Paying Off $26,500 in Debt in Less Than 2 Years (sale, items, old)

[ChiGuy2.5]

"Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns.


I used leftover food stamp money from my final months of school to help cover grocery costs and I avoided turning on the heat during the (very long) Green Bay winters to keep my utility bills low."


My first question is, how is his health? Eating only protein bars, pasta, and McDonalds HAD to have taken a toll on his health.


My second question is, how does a college educated 25 year old making $25/hour get food stamps?!



Paying Off $26,500 in Debt in Less Than 2 Years - Yahoo! Finance

[Green Irish Eyes]

Originally Posted by ChiGuy2.5

"Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns.


I used leftover food stamp money from my final months of school to help cover grocery costs and I avoided turning on the heat during the (very long) Green Bay winters to keep my utility bills low."


My first question is, how is his health? Eating only protein bars, pasta, and McDonalds HAD to have taken a toll on his health.


My second question is, how does a college educated 25 year old making $25/hour get food stamps?!



Paying Off $26,500 in Debt in Less Than 2 Years - Yahoo! Finance

He said he used leftover food stamp money.

[howard555]

Originally Posted by ChiGuy2.5

"Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns.
I used leftover food stamp money from my final months of school to help cover grocery costs and I avoided turning on the heat during the (very long) Green Bay winters to keep my utility bills low."

My first question is, how is his health? Eating only protein bars, pasta, and McDonalds HAD to have taken a toll on his health.

My second question is, how does a college educated 25 year old making $25/hour get food stamps?!

Paying Off $26,500 in Debt in Less Than 2 Years - Yahoo! Finance

In my area, if income is over about $1100.00 a month you can not get food stamps.
That's $13,200 a year. So, where does the guy get his $1000 + per month to pay toward the loans?
What type $25 an hour job gives him a chance to work 10-12 hours a day?
Most employers don't let you get any over time. They are trying to cut cost by increasing productivity and reducing employee wages and hours.
That story may have unknown facts.

[ChiGuy2.5]

Originally Posted by Dark of the Moon

He said he used leftover food stamp money.

Are you saying food stamp money doesn't expire? Like he got food stamps when he made less but then happened to save it for his move to Atlanta where he made more? I am very confused.

Originally Posted by howard555

In my area, if income is over about $1100.00 a month you can not get food stamps.
That's $13,200 a year. So, where does the guy get his $1000 + per month to pay toward the loans?
What type $25 an hour job gives him a chance to work 10-12 hours a day?
Most employers don't let you get any over time. They are trying to cut cost by increasing productivity and reducing employee wages and hours.
That story may have unknown facts.

I was thinking the $25/hour was just a calculation based off his salary. So probably he works overtime but doesn't get paid for it.

[howard555]

I was on food stamps years many ago. I accumulated close to $1500 on my "EBT" card by using sales and such to spend as little as possible on food. I actually spent less per month than I was being given. So, my card balance slowly went up.
The amount on the EBT card did not expire, even after I was taken off food stamps due to my increased income. When my domestic partner Janice and myself went into business self employed, our incomes far exceeded the limits. I think the remaining balance on the EBT card lasted about 4 months.
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If the guy was going to pay $26,000 toward the loans, and "guessing" he was in the 35% tax bracket, then if his living expenses were zero, he'd need to work 40 hours a week at $9.50 an hour for two years ($20,000 - 35% tax - $13000 toward loan = 0 left for living expenses)
Estimate living expenses and add 65% of that to the $20,000 to see what he needed to make per hour per week for the 2 years. The other 35% would be for income taxes.

[ChiGuy2.5]

Originally Posted by howard555

I was on food stamps years many ago. I accumulated close to $1500 on my "EBT" card by using sales and such to spend as little as possible on food. I actually spent less per month than I was being given. So, my card balance slowly went up.
The amount on the EBT card did not expire, even after I was taken off food stamps due to my increased income. When my domestic partner Janice and myself went into business self employed, our incomes far exceeded the limits. I think the remaining balance on the EBT card lasted about 4 months.
----------------------------------
If the guy was going to pay $26,000 toward the loans, and "guessing" he was in the 35% tax bracket, then if his living expenses were zero, he'd need to work 40 hours a week at $9.50 an hour for two years ($20,000 - 35% tax - $13000 toward loan = 0 left for living expenses)
Estimate living expenses and add 65% of that to the $20,000 to see what he needed to make per hour per week for the 2 years. The other 35% would be for income taxes.

