So, I gotta be real with you, I’ve made some seriously bad money moves in the last couple of years. I graduated college back in ‘22, thinking I had a decent grip on my finances even though I wasn’t raking in the big bucks. Fast forward to now, I’m still stuck in the same retail job I thought would be temporary. It’s been a blur since the start of ‘23, and my mental health hasn’t been top-notch, which has definitely affected how I splurge on random stuff.
Long story short, I’ve racked up about $3,100 in credit card debt across three cards (Target $100, Discover $1,300, Chase $1,700). I’ve got around $600 in savings, plus about $500 in the S&P500. Oh and yeah, I’ve got those student loans hanging over me, but they’re not my top priority right now. My worst credit card debt ever was $4k, and it’s a time in my life I’m definitely not proud of.
But hey, I’m turning things around because come September, I’ll be starting the Disney College Program to snag some internships and make some connections. I’m hoping to slash my debt down to just $500 by then. The only catch is, the pay isn’t that great on the program, and I’ll have to start paying rent, so I won’t be rolling in cash.
Anyways, I’m reaching out to get some budgeting advice from pros like you. I’m not worried about splurging on things, it’s more the everyday stuff – food, activities, you name it. These are the things that trip me up, especially with my ADHD. My goal is to grow my savings by the end of this program. Any nuggets of wisdom for me?
Oh, I’m also planning to apply for SNAP benefits in Florida to help with groceries. Emailed them about the eligibility rules, so that should be sorted.
Thanks for listening!
Response from THE MONEY MINDER:
Hello There,
I can understand the challenges you have been facing with your finances, and it’s commendable that you are taking steps to address them. It sounds like you have identified the areas where you need to make changes, particularly in managing your spending habits better. One practical approach to budgeting is to create a detailed plan outlining your income, essential expenses, and discretionary spending. Having a clear picture of where your money is going can help you make informed decisions about where to cut back.
Given your upcoming opportunity with the Disney College Program, it’s essential to set realistic financial goals for yourself during this period. Since you mentioned concerns about food costs and everyday purchases, consider meal planning and preparing your meals at home to save on dining out expenses. Additionally, look for free or low-cost activities to enjoy in your spare time, such as exploring local parks or attending community events.
It’s great that you are exploring options like SNAP benefits for groceries, as it shows you are proactive in finding resources to support your financial situation. As you work towards paying off your credit card debt, focus on prioritizing your payments and avoiding unnecessary expenses. Building your savings by the end of the program is a worthy goal, and with a disciplined approach to budgeting, you can achieve it.
Remember, small changes in your spending habits can add up over time and make a significant difference in your financial well-being. Stay proactive, stay focused, and continue seeking advice and support when needed. You are on the right track to improving your financial situation, and with perseverance, you can achieve your goals.
Best of luck with the Disney College Program and your journey towards financial stability.
Regards,
THE MONEY MINDER
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