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Started By
Message
How much a month do you pay in debt vs your income?
Posted on 5/20/19 at 3:54 pm
Posted on 5/20/19 at 3:54 pm
Wife and I feel drowned with debt.
Our monthly take home pay is $6,200. This represents 2 bi-weekly net pays for both of us, so technically our take home is a little higher but that’s what we budget off of and then we get 4 “bonus” checks a year that can be used for whatever we want.
$1,200 mortgage, $440 car note, $500 credit cards, $365 student loans comes out to $2,500/month in paying off debt - 40% of our take home pay.
We’re 28. Haven’t been able to build up hardly any savings because of debt. We do contribute 10% each of our salaries to retirement at least so I dont have anxiety there, but would like an emergency fund. Should be a lot better in about a year and a half when car and CC are paid off but this shite sucks in the meantime.
Our monthly take home pay is $6,200. This represents 2 bi-weekly net pays for both of us, so technically our take home is a little higher but that’s what we budget off of and then we get 4 “bonus” checks a year that can be used for whatever we want.
$1,200 mortgage, $440 car note, $500 credit cards, $365 student loans comes out to $2,500/month in paying off debt - 40% of our take home pay.
We’re 28. Haven’t been able to build up hardly any savings because of debt. We do contribute 10% each of our salaries to retirement at least so I dont have anxiety there, but would like an emergency fund. Should be a lot better in about a year and a half when car and CC are paid off but this shite sucks in the meantime.
18
Posted on 5/20/19 at 3:57 pm to Tigerfan56
quote:
Our monthly take home pay is $6,200
quote:
$2,500/month in paying off debt
Where is the other $3700 going? You have an extra $44,400 to use as you please each year. I don't understand the issue
This post was edited on 5/20/19 at 3:58 pm
Posted on 5/20/19 at 4:07 pm to Tigerfan56
quote:
comes out to $2,500/month in paying off debt
Our monthly student loan bill by itself is $2,510.
quote:
Where is the other $3700 going? You have an extra $44,400 to use as you please each year. I don't understand the issue
I would assume normal, monthly expenses are somewhere around $1,500-$2,000.
This post was edited on 5/20/19 at 4:09 pm
Posted on 5/20/19 at 4:15 pm to TheWiz
quote:
I would assume normal, monthly expenses are somewhere around $1,500-$2,000.
Probably so. But bringing home a net income of 2k/month aint all that bad.
Posted on 5/20/19 at 4:20 pm to bbap
quote:
Probably so. But bringing home a net income of 2k/month aint all that bad.
Can't argue that. OP, do you track all of your expenses with an app or spreadsheet? You need to look and see if you guys are spending too much on bullshite and maybe cut back on some things until you're above water.
Posted on 5/20/19 at 4:25 pm to TheWiz
Estimating to look at where that money is going:
Phones: $150
Electricity: $150
Water sewage: $50
Car insurance: $250
Groceries: $700
General home maintenance/supply: $100
Internet/cable: $200
Gas: $150
Clothing/haircuts/etc: $200
Car maintenance: $50
Total = $2000
Note that’s rounding up everything. Some stuff by a good bit. And assuming they have cable
Now where is the extra $1700 going? How much are they spending on entertainment, eating out, etc?
Phones: $150
Electricity: $150
Water sewage: $50
Car insurance: $250
Groceries: $700
General home maintenance/supply: $100
Internet/cable: $200
Gas: $150
Clothing/haircuts/etc: $200
Car maintenance: $50
Total = $2000
Note that’s rounding up everything. Some stuff by a good bit. And assuming they have cable
Now where is the extra $1700 going? How much are they spending on entertainment, eating out, etc?
Posted on 5/20/19 at 4:43 pm to Tigerfan56
quote:
$1,200 mortgage, $440 car note, $500 credit cards, $365 student loans comes out to $2,500/month in paying off debt - 40% of our take home pay.
Doesn't seem terrible tbh, do you have kids?
Posted on 5/20/19 at 4:58 pm to Tigerfan56
1128/mo mortgage (piti)
380/mo car loan (wife's family vehicle)
Take home is 7600+ for the past 12 months.
Just under 20%
380/mo car loan (wife's family vehicle)
Take home is 7600+ for the past 12 months.
