3 Thoughts on I was wondering where would i begin on getting out of debt and saving up for an apartment?
  1. Reply
    July 15, 2011 at 7:55 pm

    You MUST check out Dave Ramsey. He has a web-sight.
    He is the “getoutofdebt” king!

  2. Reply
    July 15, 2011 at 8:52 pm

    First, know where all your money is. Such as all the debts that you have, credit cards, department store credit cards, auto loans, personal loan, computer loan, student loan, and any other money that you owe to someone or an entity. How much are you making a month (after tax)? What are the rent, utilities, water, phone bills, and etc. Any type of insurances (auto, renters, house) that you pay every six month or every year. How much is your grocery per month, gasoline (for transportation). Gather all the info together now, and list them as OUT (unfortunately for everyone, mostly is OUT – bills), and any IN (any incomes or money that is coming in to you). Take all the INs (add up the total) to subtract the OUTs (EVERYTHING that you have to pay), do you have a positive number or negative? If is negative, you will have to start to cut your spending on unnecessary stuffs FIRST, then move on the stuffs that you really need but can pay less (such as cell phone bill, so you really need a cell phone? Or can you cut down the monthly service fee from $ 150 down to $ 40?). There is your basic on how to budget yourself. When you get a negative number, it is very obvious that you are living above your means (that you cannot afford or support). Do remember to focus on paying off DEBTS. Good luck!

  3. Reply
    July 15, 2011 at 9:14 pm

    Here is what I suggest
    1) Make a budget what comes in vs what goes out
    2) Stop using any credit cards
    3) Get a small emergency fund of atleast $ 1000
    4) Focus on getting out of debt-anything extra goes to this. Stop eating out, getting lattes, doing pedicures etc. Research the snowball method of paying off debt.
    5) Get a 6 month emergency fund

    I am not sure if you are renting or buying an apartment. If renting you can move out after you got your emergency fund done.

    If you are buying an apartment, save atleast 10% for the downpayment.

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