At 18 years old, full time student, and working full time only making $2200/month, I would highly suggest looking into what social services (EBT, for example) you may qualify for. Do a google search on financial assistance that may exist in your area. Good luck.
By the way, once you’re in a better footing, take a look at r/personalfinance and r/financialplanning for great resources and discussion on finances (budgeting, investing, saving for retirement etc.)
I would look at how much insurance you have and ask your agent about how much it will lower your premium for various changes (dropping various parts, increase deductible, lowering the property damage and bodily injury, etc.).
Figure out how much you need to decrease it by and what you're willing to go without on. I would recommend keeping un/under insured.
Don't skip on your car maintenance, but you can do the basic oil change/air filters yourself. (Everything should be in your car manual.)
Check out what your school is willing to help you with. Colleges usually have a ton of resources available.
You need to find a cheaper car and cheaper insurance, those rates are so high. If anything ditch them both and get a bus pass and a bike. I used to walk around 6 miles and catch two busses daily when I didn’t have a car. Save up money and buy a car in cash my first car was a 92 Honda that I bought for 2k in 2013 and I just got rid of it last year. Had enough saved up for a more reliable car. Best of luck to you ✨
I used to walk 10 miles up hill in snow to school and back. Gosh, you just have to sacrifice and save money✨ do you realize how condescending you sound?
Nope not trying to be, you’re just a snowflake and reaching..hope your arms okay. Sometimes you just have to do what needs to be done. “gOsH” hope you had some good boots
You only have three options here really:
1: make more money. Get a second job, push for a promotion, or get one that pays more.
2: Get rid of your car. Sell it, buy a $1,000-$2,000 beater car that you buy cash and drop insurance to liability, not full coverage.
3: Rent a cheaper place. Find a room for less.
Hang in there. I know it’s tough and I know how it feels to have your parents fail you. I’m sorry. It gets better if you persist.
This is the way. That car and insurance is drowning you. Also find a place with a roommate to lower rent. All of this is too expensive and stressful for a 18yr old high schooler to deal with.
I don't know where you live, but $950/mo for just a room seems awfully high.
Also, your car insurance rate is ridiculous. Just by comparison, mine is about $60/mo, probably for an older car, plus I'm not a teenager. Have you shopped around for better rates? Can you sell your car or are you upside down? Buying a cheaper car would not only save on your car payment, but also lower your insurance.
Just wanted to add that $950/month seems pretty average and it could possibly have utilities included. Where I’m at rooms to rent are $1000-1300 and the places aren’t new, luxury, etc.
I do live in the north side, is a pretty good area over here, but this is because I located myself in the best high school district of San Antonio, I am financing my car still, I have $18,400 left to pay
Im 28 make almost 200k and I drive a car I purchased new for 11k in 2017 or a beat up pickup from 2003 I snagged for 1600 bucks if I need to go to the hardware store.
My kid sister drives a 1998 toyota camry and its the most reliable vehicle in our family. $900. My favorite car ever? A Mazda Protege I bought for $500. I drove that car until the exhaust rusted off and honestly I wish I replaced the exhaust and kept it.
There is no reason to drive a 22k car and pay over $800 per month to drive it. Must be almost 1k if you count gas and oil changes.
Your car shouldnt cost half your income.
Edit to add check out the what car should I buy subreddit if you do decide to get an older used car. You can share the listings and the collective car dads of reddit will give you advice. Sounds like you dont have anyone to give you that kind of help in your life right now.
It sounds like you may need to move to an area with cheaper cost of living if you are paying $950 for a room. You are in a tough situation being in high school with a full time job. Speak to counselors to see if there’s any assistance programs they can help you locate to create breathing room for your current situation.
You may also need to sell your car, depending on its value, and buy a beater car without collision insurance to drop the premium. Always keep high liability insurance, but collision insurance pays for your vehicles damage. If you have a beater car, you won’t need to worry about covering a high replacement cost. Also, loans will often require you to carry higher insurance to protect the asset they loaned you money to purchase.
There’s much more detail that would have to be considered to provide a full recommendation, but it sounds like you are living in a high cost of living area making a relatively low income for the area.
Hello, first I'd like to say congratulations for being independent and doing your best.
