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$240.00 - Tithes
$400.00 - Car Note (It's actually $374, but I pay the extra $26 to make it an even $400.)
$400.00 - Rent for parents
$115.00 - Car Insurance (You pay more in car insurance than I do for 2 people with more expensive 2013 and 2015 cars)
$140.00 - Gas
$120.00 - Food
$135.00 - Cell phone (You pay 2.5x as much as I do for 2 Iphones)
$25.00 - Life Insurance (What is the need for this? Who do you need to support if you die?)
$22.00 - Gym (My parents live in a pretty rough neighborhood, so walking around outside for exercise isn't an option.)
$10.00 - Job fee
$100.00 - Dry cleaners (Do you need $100/month for this? I can't remember the last time I got anything drycleaned and I am in senior management at a fortune 10 company)
$200.00 - Dental (Saving to have major dental work done)
$200.00 - Saving for moving out
$80.00 - Navient
$110 - Nelnet
$100.00 - Dry cleaners (Do you need $100/month for this? I can't remember the last time I got anything drycleaned and I am in senior management at a fortune 10 company)
Just some thoughts in red.
Being a Sr. Manager at Walmart (fortune 10 company) doesn't require dry cleaned cloths...
just joking
I pay at least 100.00 a month for dry cleaning/laundry. I wear a suit everyday and my wife is either in a suit or dress that also goes to the cleaners. We do make more than 27k though
That student loan should be your absolute top priority in my opinion. I say this as someone that has worked closely to the student loan industry over the past 25 years. Forget your credit- borrow the money from some other source, because its better to owe a bank than the federal government. (EDIT: keep in mind, when that loan becomes due and you can't make the fully amortized payment, it will soon default. When that happens, they can and will garnish your paycheck at 25% of your gross pay- this is inevitable)
As to not being attractive, if you are in great shape you should have no shortage of suitors. I'd borrow the money to get your teeth fixed, too. Are you dating? Guys at your church, the gym, work...these are all possible sources. If you are really in great shape and you aren't getting asked out there is probably something else wrong that you are unaware of.
To be brutally honest you are probably going to end up bankrupt no matter what you do as your debt load is well over 100% of what you make PLUS you are have a low income. That's a brutal combination.
Thank you so much This is all so very helpful. It's very tough to read, but very helpful. I will see if my credit union would allow me to borrow money for the loan AFTER my forbearance is over.
I am not dating. Honestly, my teeth aren't that bad. I think my OCD/perfectionist attitude is what scares guys away.
$240.00 - Tithes
$400.00 - Car Note (It's actually $374, but I pay the extra $26 to make it an even $400.)
$400.00 - Rent for parents
$115.00 - Car Insurance (You pay more in car insurance than I do for 2 people with more expensive 2013 and 2015 cars)
$140.00 - Gas
$120.00 - Food
$135.00 - Cell phone (You pay 2.5x as much as I do for 2 Iphones)
$25.00 - Life Insurance (What is the need for this? Who do you need to support if you die?)
$22.00 - Gym (My parents live in a pretty rough neighborhood, so walking around outside for exercise isn't an option.)
$10.00 - Job fee
$100.00 - Dry cleaners (Do you need $100/month for this? I can't remember the last time I got anything drycleaned and I am in senior management at a fortune 10 company)
$200.00 - Dental (Saving to have major dental work done)
$200.00 - Saving for moving out
$80.00 - Navient
$110 - Nelnet
Just some thoughts in red.
The tithing line item was eliminated in the most recent post. She said that will be applicable starting in January.
There's no way she's eating for $30 a week unless her parents are paying for the bulk of the food. That's about a dollar a meal. Not really doable long-term IMO.
Auto insurance varies considerably depending on your local area. I was paying about $300/six months in an affluent suburb of Indianapolis. When I moved back to small town Tennessee, that doubled for the same coverage with State Farm.
The cell bill is high, but not abnormal. If you go into Verizon and get a phone on their EDGE payment plan, the payment for the phone itself, service, plus taxes could get up to $135 easily. One place she could save is the parents and her all get on the same plan. Cell service gets cheaper per person the more people that are on the plan.
Agreed the dry cleaning could be cut back significantly.
We don't know where the OP is located, but the $400/month that are going to the parents for rent may be more than what she could share an apartment for. She should also check that out. IMO, the parents should cut her a break on the rent with her financial situation the way it is, but that's out of her control.
You have received a lot of good advice. The question is, what are you going to do about it? You originally posted toward the beginning of the year and now that the year is almost over, your situation hasn't changed. You have to be open to good suggestions and act on them in order to better your situation. You must take action to see change. Write out a plan and follow it.
I've gotta agree with the others that life insurance in your situation does not make sense. If, God forbid, something should happen to you, your family could always sell your car to get the money they need to give you a good sendoff.
Dry cleaning is a luxury that should be reserved only for the occasional freshening up of a suit. That's a hefty monthly amount wasted.
Yes, the car was too expensive, but it's done now. You took the financial hit when you drove it off the lot and now you have to live with it. I agree that a single young woman needs a reliable car, but next time try to buy something a little cheaper. Just keep paying on the car and keep it for a minimum of 5 years after it's paid off in order to have it make financial sense.
You know you have to make more money. In your position I'd be looking for a better paying full time job. Look at every job opportunity and don't just stay within your field. If you absolutely love your full time job then you can supplement it with a part time job. That's a harder road but one that many of us have traveled.
At your age, I think it is important for you to make that break away from your parents. Look at roommate situations. It likely won't be as cheap as you have it now, but it's important for your growth.
You're stuck in a deep hole and only you can dig yourself out of it. You can do it but you have to want it so badly that you'll do whatever you have to do in order to change your situation. You made some financial mistakes but that doesn't make you a bad person. It makes you human. Now pick yourself up and do what needs to be done.
