Yes, I do have a full-time job, and I even enjoy it, but it doesn’t pay enough to survive in this hellscape of a world we live in. I lack the college degree required to get almost any decent-paying job (plus my last job hunt took MONTHS to get a lead), I don’t have the skills or originality to become an online content creator, nor the artistry or patience to create and sell trinkets on Etsy (plus, that would require an initial investment which I simply do not have). Should I set up a GoFundMe? OnlyFans? I wouldn’t really be offering anything except a charity basket/collection plate so that feels dishonest at best. Idk, I’m quite literally having a breakdown because I’m probably going to lose my car soon, and then my job, and then my apartment, and then my life. Any help at all would be appreciated. Thank you
Giving you enough context to actually answer your question without giving up TOO much private info, in order:
Cubicle job where I make just under $20/hour (min. wage for my state is $15)
I don’t have a SET budget, but I really don’t spend that much :/ Rent is roughly half of my current paycheck (currently with 1 additional roommate but hopefully will get another in the next few months); Food is probably my biggest expense. Other than that, I have Spotify, YouTube, Xbox, and Microsoft Office accounts, but that total is about $60/month, which isn’t THAT much and, on the whole, has actually saved me money (so many ‘free’ games on Xbox it’s not even funny).
As for debt, I’ve got an account with a credit union, phone bill, car payments, car insurance, renter’s insurance, student loans, utilities, etc, etc. For a rough estimate (again, without giving too much away), recently I ended a week with ~$35, got my (2-week/80-hour) paycheck, paid all my bills, and ended up with ~$75. So, essentially, I made $.50/hour after bills
$20 an hour is a decent starting salary for no prior experience or education, but as you’ve said, it’s not a lot. You will need to make concessions somewhere, such as roommates, food, subscriptions, or entertainment.
The first step is to be honest with your expenses, going through your past few months of credit card and bank statements, and put everything into a spreadsheet or app.
Use YNAB or a similar app and catalogue each of your recurring and non-recurring expenses. You say they’re not “that” much, but they do add up. You may be surprised with what you find, but mostly, it will help you think through your priorities, what is essential, and what is a recurring expense. In the end, you will know what your “baseline” spending is relative to your current salary, and how much you have free each month to spend on going out or hobbies.
After you’ve been tracking your current state of expenses for a while, thinking about your immediate future and changes you can make, make a 3 to 5 year career plan. Assess if you need a different/second job, or assuming a 2% increase each year, if you are on a career track that will drastically increase your quality of life (How much do I need to NOT have roommates? Drive a NEW car? Save for retirement? Increase entertainment expenses by $200/mo?).
What do you need to do to get that promotion or next job? When you are applying for that job in a few years, what salary number do you need to ask for? You should eventually have the answers to those questions, but not until you’ve got a real budget.
This is great advice overall, but I would like to point out (though it does not seem to be OP’s case) that if you have any medical issues, your mileage may vary. Medical issues cause expenses to be very spiky and unpredictable.
Of course, it still helpful having a budget, just expect your budget to get fucked occasionally (in the US).
A proper budget needs to be paired with a proper emergency fund. Priority should be:
And always look for opportunities to improve income, since that helps with each stage.