I Need help.

Hi, I’m 20 years old and have made some financial decisions that I’m trying to improve. I’m looking for advice on how to manage my finances, address my debts, and plan for the future. Here’s my situation:

Current Financial Snapshot (as of 01/10/2025):

  • Checking: $112.99
  • Savings: $9.84
  • Credit Card Debt: $429.77 (of $500 limit)
  • Auto Loan Debt: ~$24,000 (car purchased July 2024)
  • Medical Debt: ~$200
  • Credit Score: ~600

Income and Expenses:

  • Current Income: $38,500/year (~$2,428/month after taxes)
  • Projected Income: $60,000/year (raise expected by late April)
  • Monthly Expenses:
    • Rent (split with girlfriend): $900
    • Car Payment: $450
    • Insurance, phone, credit card, etc.: $900
    • Groceries: $200
    • Total Fixed Expenses: ~$2,000/month

This leaves me with about $428/month, but I’ve been overspending on eating out, which I know I need to cut back.

Car Situation:

When I was younger, I made a poor financial decision with a car. After totaling it, an insurance and GAP coverage issue left me with a 435 credit score. Over the past couple of years, I’ve worked to rebuild my credit, which is now at 600.

Last year, I financed a 2024 Hyundai Venue for ~$25,000 with a $470/month payment over 7 years. I don’t love the car, but it was the best option at the time given my credit situation. It currently has 15,000 miles.

My girlfriend and I share this car, but it’s challenging because of our busy schedules. We need a second vehicle. My plan is to:

  1. Wait for my salary raise.
  2. Finance a second vehicle (a larger SUV for our future needs).
  3. Transfer the Venue’s payments to my girlfriend (she’s okay with this, but I’m worried about saddling her with high payments).

Concerns & Questions:

  1. Car Payments: Are there better options for dealing with this debt (e.g., refinancing, selling, etc.)?
  2. Debt Management: How can I improve my credit score further and start paying off debt faster?
  3. Long-Term Planning: How can we balance our current financial struggles with saving for a wedding and future goals?

I really could use some advice to set my mind at ease. Thank you.

I WANT TO JUST CLEAR ONE THING UP

a lot of people are saying to to buy my gf a car, which i agree, she will take over the payments on my current car. not me have both.

But i appreciate all of the feedback