Hi everyone, I [32M] would appreciate some advice on my current financial situation. I’m a freelance designer and web developer living in Los Angeles. I’ve been trying to ride out this economic downturn, but I would like to take more deliberate action to improve my situation. I’m including a list of my bills if it helps. Here goes:
Thanks for reading. I’m more than open to suggestions, critique and words of encouragement.
- I’m making $2K per month with 1 design client (cut down from $4K per month last fall)
- My living expenses are about $3250 (this includes rent, bills, food and debt payments)
- I’m supporting my finance [32F] who is in school getting her PhD, and our 2 year old daughter. My fiancé makes her own money here and there but not consistently
- I’m about $20K in debt, $12K of which is student loans, the rest is debt that’s been accumulated over the past year since my income fell below my expenses.
- Capital One Card 1: $5050, maxed out at 27%
- Capital One Card 2: $300, maxed out at 28%
- $3K Personal Loan: < $1800 left on the loan at 429% (I know, I know), and I pay $83 every other week
- $1500 owed to a family member at 0%
- Spending money for myself
- Saving/Investing money for myself
- Contributions to my daughters investment account
- Life insurance
- A car (I don’t have one. I don’t necessarily need one but something A to B would be nice to have sometimes)
- Childcare and other activities for my daughter
Thanks for reading. I’m more than open to suggestions, critique and words of encouragement.