I’m 32, make $2.5K/month at a temp job, and have $5K in credit card debt — should I save or pay down debt?
Temporary work is a reality for a significant number of Americans who, in turn, find it difficult to plan the future when their livelihood is interrupted by the end of the agreement.
According to the Bureau of Labor Statistics, 6.9 million Americans as of 2023 Temporary workersA number of this does not include free employees or persons involved in gig economy.
Suppose you are in this ship. At 32, you have a temporary job, a certain credit card debt you really want to pay, but there is no new job prospect after your contract is complete. What should you focus on – your debt or your savings? Here we are destroying what to do, and why?
So you are $ 2,500 per month in your temporary work. Your minimum costs amount to $ 2,000, and currently pay $ 5000 credit card debt a month. Your emergency fund is $ 3,500, and you find that if you continue to pay your credit card debt, you will be able to add $ 500 to your emergency savings before the end of your contract.
If you continue on this track, you can eliminate your debt in more than a year. However, in a few months, you need a Foundation to continue to find you until the new one. By the end of the year, the expenses of only $ 4,000 and anticipated emergency fund you need to be faster than on average.
Agreeable FlexjobsTo start a new position to start a new position, it takes a mean to 6 to 6 months.
In this case, most likely, the minimum payments of your credit cards and focus on when you are at work next year. You also need to start your search and focus on the network at the end of your contract to ensure that you will start temporary unemployment on the right track.
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By Dave Ramsey’s Children’s steps The resolution to build wealth, most importantly, as a first step as having a strong emergency fund.
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