I feel like I'm drowning in debt. Financial Advice Needed! (accounts, balance)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If you are not a Christian, you probably don't understand the importance of tithing and of the OP's intention to keep doing it. You don't have to agree with it, but would it really hurt you to just accept that some people do things differently than you do, and that they have their reasons?
then maybe she should be asking for financial advice on some Christianity forum. when you are having financial troubles, it is insane to contribute 10% of your money to the church. its really easy for me to accept it, watch. bam, me accepting it. it is still silly.
ill just quote to thread title: "I feel like I'm drowning in debt."
Thanks for all of the previous the great advice! I'm back with a little update. Some things have changed (I paid off my NAVIENT student), some have stayed the same and some have gotten worse.
I'm 31 years old and I still don't know how to adult. I moved in with my parents indefinitely and they make me pay rent. I still haven't saved a dime. (I know I still suck as a person because of this. )
Some UPDATED background info:
I make $2085.00 a month and I have close to $50,000 of total debt.
Nelnet - $23,000 - 6.8%
Credit Card(Medical) - $6,000 -0% for 24 months starting in January
**Nelnet is in forbearance until September of 2018.
I also have a car loan of about $21,000. My car was bought new. It is a 2015 Honda Civic. I have to drive a lot for work, so I needed something reliable.
Car Loan - $18,000 - 1.9%
I have still have pretty good credit: 725
That's all concerning my debt.
My monthly expenses starting in January will be:
$374.00 - Car Note
$400.00 - Rent for parents
$$125.00 - Car Insurance
$150.00 - Gas
$150.00 - Food
$44.00 - Cell phone
$125.00 - Life Insurance
$11.00 - Gym (My parents live in a pretty rough neighborhood, so walking around outside for exercise isn't an option.)
$55.00 - Dry cleaners
$400.00 - Credit Card (Medical)
$200.00 - Emergency Fund ( I hope to save $1500.00 as quickly as possible. I actually did save it and was good for 5 months and then life happened.)
$50 - MISC
I don't plan on paying on Nelnet until September when my forbearance is over.
This virtually leaves me no room for anything.
Please help...again.
Like everyone says- the dry cleaning and life insurance gotta go. And either get a different car, or refi and stretch it out to get your payment down. As long as it drive it till it drops. The credit card, you should lower payments there too.
Your fixed spending would just work for someone making 12k more a year.
Either the car needs sold & replaced with a very used under 5k vehicle OR you need a part time job to pay for it's payments, tags, & insurance. How lucrative is Uber driving?
And dump the life insurance as prev recommended.
Taking a part time job would get you out of your parental house in more ways than one.
Cut all these costs, sell your car and buy a $5000 reliable car.
$240.00 - Tithes
$400.00 - Car Note (It's actually $374, but I pay the extra $26 to make it an even $400.)
$115.00 - Car Insurance
$135.00 - Cell phone
$22.00 - Gym
$100.00 - Dry cleaners
I always like these scenario's because I can often relate, but it is also easier from a 3rd person point of view to see where costs can be cut.
$374.00 - Car Note
*Fine. You probably need a car. And as long as you are making payments its probably new enough to not have any major mechanical issues or problems.
$400.00 - Rent for parents
*Pretty reasonable if you ask me
$125.00 - Car Insurance
*Shop around. Can probably cut it to under $110/mo. if you look around a bit.
$150.00 - Gas
**You don't think you couldn't cut this to AT LEAST $100. I'm sure even lower if you tried.
$150.00 - Food
Pretty reasonable estimate
$44.00 - Cell phone
No problem here
$125.00 - Life Insurance
*Gone. Can pick up LI later on in life.
$11.00 - Gym (My parents live in a pretty rough neighborhood, so walking around outside for exercise isn't an option.)
*For 11 bucks it's not the end of the world. But maybe there is a park or better neighborhood within a 10 minute drive you can walk around.
$55.00 - Dry cleaners
*Gone
$400.00 - Credit Card (Medical)
*Try to get rid of this. Maybe with this years tax refund??
$200.00 - Emergency Fund ( I hope to save $1500.00 as quickly as possible. I actually did save it and was good for 5 months and then life happened.)
$50 - MISC
I'm sure you could even cut this to $35-40.
Probably a few other things your not letting on, but for the post part there is hope for you. Plenty of people in worst positions than you. Believe me.
$125.00 - Life Insurance
*Gone. Can pick up LI later on in life.
i dont really want to read the whole thread but i am curious as to why this person even has life insurance. do people just say to themselves "adults have life insurance, let me talk to an insurance salesman." then the insurance salesman convinces them to get something they dont need.
i didnt get life insurance until i had my first child.
I'd imagine an insurance agent probably convinced him at a weak moment to make the purchase so he could meet his quota. Besides, decent life insurance can be had for as low as $20/mo.
I'd imagine an insurance agent probably convinced him at a weak moment to make the purchase so he could meet his quota. Besides, decent life insurance can be had for as low as $20/mo.
Whoa. This is not necessarily so!
Age, medical history, desired coverage level, and other factors determine what the rate will be. I doubt an 80-year-old with 3 heart attacks in their history can get $300k of coverage for $20/month!!!!
I would approach your parents to see if they will allow you to draw up a promissory note with them to loan you as much money as they can for all debt that you're paying > 5% interest. In this low interest environment, I'd love to have a note with my kid (backed by a life insurance policy) that pays 5%.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
)
Plenty of people in worst positions than you. Believe me.
