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I really don't appreciate everyone jumping on me for this part. I LEFT MY JOB DUE TO HEALTH PROBLEMS. that was not a choice. I needed employment immediately. I'm not one of those people that leech off of my parents when I'm in a bind. I could have stayed unemployed in a bad market in a competitive area out of pride until a nice cushy $60k job came up or I could have sucked it up, like I did, and take a pay cut that was at least still in my field. I did it, I don't regret it. Stuff came up, health continued to be a problem and sadly my finances became more and more of a source of stress. Now I'm trying to fix it and everyone is barking at me for taking a pay cut. The pay cut came before the car, which I felt (still feel) that I needed in order to get to work.
Get thicker skin. You can't ask for advice on an anonymous internet forum and not expect snide remarks.
That being said, I understand your decision. Whether health or not, I don't really begrudge people for taking lower paying jobs if it will improve their quality of life.
Looking over your expenses, these are the bills that are squeezing you. Carrying this type of debt with an interest rate of 14% or more, is really taking a bite out of your monthly income. Work to get these paid off and you'll have more money at the end of the month. You have to identify where your "leaky hose spending" is coming from. When was the last time you actually wrote down every penny you spend? Never? That's normal. Keep track for at least three months and you'll identify the problem areas. This might help . . .
I track my expenses with Mint.com so I know where all my money is going. This issue is from previous credit card bills that I havent' been able to pay down cuz I can only afford minimums. I'm trying to find ways to increase my payments without putting myself in a bind, financially or medically, and having to rely on credit card. which is what has been happening lately.
I've been able to pay off my credit card bills before, which felt wonderful. But that was before a lot of my current bills and health issues, which I'm not getting into in detail here.
I track my expenses with Mint.com so I know where all my money is going.
... I just came here for suggestions.
Meaningful suggestions for HOW to further trim your expenses will require far deeper
detail and analysis of what you spend on. Kind of what mint reports should be giving you.
What aren't you getting from Mint... that you still need help with?
You've made some structural changes and choices along with them that now have you painted into a corner.
You've described these choices and changes as being quickly made and poorly considered...
in the context of the reduced income that comes along with them.
^
I've been doing that...good comment on "leaky hose spending"..every cent goes into a spreadsheet so I can track. This adds up.
Quote:
No, you could go buy a $10 phone at wallmart or similar and do the 'pay as you go' for under $20/Month.
...this is what I'm doing.
For those cards, Id pay off the Best Buy card and cancel it. Then follow the advice on the other cards. That...for me...would be a lot of credit card debt, it would weigh heavy.
Way back I had a student loan, too, and I minimized any credit card spending until I had that loan paid off.
I track my expenses with Mint.com so I know where all my money is going. This issue is from previous credit card bills that I havent' been able to pay down cuz I can only afford minimums. I'm trying to find ways to increase my payments without putting myself in a bind, financially or medically, and having to rely on credit card. which is what has been happening lately.
I've been able to pay off my credit card bills before, which felt wonderful. But that was before a lot of my current bills and health issues, which I'm not getting into in detail here.
I just came here for suggestions.
Not familiar with mint.com but if it's working for you, great. You didn't indicate your credit card debt was due to medical bills. Thanks for explaining.
Suggestions: Don't spend money on anything that isn't absolutely necessary. That's pretty basic and has worked for thousands of people over decades.
^
I've been doing that...good comment on "leaky hose spending"..every cent goes into a spreadsheet so I can track. This adds up.
...this is what I'm doing.
For those cards, Id pay off the Best Buy card and cancel it. Then follow the advice on the other cards. That...for me...would be a lot of credit card debt, it would weigh heavy.
Way back I had a student loan, too, and I minimized any credit card spending until I had that loan paid off.
I make around $2000/mo after taxes. I take home about $1020 a paycheck.
These are expenses I have to pay regardless:
Rent -- $611 (utilities are included)
Internet/Cable --$46 (we may cut our cable so it'd be $20)
Car Payment: $157
Car Insurance: $136
Schl Loan 1: $195
Schl Loan 2: $66
Cell Phone: $90
These are my annoying debts:
Credit Card One: $5100 total
Credit Card Two: $3100 total
Best Buy Card: $325
It's these bills that are killing me. The $100/$100/$50/mo payments really hurt my budget and leave little room for anything. Gas, groceries, whatever. It's become a very painful and vicious cycle. I want to break it this year.
Well, I'll give you my monthly budget as a comparison (this is for Los Angeles which has a similar cost of living):
Paycheck: + 2700
Rent (sharing small backyard house, utils included): -500
Gas: -150
Auto Insurance: -100
Cell Phone: -35
Internet: -30
Food: -300
Car Payment: 0
Debt: 0
Cable: 0
Health Insurance: 0 (employer's plan)
Misc: -200
Total Mandatory Expenses: -1315
My discretionary spending (not including investments) can vary widely, from maybe 100 to 500 a month.
You need to amke up abudget then see what you either have to eliminate or what second job you can take.More mney at better paying job or spending cuts are the only option.
So, I recently took on a new, less stressful job for my own sanity. Sadly, it was a paycut. On top of that, it was much farther away so I had to purchase a car to get to and from work. It's been a few months and everything is starting to stress me out financially.
Even after I moved into a cheaper roomshare ($611/mo) and negotiated my student loan payments from $300/mo to $195/mo, I'm still feeling the heat. I'm never late on any of my payments but I have no money left over for myself for things like gas, groceries, etc. I've been using credit to help manage and now I'm $8k in the hole and it's killing me and triggering my anxiety major.
I only make $37,500 a year before taxes. I'm really stressed out. Any way I can get out of this??
Sounds like a serious case of "want your cake and eat it too". Less stress and less money. More stress and more money. Pick one, can't have both.
I really don't appreciate everyone jumping on me for this part. I LEFT MY JOB DUE TO HEALTH PROBLEMS. that was not a choice.
Make up your mind.
Quote:
Originally Posted by NewGrad2009
So, I recently took on a new, less stressful job for my own sanity. Sadly, it was a paycut. On top of that, it was much farther away so I had to purchase a car to get to and from work. It's been a few months and everything is starting to stress me out financially.
And sorry "I was stressed' is NOT a health issue...
Look dude, I don't care what you do... that's up to you. The thing you have to see is that choices have consequences, and I listed them and the options you have. I'm not 'downing you' for your choices... I am self employed and work an irregular schedule thought the year. This is my choice for the freedom it provides.
I deal with the consequences of needing to leave at a moments notice and working long hours when I do work. For me, the trade off of the money to time ratio and freedom are worth wile...
I have to deal with being gone for long periods, you deal with financial constraints.
To each their own, neither is more right or wrong than the other.
Quote:
Originally Posted by NewGrad2009
I needed employment immediately. I'm not one of those people that leech off of my parents when I'm in a bind. I could have stayed unemployed in a bad market in a competitive area out of pride until a nice cushy $60k job came up or I could have sucked it up, like I did, and take a pay cut that was at least still in my field. I did it, I don't regret it. Stuff came up, health continued to be a problem and sadly my finances became more and more of a source of stress. Now I'm trying to fix it and everyone is barking at me for taking a pay cut. The pay cut came before the car, which I felt (still feel) that I needed in order to get to work.
Or you could have found a job before quitting, or ran your financial projections better... but it's not a problem, WE ALL screw up... the thing now is to choose how to fix it.
-And yes, you SHOULD have been able to see (IF you did really 'need' the car... that you would.)
That's neither here nor there, I think your getting the flack because as someone said, you haven't cut all you can, you cut all you wanted to. (And that's your choice to make)
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