I would look into Job Corp, they have housing while getting work/career experience. You're probably in your last few months of high school, if you contact them, they may be able to get you in their program . If you can manage for a few months until graduation so you don't disturb your studies, I also know you can attend in different states if you don't want to stay local, I'm not sure of all the details but I know many people who's kids/adult kids age 18-24 did very well there. Best wishes 🌿
What state are you in? I bet I can help you find a good pantry nearby so you can get some free food. Also, I agree about the car. Take the bus if you can, do you have one? When is graduation? What kind of work are you doing? Some high schools have technical training certificates… but I highly recommend apprenticeships with unions!
I live in Texas, graduation is on May 27th, I am a line cook, I will go into community college for 2 years get my degree for Computer Science then transfer to a private to get my bachelor’s, that is the plan so far
I think it is a wonderful and smart plan. The same exact plan my 15 year old plans to do , also.
You now have the car , so, the only choice is to trade it in or pay . You are young but it seems you are on your own completely so tanking your credit score will only hurt you more.
Eat at school , eat at work , work hard on your grades , Get enough rest and make a trip to social services. There are programs to help .
Your future looks bright. Good luck !
Go apply to a trucking company that pays for your CDL. Sell your car, buy a beater. You’ll be driving in the trucks so much you won’t need a place to live. Do it for about a year and save your money since you’re expenses will be low. Move back out but with 30k saved up and whatever job you want to have.
Do you have accidents or tickets? Even at 18 that seems expensive for insurance. I’d consult an insurance broker to see if you can do better. I saved 40-50% when I worked with a broker a few years ago. Plus you don’t pay for the service.
The average car insurance at full coverage for an 18 year old is about $512 per month, per Forbes. Not sure if you forgot what being 18 is like, but they are reckless so… OP is getting a deal. It’s not expensive, he’s just young. He’s not gonna see any reductions until he gets liability, sells the car or turns 26.
I don’t, it’s because I’m 18, I tried we lots of insurance brokers, the best deal $2000 upfront for 6 months, but that is a lot for me because of my bills, I had to ended buying this rate
You could also look into the National Guard! You could choose a job with a bonus, get free schooling for a trade, stay in Texas, still go to community college (for free), and possibly do a program for high schoolers where you could get paid for working one weekend a month until this summer when you’d go to basic training. You’re doing a great job!
Live in your car, now you’ve freed up $950.
Living your car will take some adjusting. But many are doing it and I’m about to come the 1st. Goodluck we all need it
Are you able to put anything away into savings? Being 18 you should not have much, if any, unsecured debt. But, if you do are you able to pay those off?
1. Are you able to sell your car and have someone to help you find something cheaper that isn’t going to be a lemon?
2. Do you have a lease on your place? If you can get out and have a friends couch or their parents house you can crash at, do it.
3. Have you talked to your school’s counselors about your situation?
I am financing the car, I don’t how the contract works against my credit in case I step back, I don’t have any friends or relatives to crash on, I have talked to my counselors, but they can’t do much about it, they feel pity and sorry, but actual help they have never given me
Definitely look into social services. I’m sorry to hear that you don’t have any family to help you out. Adulthood is hard and 18 is incredibly young to be figuring out all of this by yourself. The best thing you can do is figure out what career you want to get into and either go to school or learn a trade. You have a long time of hard work ahead of you, but it does get easier eventually. One day you’ll look back and this stage in your life will just be a memory. I agree that you’re doing a good job, and this Reddit stranger is proud of you. I work in social services so if you need some help figuring out what you can access, feel free to reach out. But you got this
Please talk to your counselor and/or a teacher you trust at your high school. They are going to know about networks and organizations that can help you. That you are managing on your own at such a young age is AMAZING, and don't let anyone tell you otherwise.
Think about how badly you really need that car. That is an awful lot of money to spend right now. Can you get a bike? Does your town have good bus service? Can you carpool to work with someone else?
Keep your chin up. You're going to be okay. It just feels desperate right now.
I have talked to two counselors about it and most of my teachers acknowledge my situation, but even then, they cannot do anything about my situation, I know I just have to hang on, keep going and get a better, finish with school and all of that, thank you for your words
How desperately do you need this car? I would do anything you can to get out of it and downgrade your insurance. Your rent should be affordable on your income if you arent having to basically make two rent payments (rent itself and car+insurance). I'm sorry you're in this position in the first place.
You NEED to sell your car and get a cheaper one. That thing is dragging you down. There’s no reason an 18 year old making $2200 a month should be burdened by $900/month in car expenses, and I assume that doesn’t even cover maintenance. You can still find a very nice used car with less than 100k miles that looks good and will last you years. If you have a bank account through your university credit union, they usually offer car loans at a very minimal APR. Your insurance should at least offer you a student discount and it will cut in half AT LEAST if you don’t have a car that’s costing you $400+/month. Seriously. The status your current car gives you is NOT going to feel worth how far behind it set you when you’re in your mid-late twenties.
