I just paid my mortgage bill and my savings account is now below $1k ($630 to be exact). I bought my first house back in June and I’ve been saving money since I graduated high school. I started June off with 5k saved and put 2/3 of my paycheck into my savings at the end of every week. This is lowest my savings has ever been and I’m really freaking out. At the end of this month I won’t be able to afford any bills. I’ve never been in a situation like this and I’m not sure what to do…. Any advice is appreciated and welcomed
All my bills are paid but I won’t be able to afford next months bills
byu/supsanna inpersonalfinance
Posted by supsanna
13 Comments
Can you get a roommate?
A budget breakdown would help a lot, with your income and where your money is going.
Is this month special (an extra big expense?) or is it a case of you slowly whittling down your savings each month until you ran out?
I have thoughts, but everybody is going to ask: How much is your mortgage payment, how much do you make, what’s your budget look like?
Get a second job and a roommate? And cut all unnecessary expenses.
Why is your savings being drained? Are you not able to afford your bills off of your paycheck?
You have to make more than you spend every month. Anything else isn’t sustainable. Either decrease your expenses or increase your income.
OP, I’m sorry to tell you this, but you cannot afford your house. You need to sell it.
What are you able to cut out? What subscriptions do you have?
Do you have an extra room you can rent?
Sell the house and get a cheaper apartment.
Lots of young couples take on a roommate. That’s something I would consider.
Also, your BF should probably not put off school, but there’s almost certainly no money in his hockey (unless he has a good scholarship), so I think that’s a cut to make come next season – cut it and put the time towards earning mortgage money. I get that he’s not the one here asking but he’s going to have to come to grips with that.
What are you doing for work? Can you side-gig?
As others have noted, get a second job and roommate (not just boyfriend), write down a budget and cut unnecessary spending. A mortgage that amount is super duper cheap, I am jealous!
Here’s my budget
-Less than $30k a year
-Average paycheck is about $250-$300 a week
-I spend about $50 on gas and $50 on groceries
-School loans is $127 a month
-Car loan is $86 a month
-Gas and Electric bill depend on the weather (with the freezing temps in the Midwest my gas bill was $169 and electric bill was $102 for January)
If I’m missing anything lmk
With how low your income is it seems you could do some gig work doing door dash or something? Even an $1000/mo seems like it would fix the situation. Start looking for a new role for your primary job, maybe some certifications you could do to get a promotion? Gotta get the income up.