This 30-year-old owes almost $100,000 and spends $1100 a month on take-out
This 30-year-old owes almost $100,000 and spends $1100 a month on take-out, Christian Storm makes a good salary: After taxes, he takes home around $3500 a month. But even though he shares a three-bedroom apartment in Brooklyn, contributing $1300 towards rent and utilities, he can't quite make ends meet — because he's gotten in the habit of spending $1100 a month on take-out food and more on subway cards and Uber rides, bar tabs, dates and so on.
Unfortunately, a Seamless addiction is only one of his problems.
Storm, the subject of CNBC Make It's new digital series "Saved," starring CNBC anchor Dom Chu and comedian Carly Ann Filbin, owes $93,000 in student loan debt, which he's been avoiding for the last decade. Because he hasn't started making payments, his credit score is a low 540.
Ideally, Storm wants to move out on his own in the next few years, but right now he's stuck, because a good-to-excellent credit score is key when it comes to unlocking real estate in the Big Apple.
The 30-year-old is feeling a little helpless, he told CNBC. He has to get out of the cycle, and he knows he has potential, but doesn't know how to change.
After all, Storm is not broke, he's just bad with money. Luckily, he wants to improve.
Enter Chu and Filbin. With a little tough love and a lot of wisdom, the hosts of "Saved" are able to help Storm overhaul his expenses and create a budget that will help him achieve his goals.
The big red flag, Filbin and Chu agree, is the take-out bills.
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| This 30-year-old owes almost $100,000 and spends $1100 a month on take-out |
Storm, like many young urbanites, doesn't cook. He buys three meals a day, spending about $40 a day and $1100 a month. When Storm explains what he's buying, it becomes clear that the meals — chicken and quinoa, pasta — aren't that advanced. He could be cooking for a fraction of the price.
"Saved" looks at what it takes to overhaul Storm's personal finances and help him build good habits that yield big savings so he can pay down his student loan debt and start working towards living on his own.
Check out the first episode today, and come back for the next three episodes next week.
