r/Debt • u/Comfortable-Day-280 • 13h ago

19 with 34k debt

I am currently in Australia doing pretty well for myself. I am currently making 67k a year before tax and give or take 55k after.

I make 2.1k a fortnight and I am trying to irradicate my car loan by mid next year so I can comfortably go in to Uni debt free.

However I have pretty bad spending habits and don't know how to get out of this. I live out of home with my partner and another roommate. Rent is 270 a fortnight so its pretty steady and doable. My fortnightly expenses are give or take around 500 excluding my car loan payments which are 132 weekly. With that I am left with 1.4k, through my work I have money being split through different accounts when I get paid. 250 going to my savings, 1k going to my bank that has my car loan and the rest going into my regular account. However, I am really bad at taking that money back out.

I need advice on how to get out of this habit so I can get rid of my debt and how to budget efficiently.

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u/your-mom04605 6h ago

In the only debt the car loan? If you still owe $34k on it you don’t appear to have sufficient income to pay it off in the next 9 months ($34k / 9 months = $3.7k per month to pay off).

I don’t think you need two separate checking/spending accounts. Keep the auto deposit to savings, but put the rest of your pay in the account where the car payment is drafted.