How can I start budgeting, currently in a debt situation and appreciate any advice!

I am 30 years old. Sole breadwinner for my family of 5. Having credit card debt of $23k. Salary of $2.3k after cpf. $1k given to parents monthly for expenses and bills. $600 monthly to repay minimum credit card sum. I’ve always feel like I’m struggling in the last 10 days of the month whilst waiting for my pay to come. I’m sick of living on pay by pay basis. How do I get myself out of my debt and still able to support my family?

I second Charmaine's suggestion. You have to go to CCS and seek help. I think making 600 of payments will not reduce the principal, and I can foresee the interest (because interest on credit card debt is generally 24+++% per year) / late payment charges etc to just keep piling.

At the moment the first is to stop the interest which I am guessing could be 2% x 23k = 460 per mth at least. Making 600 payment is only reducing the principal by 140 per mth.

Second, you prob need to look through expenses and really aim to cut at least 50 per mth from somewhere. Take the last three months of your statements, and start looking through. First tip always - look at your handphone and cable / internet / Netflix etc subscriptions. How much are you paying for those? Mine is abt 200 for two lines, scv and internet. If you are paying more than 250 per mth for these, I am sure you can find something to cut, or perhaps even terminate entirely. I can be brutal upfront you wont have the luxury of watching tv in peace so you dont need cable tv or Netflix. You can watch at the community center.

I am not sure how you make payments to your credit cards. My bank is with ocbc, and my credit cards are with ocbc, so I always login within first 5 days of each mth and setup payment instructions to pay one to two days before due date. If you are paying to different providers I would suggest this even be three days ahead of due date, in case they use some stupid reason and charge you late payment fees which is not small to be frank, I think its 50 at least?!?

These are the immediate things you need to take care of to control the debt.

By the way, you prob should start cutting up some of the cards. It would be tempting to max out to your credit card limit, but look through the terms and conditions of the cards. Find the one with the lowest interest rate and less fees listed in t&c. You are going to main on that card. Try to chop up all the rest.

Btw I would suggest you talk with your family. 23k is 10x your take home income? Its really not small, if you have their support, it will really help you in tackling the issue. They may be willing to tighten the belt to help you tide through this.

And if they do offer to lend you some money to pay down the debt/ control the situation, please be a nice guy and pay them interest at least of 3% per year (and they kinda got something better than a ssb). After all you are paying 24+++% to the credit cards, dont be mean to those willing to lend money to you.