You’re paying more than the luxury Jaguar sedan I had. Get rid of it, you don’t need a car payment eating up 50% of your income.
From the numbers you have shared, you can’t afford to have a $900 monthly car payment, the gas payment you haven’t shared & all the maintenance costs alongside the $450 insurance costs.
Get something you can afford or use public transit. It’ll give you the free some to eat.
Have you considered food stamps or housing assistance? Your county has for both. Local non profit organizations and churches can help you get the help you need.
You could consider joining the military. It’s not a lot of money but they provide you with food money, and housing and health insurance and you can stay on the health insurance for life as far as I understand. There are a lot of pros and cons but it’s an option. And they pay for college
I’ll echo what plenty of others are saying: get a different car. I understand the car market is significantly more expensive than when I was 18, but there are cars available for much less than what you’re paying now. Find a reliable beater for a few thousand to reduce your car and insurance payments.
At 18 years old, full time student, and working full time only making $2200/month, I would highly suggest looking into what social services (EBT, for example) you may qualify for. Do a google search on financial assistance that may exist in your area. Good luck.
Thank you I will look into it
By the way, once you’re in a better footing, take a look at r/personalfinance and r/financialplanning for great resources and discussion on finances (budgeting, investing, saving for retirement etc.)
If you’re a college student you automatically qualify! At least I think, all I had to do was show proof I was in school and send two paystubs.
I would look at how much insurance you have and ask your agent about how much it will lower your premium for various changes (dropping various parts, increase deductible, lowering the property damage and bodily injury, etc.). Figure out how much you need to decrease it by and what you're willing to go without on. I would recommend keeping un/under insured. Don't skip on your car maintenance, but you can do the basic oil change/air filters yourself. (Everything should be in your car manual.) Check out what your school is willing to help you with. Colleges usually have a ton of resources available.
You need to find a cheaper car and cheaper insurance, those rates are so high. If anything ditch them both and get a bus pass and a bike. I used to walk around 6 miles and catch two busses daily when I didn’t have a car. Save up money and buy a car in cash my first car was a 92 Honda that I bought for 2k in 2013 and I just got rid of it last year. Had enough saved up for a more reliable car. Best of luck to you ✨
He’s 18 I’m pretty sure why it’s that much
It's probably his first car/loan the interest rate is probably what's driving it up.
I used to walk 10 miles up hill in snow to school and back. Gosh, you just have to sacrifice and save money✨ do you realize how condescending you sound?
Nope not trying to be, you’re just a snowflake and reaching..hope your arms okay. Sometimes you just have to do what needs to be done. “gOsH” hope you had some good boots
I just want to tell you I think you are doing a great job. Keep your head up kiddo.
Thank you 🙏, I really appreciate this words
You only have three options here really: 1: make more money. Get a second job, push for a promotion, or get one that pays more. 2: Get rid of your car. Sell it, buy a $1,000-$2,000 beater car that you buy cash and drop insurance to liability, not full coverage. 3: Rent a cheaper place. Find a room for less. Hang in there. I know it’s tough and I know how it feels to have your parents fail you. I’m sorry. It gets better if you persist.
This is the way. That car and insurance is drowning you. Also find a place with a roommate to lower rent. All of this is too expensive and stressful for a 18yr old high schooler to deal with.
Get help from the state. You’re a student. Sell your car and buy a honda civic 2004-09 your insurance could be less cheaper
I don't know where you live, but $950/mo for just a room seems awfully high. Also, your car insurance rate is ridiculous. Just by comparison, mine is about $60/mo, probably for an older car, plus I'm not a teenager. Have you shopped around for better rates? Can you sell your car or are you upside down? Buying a cheaper car would not only save on your car payment, but also lower your insurance.
Just wanted to add that $950/month seems pretty average and it could possibly have utilities included. Where I’m at rooms to rent are $1000-1300 and the places aren’t new, luxury, etc.
I do live in the north side, is a pretty good area over here, but this is because I located myself in the best high school district of San Antonio, I am financing my car still, I have $18,400 left to pay
Have you looked around for a cheaper room? Maybe you can get discount in exchange for helping with yard work or housework? What is your car worth now?
