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Old 02-23-2012, 10:34 PM
 
4,338 posts, read 7,488,092 times
Reputation: 1656

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Quote:
Originally Posted by CTGirlNoMore View Post
Wow! Inspiring!

And your friend sounds like another of my mom's friends.
That is how rich people do it.

 
Old 02-24-2012, 07:11 AM
 
Location: Dallas, TX
753 posts, read 1,476,483 times
Reputation: 895
Quote:
Originally Posted by girlwithnolife View Post
....Paid all my credit cards off and now have only 1 for emergencies with no balance.
You are to be congratulated for that! That's more than many of us can say.
 
Old 02-24-2012, 07:41 AM
 
Location: Connecticut
2,727 posts, read 6,130,147 times
Reputation: 2004
Quote:
Originally Posted by Info Guy View Post
That is how rich people do it.

Exactly. She was able to retire from her state job while in her early 50's, and now she lives an RV life. She has a house that's all paid off. During the winter, she travels around down south. She just keeps a very frugal lifetsyle.
 
Old 02-24-2012, 04:41 PM
 
4,338 posts, read 7,488,092 times
Reputation: 1656
Quote:
Originally Posted by CTGirlNoMore View Post
Exactly. She was able to retire from her state job while in her early 50's, and now she lives an RV life. She has a house that's all paid off. During the winter, she travels around down south. She just keeps a very frugal lifetsyle.
55 is my goal to retire.
 
Old 02-25-2012, 12:06 PM
 
4,253 posts, read 9,419,189 times
Reputation: 5140
Quote:
Originally Posted by girlwithnolife View Post
Hi all, I've been worrying for the last couple years about this. Admittedly, I am a worrier but here's the deal - I am a single mom with 17 and 18 yr old. Mom, who is 74 and still working, is also with us. My rent is 900 a month. I get 2200 a month on SS but when son turns 18 it will drop 1000 a month. I will have 1360 a month then. My mom helps with food and electricity. My mom also says Oh don't worry I'll just give you some towards the rent, but I do worry. She is 74 with peripheral artery disease and if something were to happen to her I couldn't afford it. My 18 yr old is going to college and working. I know she would help if she has it but it's so stressful to worry about it. Here is a picture of my situation
Rent - 900.00
TV, phone - 129.00
Car - 360.00 for 2 more years
Ins. - 200.00
I am willing to move, as I live in expensive area, but have never been anywhere and don't really know where to go. Mother just wants to stay here cause of her job. I'm going to have 700 a month to live on after ins. car payment etc. Have even thought about buying but could only qualify for 50-60k and don't know what I could get for that. Nothing around here. I am in Md in the DC/Va/Metro area. Any help would be greatly appreciated. Thx, Steph
Let me get it straight:

you get 2200 right now, out of which you pay for rent/car/TV+internet+phone/insurance = 900+129+360+200 = 1600, so you now have 600 to 700 in disposable income, which you are asking this forum how to live on this amount? (since your mother pays for utilities/food/clothing/things).

When your younger turns 18, you will be getting 1360, which will be less than your current bills of 1600, and no disposable income.

To answer the first question, 700 is a sizable disposable income to have, many posters here have much less. One good use would be to stash it away for whatever months you have left.

To address your future situation, you are worried that you will have no disposable income left, even after your mother chips in for the discrepancy between your income and obligations. If you get rid of the car, your mother will even not need to help, and you will have a lump sum to add to your savings. Mustang may not depreciate as fast as any other car, but it won't appreciate until it hits antique status or similar. I think the rent is low for the area, and your mother may be working precisely because it is possible to find good gov't jobs in DC. Plus, the kids may have more access to scholarships there.

You will have to find some widget to make out of your home to have some stream of disposable income coming in.
 
Old 02-26-2012, 12:38 AM
 
Location: In a state of denial
1,289 posts, read 3,024,409 times
Reputation: 954
Quote:
Originally Posted by jasper12 View Post
The problem is that you want to live "frugal", but you are unwilling to make those changes. I have a friend who has lived for two years, with a dorm fridge. Her fridge broke, she could not afford a new one, and decided the old one used too much electric. She has not bought food or water out for years. She does not have a car, she takes the bus. She goes to bed at dark, to save on electric. That is her lifestyle. She has no cable, no health insurance, no phone, no internet, she cuts her own hair, and has no pets, she can't afford them. She takes cold showers, to save money. Uses bar soap on her hair. She buys things only at the Dollar store. And even does dumpster diving at the college when the semester is over, kids throw away tons of stuff, which she uses or sells. That is a frugal life style. Start with those changes.
I tried to rep you again, but it won't let me. This is answer to the woman's problems. She has no business owning a $12,000 car in her situation. She should be living like your friend does.
 
