The median wage for the SF bay area is $96,000/year. So you're in the 'not poor' range but I wouldn't necessarily put your income in the 'good money' category yet.
Realizing the problem and reaching out for help is a really good sign so here's what 6oi need to look at for you next steps
Stop the bleeding
Stop all new charges on your credit cards.
Call the credit card companies and cancel all your cards and ask to be put on a low interest repayment plan.
Take control
Start taking all your expenses, every single penny, use a tool like YNAB or Mint or just plain old excel/Google sheets. If All you're spending is on debit/creditcards. This is really easy using bank imports.
Categorize all your spending. (Make sure to differentiate between essentials and luxuries, like groceries vs eating out)
This will show you where all your money is going. Look through all the graphs of what category you're spending the most. What stores you're spending the most at.
Cut expenses
Reduce your budget as much as you can.
Cook at home more. (Eating out is super expensive, especially in big cities)
Unsubscribe from all but 1 streaming service (you still need some entertainment).
If you have an expensive car sell it and buy a Nissan Altima
Contemplate your relationship with money
What are you actually spending your money on?
Are they things/experiences you value?
Or are you spending mindlessly?
Think long term
Is living in SF actually affordable for you?
Are you likely to get a promotion/raise soon?(if you do 100% of it need to go towards getting rid of this debt)
Can you move somewhere cheaper? Get a roommate? Etc?
patmorgan235 t1_iyal0br wrote
Reply to Help! Drowning in debt. by nah_just_ocd
The median wage for the SF bay area is $96,000/year. So you're in the 'not poor' range but I wouldn't necessarily put your income in the 'good money' category yet.
Realizing the problem and reaching out for help is a really good sign so here's what 6oi need to look at for you next steps
Stop all new charges on your credit cards. Call the credit card companies and cancel all your cards and ask to be put on a low interest repayment plan.
Start taking all your expenses, every single penny, use a tool like YNAB or Mint or just plain old excel/Google sheets. If All you're spending is on debit/creditcards. This is really easy using bank imports.
Categorize all your spending. (Make sure to differentiate between essentials and luxuries, like groceries vs eating out)
This will show you where all your money is going. Look through all the graphs of what category you're spending the most. What stores you're spending the most at.
Reduce your budget as much as you can.
Cook at home more. (Eating out is super expensive, especially in big cities)
Unsubscribe from all but 1 streaming service (you still need some entertainment).
If you have an expensive car sell it and buy a Nissan Altima
What are you actually spending your money on? Are they things/experiences you value? Or are you spending mindlessly?
Is living in SF actually affordable for you? Are you likely to get a promotion/raise soon?(if you do 100% of it need to go towards getting rid of this debt) Can you move somewhere cheaper? Get a roommate? Etc?