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Money and Finances
Reply to "Make $200k, credit card debt, no savings "
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[quote=Anonymous]Start tracking your every penny in a spreadsheet you manage yourself. You need a re-set. Look at every single line and try to reduce it, with more focus on the lines you think you could really cut back. Cut your cell phone bill, your cable/streaming bill, all of your recurring expenses. Think about which kids' activities are worth it and eliminate those that aren't worth it. Buy groceries at ALDI or LIDL. No where else. Do a "buy nothing" month where you buy nothing but food for at least a month. In two months you can likely pay off your credit card bills, if not you're on buy nothing mode until you do pay off the bills. After that, decide on an amount that's at least 50% of what you were putting towards the credit card bills and save that. If you're not maxing 401K / TSP at this point, save that way. If you're maxing that, have the amount sent over to your savings account as soon as your paycheck comes in.[/quote]
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