Old 02-26-2012, 12:44 AM
 
35,095 posts, read 50,961,628 times
Reputation: 62660
Quote:
Originally Posted by girlwithnolife View Post
Hi all, I've been worrying for the last couple years about this. Admittedly, I am a worrier but here's the deal - I am a single mom with 17 and 18 yr old. Mom, who is 74 and still working, is also with us. My rent is 900 a month. I get 2200 a month on SS but when son turns 18 it will drop 1000 a month. I will have 1360 a month then. My mom helps with food and electricity. My mom also says Oh don't worry I'll just give you some towards the rent, but I do worry. She is 74 with peripheral artery disease and if something were to happen to her I couldn't afford it. My 18 yr old is going to college and working. I know she would help if she has it but it's so stressful to worry about it. Here is a picture of my situation
Rent - 900.00
TV, phone - 129.00
Car - 360.00 for 2 more years
Ins. - 200.00
I am willing to move, as I live in expensive area, but have never been anywhere and don't really know where to go. Mother just wants to stay here cause of her job. I'm going to have 700 a month to live on after ins. car payment etc. Have even thought about buying but could only qualify for 50-60k and don't know what I could get for that. Nothing around here. I am in Md in the DC/Va/Metro area. Any help would be greatly appreciated. Thx, Steph
Find a cheaper place to rent, cut the television and the phone, sell the car and buy a beater, drop the rate on your insurance to a cheaper company (take kids off of car insurance if you have to and don't allow them to drive the vehicle), if kids have a job they need to contribute, check out the boook, The Total Money Makeover by Dave Ramsey from the library. Read it, study it, start following it immediately.
 
Old 02-26-2012, 05:48 AM
 
Location: Central Indiana/Indy metro area
1,705 posts, read 3,051,410 times
Reputation: 1810
Quote:
Originally Posted by girlwithnolife View Post
I am on SSDI for a reason. It isn't necessarily anyone's business. I have been a single parent for mostly all of my kids' life and I worked (hard I might add) up until a few years ago at 1 and sometimes 2 jobs. I resent the fact that some of you automatically assume I live off the system. Excuse me, I get SSDI that I WORKED for and I pay all my own bills.
The problem is that for three years, you did work, then your situation has changed, dramatically. So your lifestyle needed to change dramatically.....three years ago. Immediately cut cable, drop any land line phone (if you have one) and get a cheap cell phone. You being stuck at home is a health issue. Sorry, but that doesn't give you a pass for a large cable bill. Maybe basic cable, but that's it...no HD package, no DVR for $5/month. Get a food stamp card and use it for smart purchases, not Coke/Pepsi, when you finally are under the income. Also, there are a few cell phone carriers that offer low cost plans for those on welfare. No, you won't get a fancy Android or iPhone, but you will get some minutes and for minimal cost, you can add minutes or even texting if you feel you can afford that. Mostly, you likely just need to move to a cheaper area. Now that you have SSDI, you need to move to a much, much cheaper area than where you live now. You go on Section 8 in your area, and you are bound to end up living in a very trashy/dangerous area. Section 8 vouchers in better cities (smaller towns/cities) will give one a better chance to land in a better area, maybe even a nice suburban area.

If you have teens, they can work as well. I was in college taking a full-load and worked anywhere from 20-40 hours a week sometimes. The only degrees where I see where working over 20 hours a week could harm studies are the truly hard sciences: Biology, Nursing, Chemistry, Physics, Math, programming, etc.. There aren't too many other degrees that really take all that many hours of studying and memorizing. Secondly, there are numerous on-campus jobs where students can study while working. Parking booth attendant, help desk type jobs, etc.. They can at least contribute for their own gas/insurance and car repairs.
 
Old 02-26-2012, 02:30 PM
 
Location: Jersey
869 posts, read 1,487,699 times
Reputation: 880
Quote:
Originally Posted by Info Guy View Post
Why not live below you means to begin with so you won't have the financial problems when one loses their job? How were you getting around without the car? Bus?
My husband has always been the sole source of income, im a stay at home mom and we really did live really cheaply anyway. We had just finally bought a car when 6 months later my husband got laid off. We had a 2 bedroom apartment and we moved to a one bedroom. We still had 500-1000 a month disposable income with our lifestyle before he got laid off. But we downsized and got rid of some bills to maintain some extra income to afford to pay for holidays and the like. We also had some money saved which we went through during his layoff. While we didnt have a car, yeah we used the bus when we needed to, we walked a lot of places and for grocery trips and things on weekend we had a friend take me.

We learned so much during this layoff about how to safe large amounts of money on the income we have, because i am so much more organized now. Blessing in disguise? Perhaps
 
Old 02-26-2012, 02:47 PM
 
30,855 posts, read 36,746,227 times
Reputation: 34384
Quote:
Originally Posted by Info Guy View Post
Why not live below you means to begin with so you won't have the financial problems when one loses their job? How were you getting around without the car? Bus?
You make an excellent point. However, at least Dave5150 and her DH were willing to make the tough choices necessary to keep themselves solvent without whining about it. That is more than a lot of people would do.
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