I am 21 and currently bringing home ~$2000 a month after taxes, plan 401b, Union Dues, Health Dental and Vision Insurance.
My car has $9000 left on it, paying $250 a month for 60 months. I bought the car with no credit history so my APR is 15%.
Car insurance is $250 a month. Gas is about $100 a month. Cell phone is $70 a month.
That adds up to $670 a month without rent (yay math).
Now currently I am paying $400 a month for a room. I don't have access to a kitchen, just a refrigerator. I would like my own place so I can cook and have my own space. Apartments around my area are $700-$850 a month for a 1 bedroom, or $650+ for a studio. I have called one apartment and they said they have units available, and rent is $775 + $40 utilities.
So $670 + $775 + $40 + $60 (Internet, no cable) comes out to $1545.
Could I live off of $500 a month? Food is a cost I have no clue how to estimate.
I'm not sure if I should refinance my car soon, or wait longer. I have been paying on it for 6 months.
I also have another car which I am trying to sell for about $1700. Could I put that all towards my new car and have it all go to the principle? Or will most of it be spent on interest?
Help?!
Submitted July 22, 2016 at 01:36PM by Duckerr http://ift.tt/29Yb3ZI personalfinance
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