Thank you so much This is all so very helpful. It's very tough to read, but very helpful. I will see if my credit union would allow me to borrow money for the loan AFTER my forbearance is over.
I am not dating. Honestly, my teeth aren't that bad. I think my OCD/perfectionist attitude is what scares guys away.
I wouldn't wait until your forbearance ends. You can call your loan servicer and ask what your current 'per diem' interest is on the loan. Per diem interest indicates the amount of interest you are being charged on the loan per day. Next, ask how often your loan recapitalizes. If you are not paying this loan, every single time the loan recapitalizes your per diem interest rate will increase. Most loans recapitalize monthly or thereabouts. Trust me, at 6% interest and a repayment schedule of 0 (aka- forbearance), your loan will quickly spiral out of control.
Believe it or not, your position is not as bad as many. You still have borrowing power via your good credit. Please don't make the same mistake that I've seen many others make- don't wait until you start defaulting on your loans and thus lose your borrowing power. I'd suggest borrowing every single dime you can get your hands on- via credit cards, personal loans, and any other source, and paying every penny to that student loan. If you want more information on federally guaranteed student loans, feel free to PM me.
BTW, I think it's pretty awful that a bright, college educated young lady would be in this position. It's a great example of proof of how bad this economy really is. This economy is garbage.
Can I assume that you are a Christian based on your tithing? I believe 100% that God will bless your faithfulness. I say this not from a theological perspective, but from the perspective that I believe God loves faithfulness. This is what He does. He takes impossible situations and fixes them.
Many jobs have some sort of basic life insurance as part of the job. Mine has a $50,000 policy. Like you, I'm single and 31, but this would pay for my parents to put me in the ground. I'd see what your job has and maybe cut it entirely. Check and see what you have on offer.
My job has pretty much the same policy. However, I'm not sure how long I'm going to be working here and the insurance cancels when one leaves.
Also, my car loan is financed through Honda and I have a really good interest rate at 1.9%. Unless a CU can give me a 0% interest rate, I think I'll stick with Honda.
Quote:
Originally Posted by StillRoaming
You have received a lot of good advice. The question is, what are you going to do about it? You originally posted toward the beginning of the year and now that the year is almost over, your situation hasn't changed. You have to be open to good suggestions and act on them in order to better your situation. You must take action to see change. Write out a plan and follow it.
I've gotta agree with the others that life insurance in your situation does not make sense. If, God forbid, something should happen to you, your family could always sell your car to get the money they need to give you a good sendoff.
Dry cleaning is a luxury that should be reserved only for the occasional freshening up of a suit. That's a hefty monthly amount wasted.
Yes, the car was too expensive, but it's done now. You took the financial hit when you drove it off the lot and now you have to live with it. I agree that a single young woman needs a reliable car, but next time try to buy something a little cheaper. Just keep paying on the car and keep it for a minimum of 5 years after it's paid off in order to have it make financial sense.
You know you have to make more money. In your position I'd be looking for a better paying full time job. Look at every job opportunity and don't just stay within your field. If you absolutely love your full time job then you can supplement it with a part time job. That's a harder road but one that many of us have traveled.
At your age, I think it is important for you to make that break away from your parents. Look at roommate situations. It likely won't be as cheap as you have it now, but it's important for your growth.
You're stuck in a deep hole and only you can dig yourself out of it. You can do it but you have to want it so badly that you'll do whatever you have to do in order to change your situation. You made some financial mistakes but that doesn't make you a bad person. It makes you human. Now pick yourself up and do what needs to be done.
What am I going to do?
I'm going to apply for new jobs. I do really like my job a lot, but I don't know if I love it. It's very comfortable. However, it doesn't leave room to pick up a second job though.
Dry cleaners: I've cut my bill in nearly a half since the original post. ($55 a month )This is going to probably be the hardest thing to completely stop. I really don't have time to iron myself.
Car Loan: I think I'm pretty stuck with this one. I'm upside down by nearly $8,000. I bought a used car before this one and it was a complete disaster. Faulty everything and it was less than a year old when I bought it. There were so many recalls that it started affecting my work time. I immediately made up my mind to never by used again and made a rash decision on selling my old car and purchasing my new one.
Quote:
Originally Posted by dysgenic
I wouldn't wait until your forbearance ends. You can call your loan servicer and ask what your current 'per diem' interest is on the loan. Per diem interest indicates the amount of interest you are being charged on the loan per day. Next, ask how often your loan recapitalizes. If you are not paying this loan, every single time the loan recapitalizes your per diem interest rate will increase. Most loans recapitalize monthly or thereabouts. Trust me, at 6% interest and a repayment schedule of 0 (aka- forbearance), your loan will quickly spiral out of control.
Believe it or not, your position is not as bad as many. You still have borrowing power via your good credit. Please don't make the same mistake that I've seen many others make- don't wait until you start defaulting on your loans and thus lose your borrowing power. I'd suggest borrowing every single dime you can get your hands on- via credit cards, personal loans, and any other source, and paying every penny to that student loan. If you want more information on federally guaranteed student loans, feel free to PM me.
BTW, I think it's pretty awful that a bright, college educated young lady would be in this position. It's a great example of proof of how bad this economy really is. This economy is garbage.
Can I assume that you are a Christian based on your tithing? I believe 100% that God will bless your faithfulness. I say this not from a theological perspective, but from the perspective that I believe God loves faithfulness. This is what He does. He takes impossible situations and fixes them.
i have a 60/month unlimited plan with cricket, so how are you paying 135 a month?
why do you have life insurance? who are you looking out for if you die? not a big expense but it seems kind of silly.
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