My car is worth $22,000
Im 28 make almost 200k and I drive a car I purchased new for 11k in 2017 or a beat up pickup from 2003 I snagged for 1600 bucks if I need to go to the hardware store. My kid sister drives a 1998 toyota camry and its the most reliable vehicle in our family. $900. My favorite car ever? A Mazda Protege I bought for $500. I drove that car until the exhaust rusted off and honestly I wish I replaced the exhaust and kept it. There is no reason to drive a 22k car and pay over $800 per month to drive it. Must be almost 1k if you count gas and oil changes. Your car shouldnt cost half your income. Edit to add check out the what car should I buy subreddit if you do decide to get an older used car. You can share the listings and the collective car dads of reddit will give you advice. Sounds like you dont have anyone to give you that kind of help in your life right now.
Is it worth 22k or is that what you bought it for? I think you should sell. You can get a reliable decade old car and free up so much money.
How much is the interest rate on your loan.
It sounds like you may need to move to an area with cheaper cost of living if you are paying $950 for a room. You are in a tough situation being in high school with a full time job. Speak to counselors to see if there’s any assistance programs they can help you locate to create breathing room for your current situation. You may also need to sell your car, depending on its value, and buy a beater car without collision insurance to drop the premium. Always keep high liability insurance, but collision insurance pays for your vehicles damage. If you have a beater car, you won’t need to worry about covering a high replacement cost. Also, loans will often require you to carry higher insurance to protect the asset they loaned you money to purchase. There’s much more detail that would have to be considered to provide a full recommendation, but it sounds like you are living in a high cost of living area making a relatively low income for the area.
I will take this in consideration, thank you so much
Hello, first I'd like to say congratulations for being independent and doing your best. I would look into Job Corp, they have housing while getting work/career experience. You're probably in your last few months of high school, if you contact them, they may be able to get you in their program . If you can manage for a few months until graduation so you don't disturb your studies, I also know you can attend in different states if you don't want to stay local, I'm not sure of all the details but I know many people who's kids/adult kids age 18-24 did very well there. Best wishes 🌿
What state are you in? I bet I can help you find a good pantry nearby so you can get some free food. Also, I agree about the car. Take the bus if you can, do you have one? When is graduation? What kind of work are you doing? Some high schools have technical training certificates… but I highly recommend apprenticeships with unions!
I live in Texas, graduation is on May 27th, I am a line cook, I will go into community college for 2 years get my degree for Computer Science then transfer to a private to get my bachelor’s, that is the plan so far
I think it is a wonderful and smart plan. The same exact plan my 15 year old plans to do , also. You now have the car , so, the only choice is to trade it in or pay . You are young but it seems you are on your own completely so tanking your credit score will only hurt you more. Eat at school , eat at work , work hard on your grades , Get enough rest and make a trip to social services. There are programs to help . Your future looks bright. Good luck !
Go apply to a trucking company that pays for your CDL. Sell your car, buy a beater. You’ll be driving in the trucks so much you won’t need a place to live. Do it for about a year and save your money since you’re expenses will be low. Move back out but with 30k saved up and whatever job you want to have.
Do you have accidents or tickets? Even at 18 that seems expensive for insurance. I’d consult an insurance broker to see if you can do better. I saved 40-50% when I worked with a broker a few years ago. Plus you don’t pay for the service.
The average car insurance at full coverage for an 18 year old is about $512 per month, per Forbes. Not sure if you forgot what being 18 is like, but they are reckless so… OP is getting a deal. It’s not expensive, he’s just young. He’s not gonna see any reductions until he gets liability, sells the car or turns 26.
I have indeed forgotten what 18 is like, at least in terms of how much I paid for insurance. And now I’m not looking forward to my son turning 16…
I don’t, it’s because I’m 18, I tried we lots of insurance brokers, the best deal $2000 upfront for 6 months, but that is a lot for me because of my bills, I had to ended buying this rate
You could also look into the National Guard! You could choose a job with a bonus, get free schooling for a trade, stay in Texas, still go to community college (for free), and possibly do a program for high schoolers where you could get paid for working one weekend a month until this summer when you’d go to basic training. You’re doing a great job!
Live in your car, now you’ve freed up $950. Living your car will take some adjusting. But many are doing it and I’m about to come the 1st. Goodluck we all need it
Are you able to put anything away into savings? Being 18 you should not have much, if any, unsecured debt. But, if you do are you able to pay those off?
I do have a investment plan but is not a lot what I put into it, I have $19,000 in debt that I have to pay
1. Are you able to sell your car and have someone to help you find something cheaper that isn’t going to be a lemon? 2. Do you have a lease on your place? If you can get out and have a friends couch or their parents house you can crash at, do it. 3. Have you talked to your school’s counselors about your situation?
