I’m very concerned about my finances and wonder if I’ll be able to pay off the debt I’ve accumulated. The reason being is that I’m not very good at saving money. Here is what I have to work with:
Student debt - $20,000 CC debt - $21,000
I’m also planning a wedding at the moment and will be spending close to $12,000 by the end of the year. Thankfully our parents have graciously chipped in to help pay for the remaining $24,000.
I own my home outright so I don’t have a mortgage to pay for but I do have monthly bills, groceries and living expensives which is around $2,000.
I have a 401K with around $17,000 and I previously had another 401K I withdrew from so I could pay down some of my debt amounting to $10,000.
I make around $130,000 yearly and have saved around $25,000 in 2023. I’d like to save more but I have the habit of spending money on things I don’t need and love to shop.
My fiancé also works and he makes around $40k. He will be paying off his car here shortly and so have I but he has around $30k in student loans.
Will we be okay? I’m trying my best to get better as we will be married here soon but I’m trying my best not to get into more debt and become more financially free.
original posted by Glum-Spring3968 to r/personalfinance on Wed, 06 Mar 2024 19:29:06 GMT.