I’m struggling with a lot of credit card debt, and it’s really stressing me out. My auto loan is okay for now, but rent in LA is so high I can’t seem to save for anything, let alone enjoy life. Any advice?
Cut out fast food and coffee runs. Use that money to aggressively pay down your credit card. Try to add at least $500 extra each month. There are great resources online to help you with budgeting.
What’s your spending like beyond what you’ve listed? If you’re spending more than $1,000 extra somewhere, it’s worth identifying where that’s going so you can create a solid plan.
Corey said:
What’s your spending like beyond what you’ve listed? If you’re spending more than $1,000 extra somewhere, it’s worth identifying where that’s going so you can create a solid plan.
Looking at my bank statements, most of it goes to fast food, Starbucks, gas, therapy ($20 per session), and haircuts. Definitely the food and coffee are the biggest issues.
@Hart
Start small with cutting back. Maybe limit coffee runs to once a week. I try to set goals like that to keep myself disciplined. It works if you stick to it.
Marlo said:
@Hart
Start small with cutting back. Maybe limit coffee runs to once a week. I try to set goals like that to keep myself disciplined. It works if you stick to it.
Yeah, cutting back on little things like that really adds up. It’s surprising how much you can save.
@Farley
I had to ground myself from eating out after spending an extra $200 on a locksmith. It’s tough, but it’s worth it.
Marlo said:
@Farley
I had to ground myself from eating out after spending an extra $200 on a locksmith. It’s tough, but it’s worth it.
Consider getting AAA if you’re in the U.S. It’s like $4/month and has saved me from lockouts multiple times.
Marlo said:
@Farley
I had to ground myself from eating out after spending an extra $200 on a locksmith. It’s tough, but it’s worth it.
Grounding yourself is a great idea! I might try that.
Switch to making coffee at home. Instant iced coffee or cold brew concentrate from the store saves so much money. You can still treat yourself occasionally, but cutting back helps a lot. And cooking meals at home is way cheaper and healthier.
@Tory
Have you tried switching to something cheaper like McDonald’s coffee? It’s a small adjustment but saves money.
Avery said:
@Tory
Have you tried switching to something cheaper like McDonald’s coffee? It’s a small adjustment but saves money.
Starbucks just hits different when it’s made right, but yeah, McDonald’s is a good alternative.
@Tory
Honestly, I make better coffee at home with a Chemex. Way cheaper and tastes better than any Starbucks.
You might want to talk to your therapist about your spending habits. It could be tied to an impulse issue, and getting a handle on that would help with tackling your debt.
Stop eating out and make food at home. Sell your car if it’s too expensive and get something more affordable. You need to stop using credit cards altogether until your debt is paid off.
Yan said:
Stop eating out and make food at home. Sell your car if it’s too expensive and get something more affordable. You need to stop using credit cards altogether until your debt is paid off.
I just cut up my credit cards this past weekend. Feels like a fresh start!
@Hollis
Good for you! Credit cards can be helpful, but only if you’re disciplined.
Make a detailed budget and stick to it. Cut unnecessary expenses like streaming services and eating out. Consider a second job to help pay off your debt faster.
Buy a coffee maker and make drinks at home. It’s way cheaper, even if you use premium coffee and creamer.
List out your credit card details like the interest rates and balances. That’ll help us suggest a repayment strategy.