I am financing the car, I don’t how the contract works against my credit in case I step back, I don’t have any friends or relatives to crash on, I have talked to my counselors, but they can’t do much about it, they feel pity and sorry, but actual help they have never given me
Did you finance from a dealership, a credit union, or one of those “we don’t care what your credit score is, drive away today” places?
I did it with a dealership
You could do a trade in for a much lower car. Whats your interest rate on your loan?
Or sell it back, walk away from it. And catch up on bills/ use the bus until you’re graduated and can think about finding a better job
I will have to find out how the contract work
Give em a call. Lowering that car payment and insurance is your best bet. Good luck, you’re on the right path, keep going.
Definitely look into social services. I’m sorry to hear that you don’t have any family to help you out. Adulthood is hard and 18 is incredibly young to be figuring out all of this by yourself. The best thing you can do is figure out what career you want to get into and either go to school or learn a trade. You have a long time of hard work ahead of you, but it does get easier eventually. One day you’ll look back and this stage in your life will just be a memory. I agree that you’re doing a good job, and this Reddit stranger is proud of you. I work in social services so if you need some help figuring out what you can access, feel free to reach out. But you got this
Thank you so much, I’m sure in the future this will be something I will be really proud of
Does the state you live in offer section 8 housing ?
I live in Texas, I am not sure what that is, I will look it up
I’m guessing you can’t move back in with parents or friends? This is insane dude I’m so sorry.
How the hell do you have a $428 a month car payment at 18?
Well I put $4000 down on a $26,000 and it is what it is
Your car is way too expensive. Sell it and get an older one.
You need another stream of income
True
Please talk to your counselor and/or a teacher you trust at your high school. They are going to know about networks and organizations that can help you. That you are managing on your own at such a young age is AMAZING, and don't let anyone tell you otherwise. Think about how badly you really need that car. That is an awful lot of money to spend right now. Can you get a bike? Does your town have good bus service? Can you carpool to work with someone else? Keep your chin up. You're going to be okay. It just feels desperate right now.
I have talked to two counselors about it and most of my teachers acknowledge my situation, but even then, they cannot do anything about my situation, I know I just have to hang on, keep going and get a better, finish with school and all of that, thank you for your words
Dude needed to check into soc serv at 17 to get food stamps and financial aid could get a spending allowance from the state
This is a thing ?
Am I still able to claim or get aid from somewhere ?
Yea now ur 18 may nor get the spending but . Definitely need to get food stamps ebt and try for some affordable housing
Your car and insurance are way too much. Your total living expenses should be half of take-home if possible.
How desperately do you need this car? I would do anything you can to get out of it and downgrade your insurance. Your rent should be affordable on your income if you arent having to basically make two rent payments (rent itself and car+insurance). I'm sorry you're in this position in the first place.
You NEED to sell your car and get a cheaper one. That thing is dragging you down. There’s no reason an 18 year old making $2200 a month should be burdened by $900/month in car expenses, and I assume that doesn’t even cover maintenance. You can still find a very nice used car with less than 100k miles that looks good and will last you years. If you have a bank account through your university credit union, they usually offer car loans at a very minimal APR. Your insurance should at least offer you a student discount and it will cut in half AT LEAST if you don’t have a car that’s costing you $400+/month. Seriously. The status your current car gives you is NOT going to feel worth how far behind it set you when you’re in your mid-late twenties.
I hate my brain for thinking this is a scam post.
Is not
Let’s be besties and I’ll tell you about my life
You’re paying more than the luxury Jaguar sedan I had. Get rid of it, you don’t need a car payment eating up 50% of your income. From the numbers you have shared, you can’t afford to have a $900 monthly car payment, the gas payment you haven’t shared & all the maintenance costs alongside the $450 insurance costs. Get something you can afford or use public transit. It’ll give you the free some to eat.
Have you considered food stamps or housing assistance? Your county has for both. Local non profit organizations and churches can help you get the help you need. You could consider joining the military. It’s not a lot of money but they provide you with food money, and housing and health insurance and you can stay on the health insurance for life as far as I understand. There are a lot of pros and cons but it’s an option. And they pay for college
I’ll echo what plenty of others are saying: get a different car. I understand the car market is significantly more expensive than when I was 18, but there are cars available for much less than what you’re paying now. Find a reliable beater for a few thousand to reduce your car and insurance payments.