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How do I make enough money to live? (lemmy.world)

submitted 4 months ago by TargaryenTKE@lemmy.world to c/personalfinance@lemmy.ml

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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

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[–] bamboo@lemmy.blahaj.zone 6 points 4 months ago* (last edited 4 months ago)

With regard to student loan debt, if you haven't already, see if you're eligible for the SAVE program. It's relatively new under Biden and is different than the loan forgiveness which was blocked by the Supreme Court. Based on this table, for $40k/year, the monthly payments for student loans should be $60. Depending on how long you've been paying off the loans, and the amount taken out, you may be eligible for forgiveness. Example situation from the Press Release which may apply to you:

Under SAVE, borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to get their remaining debt canceled. For every additional $1,000 in loans they took out (up to $21,000 total for undergraduate loans and $26,000 total for graduate loans), a borrower is eligible for relief after an additional year of repayment. For example, if a borrower took out $13,000 in loans, they would be eligible for debt cancellation after 11 years in repayment.

That being said, there are other places to cut costs. The entertainment section would be the easiest. It'll be hard, but that should be near $0 for the short term while you make the plan and prioritize building savings and paying down debt. Building an emergency fund can save so much headaches if something were to happen. Redirecting entertainment into building a savings account with a goal of $1000 would take a year and some change, and would be invaluable when you need it. This would be on top of the debt you're currently paying down. Maybe after you have a comfortable savings account (3 months of living expenses), you can redirect those monthly investments into paying off the other debt faster.

As for other expenses, compare what you're paying now for recurring expenses (phone, internet, etc). If a competitor is offering a plan at a lower rate, call your existing provider and tell them you want that better rate or you'll change providers. This usually gets you a "Retention specialist" who can give you a good deal. Look at those bills and see if you're paying for a modem or router rental per month and determine if it'll be better in the long run to buy one yourself (it probably will be).