No offense to you of course, but that is absurd. I had no clue that food stamps could be "saved" in any sense. I always thought you got a weekly balance and if you used it great, if you lost it too bad. In college I had a weekly food allowance why should government assistance be any different?

Anyway, I doubt he was in a 35% tax bracket. He probably paid around 20% and the highest he probably paid was 25%.

[howard555]

Originally Posted by ChiGuy2.5

No offense to you of course, but that is absurd. I had no clue that food stamps could be "saved" in any sense. I always thought you got a weekly balance and if you used it great, if you lost it too bad. In college I had a weekly food allowance why should government assistance be any different?

You'll have to call your county food stamp office and ask.

In my area food stamps is / was per month, not weekly. If the programs over here are absurd to you, check into how they work in Illinois.

EBT BENEFITS WILL BE AVAILABLE THE SAME DAY EACH MONTH ACCORDING TO THE LAST DIGIT OF YOUR SS NUMBER, EVEN IF THAT DAY IS ON A WEEKEND OR HOLIDAY.
NC DSS: Food and Nutrition Services

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Example:
Mary's income level entitles her to $140.00 per month in food stamps.
Why would Mary be forced to spend $140.00 per month on food?
If she can get by on $100 a month then she can make her EBT balance last longer, and last past the date she is taken off food stamps.

Disclaimer:
How it works in other states I do not know.
---------------------
That story on Yahoo may be full of inaccuracies.

[ChiGuy2.5]

Originally Posted by howard555

Example:
Mary's income level entitles her to $140.00 per month in food stamps.
Why would Mary be forced to spend $140.00 per month on food?
If she can get by on $100 a month then she can make her EBT balance last longer, and last past the date she is taken off food stamps.

Disclaimer:
How it works in other states I do not know.
---------------------
That story on Yahoo may be full of inaccuracies.

I guess its my opinion that circumstances change and people should be forced to spend only what they need. What if mary was using $150 per month for a long time but then eventually only needed to use $100 per month for some reason, extra side income, or a kid who is supported by someone else. I dont think she should be allowed to stockpile that money. Its my opinion that she is receiving too much and needs to limit her spending.

Granted there is a fine line here and I know there is the argument that, fine mary will just spend more next month. But I think at least if the balance expired then they would be hard pressed to spend that money month to month. Even more so if it was done weekly instead.

On sunday when our food allocation was expiring you would find a lot of students in the lunch room scooping up the rest of the food with their remaining money. Some students didn't though. Its that little bit of expired money that could be saved by our government. If we just give it to them to use, even if they end up not being eligible (as in this guys case), then its money that is for sure 100% spent.

Hope this makes sense. I am not trying to bust on public assistance. I have heard living on food stamps is hard for most people. I have never been on them but I think the way its handled could be better.

P.S. I am HUGE advocate for the W.I.C program in Illinois. It allows only a certain amount of specific items such as Milk, Eggs, Bread, produce, etc. If that program were expanded I would be very happy.

[howard555]

There is no telling how many different ways food stamps work in the 50 states.
I'm sure the states make their own rules.

In my example, Mary was entitled to $140 per month based on her income during the "entire" time she was eligible. She did not get more than she was entitled too, she just used less each month that she received.

When I had an EBT account, I used sales and coupons to save on food and I found that I used less per month that I was being given. I was being given X dollars, not based on what I spent, but what I was entitled to based on my monthly income.

I should not have been forced:
a. to buy food I did not need.
b. buy a freezer to house extra food.
c. to spend retail on all food items.
Just to make sure I used up all my April food stamps, during the month of April.

I am in line at the store behind EBT persons all the time. They are spending hundreds on food per month. So, a very low % of people on EBT use less per month than they are given.

Sadly alot of the people on food stamps never use a coupon.
They pay retail on everything in the food store.

[brocco]

shouldve worked on expanding his income instead
saving around $1,000 a month isn't too difficult with a normal $40,000-$50,000 a year job, esp if your living situation costs are low. you could rent a room or live with family members.