Yes, I do have a full-time job, and I even enjoy it, but it doesn’t pay enough to survive in this hellscape of a world we live in. I lack the college degree required to get almost any decent-paying job (plus my last job hunt took MONTHS to get a lead), I don’t have the skills or originality to become an online content creator, nor the artistry or patience to create and sell trinkets on Etsy (plus, that would require an initial investment which I simply do not have). Should I set up a GoFundMe? OnlyFans? I wouldn’t really be offering anything except a charity basket/collection plate so that feels dishonest at best. Idk, I’m quite literally having a breakdown because I’m probably going to lose my car soon, and then my job, and then my apartment, and then my life. Any help at all would be appreciated. Thank you
[Copy-pasting my response from a very similar question, I’ll put your specific questions in an ‘edit’ below:
Giving you enough context to actually answer your question without giving up TOO much private info, in order:
Cubicle job where I make just under $20/hour (min. wage for my state is $15)
I don’t have a SET budget, but I really don’t spend that much :/ Rent is roughly half of my current paycheck (currently with 1 additional roommate but hopefully will get another in the next few months); Food is probably my biggest expense. Other than that, I have Spotify, YouTube, Xbox, and Microsoft Office accounts, but that total is about $60/month, which isn’t THAT much and, on the whole, has actually saved me money (so many ‘free’ games on Xbox it’s not even funny).
As for debt, I’ve got an account with a credit union, phone bill, car payments, car insurance, renter’s insurance, student loans, utilities, etc, etc. For a rough estimate (again, without giving too much away), recently I ended a week with ~$35, got my (2-week/80-hour) paycheck, paid all my bills, and ended up with ~$75. So, essentially, I made $.50/hour after bills
Edit: Location, American Midwest. Education, some years of college (a pretty good one, too) but never graduated. Age, early 30s. Aaand that’s about all I’m comfortable giving online
You’ll need to provide a lot more details for me to give a specific answer.
That’s… not great, but okay. What kind of job is it? Call center? Data entry?
I’m mostly looking for options to pivot into something more lucrative. I recommend looking at job postings in your company and area and seeing what it would take to get the skills needed to apply.
Here’s my back of the napkin math with what you provided:
So before debt repayment, you’re looking at $1700/month minimum, so let’s round up to $2k to account for incidentals (phone bill, clothes, etc). $500/month for debt will be tight depending on balances and interest rates. You say you can net $25-75/week, so that means you have $100-200/month to throw at debt.
I think a lot of your stress is coming from the debt, so I recommend using a tool like Unbury me to get a plan together to attack the debt. I recommend really looking at your spending to see what you can cut to get out of debt faster, because killing the debt will do wonders for your confidence and willingness to take risks (e.g. try a new career). Some ideas:
If you can increase that income, you’ll make progress a lot faster, so keep your eye out for opportunities. But in the short-term, you can manage your spending. Try to cut those debts to free up cash so you have more options.
With regard to student loan debt, if you haven’t already, see if you’re eligible for the SAVE program. It’s relatively new under Biden and is different than the loan forgiveness which was blocked by the Supreme Court. Based on this table, for $40k/year, the monthly payments for student loans should be $60. Depending on how long you’ve been paying off the loans, and the amount taken out, you may be eligible for forgiveness. Example situation from the Press Release which may apply to you:
That being said, there are other places to cut costs. The entertainment section would be the easiest. It’ll be hard, but that should be near $0 for the short term while you make the plan and prioritize building savings and paying down debt. Building an emergency fund can save so much headaches if something were to happen. Redirecting entertainment into building a savings account with a goal of $1000 would take a year and some change, and would be invaluable when you need it. This would be on top of the debt you’re currently paying down. Maybe after you have a comfortable savings account (3 months of living expenses), you can redirect those monthly investments into paying off the other debt faster.
As for other expenses, compare what you’re paying now for recurring expenses (phone, internet, etc). If a competitor is offering a plan at a lower rate, call your existing provider and tell them you want that better rate or you’ll change providers. This usually gets you a “Retention specialist” who can give you a good deal. Look at those bills and see if you’re paying for a modem or router rental per month and determine if it’ll be better in the long run to buy one yourself (it probably will be).
My husband and I didn’t have financial stability in office jobs until we moved into middle management. It’s a very different type of job, even if you’re doing the same sort of work. I don’t have a degree, but I have several innate traits that make me excel at it. My husband doesn’t have those innate skills, but he followed an educational path that gave him the credentials he needed to receive those opportunities (bachelor’s degree, then a project management certification).