Well done, taking the time to be with your mother in hospice. Congratulations on a paid off car. Good for you for working and for considering further education and for thinking it through. Ouch to the 545 credit score and the debts in collection.
I wouldn't do anything about going to college until I got my financial situation on solid footing. As in getting all that debt paid off and a solid (maybe $10,000) emergency fund. You don't need the distraction right now.
Also reconsider that part time job - do you have the mental (you have just lost your mother) and physical energy and time to do it and will it get you out of debt and build savings enough faster to be worth it considering any additional work expenses it brings and considering additional taxes?
Keep the term life insurance policy. Just budget the $39 a month into your fixed expenses. You are young and healthy now but that could change.
Keep the LTD insurance. Just budget the $67 a month into your fixed expenses. You are young and healthy now but that could change. There are pluses and minuses to keeping it in your financial situation, but it looks like you will feel a lot more secure with it and that's worth something.
Do what you can to resolve the disagreement with TWC. This situation needs to go away. I likely would get legal advice if I couldn't resolve it on my own because that is a lot of money. I would get all relevant paperwork together asap if you don't have it already, try on my own, then get legal advice if I couldn't get it done on my own. This needs to be a priority. If it doesn't get resolved then you are going to have to pay it.
Get onto an agreed on payment plan you can afford with Sallie and make the payments on time. Pay it off entirely once you are on good financial footing (everything else paid off and a solid emergency fund.)
Invest up to the match if you want to and if it is well within your budget. Alternatively consider not investing at all until you are out of debt entirely and have a very solid emergency fund (maybe $10,000.) Personally, I wouldn't invest while in debt and without a solid emergency fund.
I don't know about a HSA at this time. It seems to me that it could just be adding unnecessary complexity to your situation while you are in hock and saving a solid emergency fund.
Depending on your relationship with him, consider asking Dad if you can move in with him for a year and pay him something like $400 a month plus your part of the utilities and food, and you do chores such as mow the lawn. Take the money saved from that arrangement and put it toward debt till all your debt is gone, then into savings.
Figure out what got you into the debt situation you are in, and figure out how to keep it from happening again. You may have already gotten this figured out.
Keep working with the Dave Ramsey plan to get out of debt and stay out of debt. Not his investing plan which involves getting one of his "endorsed" local financial advisers - because people here can help you with an investing plan when the time comes - for free.
I wouldn't do anything about going to college until I got my financial situation on solid footing. As in getting all that debt paid off and a solid (maybe $10,000) emergency fund. You don't need the distraction right now.
Also reconsider that part time job - do you have the mental (you have just lost your mother) and physical energy and time to do it and will it get you out of debt and build savings enough faster to be worth it considering any additional work expenses it brings and considering additional taxes?
Keep the term life insurance policy. Just budget the $39 a month into your fixed expenses. You are young and healthy now but that could change.
Keep the LTD insurance. Just budget the $67 a month into your fixed expenses. You are young and healthy now but that could change. There are pluses and minuses to keeping it in your financial situation, but it looks like you will feel a lot more secure with it and that's worth something.
Do what you can to resolve the disagreement with TWC. This situation needs to go away. I likely would get legal advice if I couldn't resolve it on my own because that is a lot of money. I would get all relevant paperwork together asap if you don't have it already, try on my own, then get legal advice if I couldn't get it done on my own. This needs to be a priority. If it doesn't get resolved then you are going to have to pay it.
Get onto an agreed on payment plan you can afford with Sallie and make the payments on time. Pay it off entirely once you are on good financial footing (everything else paid off and a solid emergency fund.)
Invest up to the match if you want to and if it is well within your budget. Alternatively consider not investing at all until you are out of debt entirely and have a very solid emergency fund (maybe $10,000.) Personally, I wouldn't invest while in debt and without a solid emergency fund.
I don't know about a HSA at this time. It seems to me that it could just be adding unnecessary complexity to your situation while you are in hock and saving a solid emergency fund.
Depending on your relationship with him, consider asking Dad if you can move in with him for a year and pay him something like $400 a month plus your part of the utilities and food, and you do chores such as mow the lawn. Take the money saved from that arrangement and put it toward debt till all your debt is gone, then into savings.
Figure out what got you into the debt situation you are in, and figure out how to keep it from happening again. You may have already gotten this figured out.
Keep working with the Dave Ramsey plan to get out of debt and stay out of debt. Not his investing plan which involves getting one of his "endorsed" local financial advisers - because people here can help you with an investing plan when the time comes - for free.
Statistics: Posted by Herekittykitty — Sun Sep 29, 2024 9:43 pm — Replies 32 — Views 3964