Finances, debt & savings 6/29/12

I've wanted to summarize my money for my own organization. I don't think its weird to talk about money, and I think it sucks that's its a taboo. I think if people were able to discuss money more freely with friends, it would help all of us. People getting taken advantage of at their job would realize how much better they can do, and have the motivation to find a better job (or go to college).
And people that are doing okay, should realize how lucky they are and work to keep their jobs! Or know to prepare themselves for "what's out there" if they lose their job. Also comparing savings would be good too: to know what other people your age are doing so you know if you're behind..

I personally think I'm on the lower end of "okay." A few friends are willing to discuss and compare and I'm close to what others around my age and location are making, (if they don't have a specialty job that came from a college degree.) I DO make very little, when it comes to averages I google--- but in comparison, to my area and friends its not that bad. So I definitely don't make a lot. But I think its "okay" for my lifestyle.

I chose to not graduate college and have only recently started to not be ashamed of this. I know multiple people with college degrees that are my age (and even older) that make near what I do. If I had to go through the stress of college for 4 years and make as much as I do now--- I would be really really disappointed. So I think quitting college and joining my company was a good decision for me.

Yes, if I had finished, I know I could be making much much more. Salary figures I can't even imagine living with, however I found schooling extremely stressful and I fought through anxiety and depression, and making more money is just not worth the stress, for me personally. Right now.

I quit after a year and found a job at my company about 5 years ago. I started at the lowest position and moved up twice. I am a collector. It's for businesses that don't pay us; we're not the "evil debt collector" image people have. If a business does not pay on time, they need someone to follow up with them, it's that simple. So we're not calling individuals at home or anything.

(Lol, not really.)

My retirement plans

I'm really behind on retirement and it's recently started to worry me. I kept thinking "I'm young, I have time." But I will be turning 25 this year and started searching for some advice.
This article scares the hell out of me: http://www.financialsamurai.com/2012/01/09/how-much-should-one-have-in-their-401k-at-different-ages/

It says at 25 the low end of savings is $42,000. LOL! That's hilariously impossible and I have next to nothing in my 401 K because I have not been contributing much. My thought process has been that I need money NOW more than at retirement. I figured its better to pay off credit cards and loans now than have money in a 401K but.... at 25; I'm starting to feel old and unprepared. I just changed my work contribution to 3% of my pay to go to my 401K and hope I don't change it back. I just think I've been stupid not putting in more, especially since my employer matches your contribution...

Here's another article on the same site http://www.financialsamurai.com/2012/01/12/24402/ That addresses the people that said his figures are too high. It's still scary realizing how poor and unprepared you are. Let's hope I can slowly pull myself out of dept and start contributing more to my retirement.

Debt
I stupidly used credit cards a lot when I started working. They are my number one priority to pay off right now. I have about $1,800 on my Discover card, but its a 0% until June 2013. I used a balance transfer offer from them. It should work out if I pay enough, but if I don't pay it off on time I will be paying a lot in interest..

My current "go to" credit card, when I don't feel secure using my bank account, is Sallie Mae Credit Card. I have it at 11.99%, which isn't that terrible compared to other cards. It also gives me rewards. I try to pay it off monthly but sometimes I have a couple hundred on there and end up paying interest. My goal is to pay it off and stop using it.

I also have Care Credit http://www.carecredit.com/ which is good for medical things that insurance doesn't cover. They also offer 0% if you pay it off within a certain amount of time.

Then my two big monthly payments are my car ($252 per month) and my one last school loan ($142 per month)
My Car has about $5,900 at 6.5% interest
School loan has about $2,700 at 6.25% interest

Pay off Goals
1. Pay off Sallie Mae Credit every month so I don't waste money on interest (11.99%). I can use it for the rewards, but pay before my monthly bill is calculated.

2. Pay off my school loan of 6.25% because it's only $2,700. I'll be able to pay off quicker than my car.

3. Make sure my Discover card of $1,800 is paid off before June 2013, since 0% interest expires then.

4. Once credit debt and school loan are gone: raise my 401K contribution to at least 6%, to take advantage of my employer contribution

5. Last start paying extra on my car to pay it off sooner and save the interest money


Life Budgeting

I feel like my above goals are attainable, its just hard to plan for the future because I currently live with my parents and don't spend as much on living as I will once I move out. I just hope that moving out doesn't hinder my payments towards debt too much. I do spend my own money on some food, clothing, small rent, my car upkeep, insurance, cell phone, etc. So I do have experience in budgeting, I just know my rent will be higher, I'll have things like internet/TV to pay for, cleaning supplies... all the decor and furniture I want..

So I know I have some stress and worries coming up. I just hope to have the motivation to stay financially responsible and NOT use credit cards anymore.

I plan on staying child free my whole life so I feel that will help with finances a lot, too.

I just want to enjoy life and not have to pass up on too many things I want to do. I want to travel for fandom conventions, have the money for a nice place with nice furnishings, have money for any cosmetic things I want to do, and be able to buy the food and clothes I want. I don't want to be that person sitting at home complaining about how poor they are. I know I should have gotten a degree to get a job that can support my way of living... but for now, I hope with budgeting, working hard at my job, and staying child free - that I can live a life that is satisfactory to me.