Just under 20%
Posted on 5/20/19 at 5:00 pm to barry
quote:and then you take out the CCs, then it's even better. CCs should not be accounted for here imo.
Doesn't seem terrible tbh, do you have kids?
Eta: unless, you're not paying it off every month and carry a balance (cc debt), which I guess is the case here. Nvm my comment.
This post was edited on 5/20/19 at 5:03 pm
Posted on 5/20/19 at 5:01 pm to Tigerfan56
honestly if you feel you really aren't saving enough and you have the time pick up a part time 2nd job. even something that brings in an extra $500-$750 month.
but you dont seem like you are doing all that bad.
but you dont seem like you are doing all that bad.
This post was edited on 5/21/19 at 11:08 am
Posted on 5/20/19 at 5:04 pm to Tigerfan56
Looks like y'all have a spending problem, not a debt problem, though the car note is higher than I'd like.
Posted on 5/20/19 at 5:04 pm to castorinho
quote:
Eta: unless, you're not paying it off every month and carry a balance (cc debt), which I guess is the case here. Nvm my comment.
yeah if he's carry cc balance put a ton of effort towards getting rid of that.
Posted on 5/20/19 at 5:18 pm to Tigerfan56
Approximately 8000 net take home per month
2200 towards full house payment and includes extra towards principal
800 in two car notes that will be paid off in two years, no student loan or CC debt
No kids, but that is probably in the very near future
Everything else is normal like food, entertainment, etc. We will probably start putting more towards the mortgage soon. We like to dine and travel so looking at our numbers it seems we have a good bit of wiggle room for savings/other investment options.
2200 towards full house payment and includes extra towards principal
800 in two car notes that will be paid off in two years, no student loan or CC debt
No kids, but that is probably in the very near future
Everything else is normal like food, entertainment, etc. We will probably start putting more towards the mortgage soon. We like to dine and travel so looking at our numbers it seems we have a good bit of wiggle room for savings/other investment options.
Posted on 5/20/19 at 6:55 pm to The Spleen
quote:
Looks like y'all have a spending problem, not a debt problem, though the car note is higher than I'd like.
We definitely did. That’s what got us into about $15k of credit card debt (which we’ve paid down to about $8k).
We’ve worked on that- but still currently we live a more expensive lifestyle than we would like. A lot of that money has gone to travel. We moved away from all friends/family about a year ago. The past year I’ve been in 3 weddings, all of which required flight accommodations for a weekend. Also, 3 bachelor parties which required the same. That’s 6 weekends of flights/hotels, General wedding costs (suits) etc. Plus a few trips to visit family for holidays. Then there were the moving costs, and living expenses added up to the CC when the wife spent 2 months out of work looking for a new job during the transition.
And we just spent too much in general on bars, eating out, etc. We are really focusing on cutting out the BS alright now and saving more money, and things are settling down life wise so that helps. But I still felt like 40% on debt was kind of high, even before the spending issue.
Posted on 5/20/19 at 7:38 pm to Tigerfan56
You have a spending problem, not a (serious) debt problem. Credit card debt is stupid and can destroy your finances. But if you can have it gone in a year only paying $500 a month for 2 cards, that can be easily fixed. Now imagine you take your $1700-2500 in non-essential spending, like going out etc, and apply that to your CCs. You’d pay off your debt before the end of this year. Fix that, and your financial problems will be gone
Posted on 5/20/19 at 7:43 pm to Tigerfan56
Mortgage - $1600
Student Loans - $900
Car - $435
Insurance is insane with car insurance x 2, health insurance, disability insurance, life insurance, dental insurance.
Student Loans - $900
Car - $435
Insurance is insane with car insurance x 2, health insurance, disability insurance, life insurance, dental insurance.
This post was edited on 5/20/19 at 7:47 pm
Posted on 5/21/19 at 10:55 am to Tigerfan56
Whatever I charge on my credit card that month, pay in off in full. That's my only debt.
Posted on 5/21/19 at 12:06 pm to Tigerfan56
That looks pretty normal, in my mind.
Posted on 5/21/19 at 2:22 pm to Tigerfan56
You have a spending problem
Posted on 5/21/19 at 2:26 pm to Tigerfan56
i dont have any debt, but it took me 30 years of earning to get there
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