24 y/o making 61k in Montreal, Qc

[openyoureyesletlifein]

@namaste1959 Yeah I'd pay the debt beforehand.

How much do you spend every two weeks? taking a look every payday really put everything into perspective for me.

Each payday when the direct deposit hits, i pay my CC and put aside money for rent. AND THEN i choose how much i send to the debts/investing/pleasure.

Sometimes it's okay to micro-manager your own life until things get better

 

[namaste1959]

@openyoureyesletlifein I made an excel sheet to better budget and I’m spending almost 2k in bills and necessities each month. & do you clear your cc every payday or do you pay the minimum amount first and then decide how much you can put into it?

 

[openyoureyesletlifein]

@namaste1959 Ok good now take that monthly amount and multiply it by 12months of the year.

Then divide by 26 it'll give you the bi-weekly CC expenses.

For the credit card question, I pay the full amount, I didn't like feeling behind on the card. (I was there too)

First pay of the month is usually matching the CC statement and the other pay is to match the amount in my bank account.
This is a little strategy of mine to not feel depressed when the statement rolls in. It's hard when the statement comes back at 1500$, almost a full paycheck for me

 

[truehealthbalance]

@namaste1959 Rule of thumb should be don’t put anything on the credit card that you can’t pay off ASAP. People use this as a line of credit, but they’re 18%-22% interest. You should not be consistently carrying a balance on this month to month. It should be your priority to pay this out.

You should get to the point that you’re using the credit card (and LOC) just to build credit, not as additional funds. I pay off my balance in full every pay check. If I use it for a larger expense, I pay it off from my savings and then try to replenish that asap.

Unless you have investments that give you a higher return than what you’re paying in interest for your debt, which you very likely don’t, you should pay that out asap and get in the green before thinking about investments.

 

[weedygarden]

@openyoureyesletlifein A killing? Not meaning to be negative, keep up the good work OP, but I’m not sure “a killing” is accurate when he’s (most likely) barely clearing 40k-45k gross?

 

[openyoureyesletlifein]

@weedygarden He's 24