and write down everytime you buy something. You will see that there is alot of little items you spend on you don't have too. Learn to live frugal and beyond your means.
Think of being out of debt and taking all that money and putting towards investments. Having your money work for you is one way to get rich but first you need to get rid of those bills and learn to spend alot less then you make. Best of luck to you
2007-10-05 14:43:25 · answer #2 · answered by jt6341 3 · 0⤊ 0⤋
I'd sell the car and get something more affordable. At 21, you don't need a $450 car payment.
2007-10-05 10:37:10 · answer #3 · answered by Roland'sMommy 6 · 0⤊ 0⤋
take your your monthly take home pay minus the above and divide by four weeks. that is what you have for food, groceries, doctors, clothes, car, so ask yoursel f if it is a necessity when you pull your money out to buy something.
I lived on peanut butter&jelly, tuna, and spaghetti for a year
to save some money so I could move closer to my work
2007-10-05 12:20:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