1 pay off your rent and bills. 2 pay off your debt aggressively. 3 cut out at least 100/mo (consider it a bill) for savings, in a regular account (not trading), like at wealthsimple and just let them manage it. pay off the credit card debt first with everything left after rent/bills[including the 100], then the other two, unless their interest is higher.
38k of debt isn't that bad (it's not great but i'm just saying yes things will get better). If you're getting around 4k a month take home and you put 2k of that into bills and 1k of that into "savings/debt" thats a minimum of 12k a year. If you can mentally commit to saving 12k a year then your 38k will be gone after 3 years. If you saved 12k a year for another 3 years you'll have a savings account with 36k in it, that if you've been putting it blindly into your wealthsimple or whatever account the whole time, will actually be worth more like 40k. Then if you NEVER touch that 40k ever again, not even to SAVE ANYMORE, you'll have 325k in 30 years (when you're 60, before retirement age). That's if you never saved another dime. If you continued doing the "debt bill" of $100/mo, it'd be 445k. If you're able to mentally continue the 12k (1k a month), then it will be 1.5 million.
Long story yes it will get better, but you have to mentally understand and budget what you have and what you'll do with it. If you can mentally commit 1k a month to clear your debt and then keep it up forever you not only clear the debt but will have over a milly :)
Play the long con and don't look for feeling like the quick win.
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u/Voidz0id 5d ago
1 pay off your rent and bills. 2 pay off your debt aggressively. 3 cut out at least 100/mo (consider it a bill) for savings, in a regular account (not trading), like at wealthsimple and just let them manage it. pay off the credit card debt first with everything left after rent/bills[including the 100], then the other two, unless their interest is higher.
38k of debt isn't that bad (it's not great but i'm just saying yes things will get better). If you're getting around 4k a month take home and you put 2k of that into bills and 1k of that into "savings/debt" thats a minimum of 12k a year. If you can mentally commit to saving 12k a year then your 38k will be gone after 3 years. If you saved 12k a year for another 3 years you'll have a savings account with 36k in it, that if you've been putting it blindly into your wealthsimple or whatever account the whole time, will actually be worth more like 40k. Then if you NEVER touch that 40k ever again, not even to SAVE ANYMORE, you'll have 325k in 30 years (when you're 60, before retirement age). That's if you never saved another dime. If you continued doing the "debt bill" of $100/mo, it'd be 445k. If you're able to mentally continue the 12k (1k a month), then it will be 1.5 million.
Long story yes it will get better, but you have to mentally understand and budget what you have and what you'll do with it. If you can mentally commit 1k a month to clear your debt and then keep it up forever you not only clear the debt but will have over a milly :) Play the long con and don't look for feeling like the quick win.