View in: Desktop
Copyright @2024 TigerDroppings.com. All rights reserved.
- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Posted by
Message
Time to ask for help...
Posted by crkelly91 on 12/14/15 at 6:44 pm120
I’ve been pretty stubborn about asking people for finical help because I’ve been prideful about figuring things out on my own. I know this board may not give me much, but I figure that even if one of you gives decent advice, then its well worth the post.
I’m 23 years old. I bring home about $400 a week and I work 42 hours a week (M-F 7:30 – 4:00) with occasional overtime. I have no savings. I live on my own (parents moved away). I have a 460 credit score and I’m about $5500 in debt (Most charged off bank accounts, cell phone bills, cable bills, and a student loan). I don’t have a lot of time for college, and I owe my local community college around $900 in dropout fees from 2013, I also do not meet the requirements for LSU.
More Info:
Rent: $565
Cell: $100
Electric: $65
Cable: $150
Car Insurance: $118
I don’t expect any of you guys to be Warren Buffet or Dave Ramsey, but I read this board a lot and I’ve seen quite a few of you who are extremely informative about all sorts of fiscal topics.
Lastly, I know I’ve dug myself one hell of a hole, and my current situations isn’t the greatest, but immature isn’t even the word for what I was from 16 -22. So go easy on the jokes, this is something that I struggle with emotionally everyday, I feel like my life is at a huge brick wall.
I’m 23 years old. I bring home about $400 a week and I work 42 hours a week (M-F 7:30 – 4:00) with occasional overtime. I have no savings. I live on my own (parents moved away). I have a 460 credit score and I’m about $5500 in debt (Most charged off bank accounts, cell phone bills, cable bills, and a student loan). I don’t have a lot of time for college, and I owe my local community college around $900 in dropout fees from 2013, I also do not meet the requirements for LSU.
More Info:
Rent: $565
Cell: $100
Electric: $65
Cable: $150
Car Insurance: $118
I don’t expect any of you guys to be Warren Buffet or Dave Ramsey, but I read this board a lot and I’ve seen quite a few of you who are extremely informative about all sorts of fiscal topics.
Lastly, I know I’ve dug myself one hell of a hole, and my current situations isn’t the greatest, but immature isn’t even the word for what I was from 16 -22. So go easy on the jokes, this is something that I struggle with emotionally everyday, I feel like my life is at a huge brick wall.
re: Time to ask for help...Posted by DallasTiger45 on 12/14/15 at 7:14 pm to crkelly91
Alright, gonna give you my thoughts here. Might be hard to hear but I think the fact you've typed all this shite out says that you are actually interested in getting out of your hole.
As things currently stand, you are not sustainable financially. My first advice would be to cut the nonessential shite. For example, cable. I know it sucks but with Hulu, Netflix, etc most shows and movies can be seen one way or the other. Live sports, go to a sports bar or a friend's.
Try to find a cheaper living situation. $630 a month on $1600 take home will make it very hard to pay off that debt.
Many here are more knowledgable about the credit situation, but I would imagine your only option may be to take out a card with low limits and a huge interest rate. Even then, putting a little on it each month and paying it off in full should bump that up.
Try to find another way to gain income on the weekends. I know it sucks to give those up, but I really feel that getting out of your crappy financial situation will be well worth the extra hours worked.
The important thing to know is that progress is key, even if it's slow. It's not all going to disappear at once. Just have to make sound decisions and chip away.
I hope something in this post helps. Good luck, bro.
As things currently stand, you are not sustainable financially. My first advice would be to cut the nonessential shite. For example, cable. I know it sucks but with Hulu, Netflix, etc most shows and movies can be seen one way or the other. Live sports, go to a sports bar or a friend's.
Try to find a cheaper living situation. $630 a month on $1600 take home will make it very hard to pay off that debt.
Many here are more knowledgable about the credit situation, but I would imagine your only option may be to take out a card with low limits and a huge interest rate. Even then, putting a little on it each month and paying it off in full should bump that up.
Try to find another way to gain income on the weekends. I know it sucks to give those up, but I really feel that getting out of your crappy financial situation will be well worth the extra hours worked.
The important thing to know is that progress is key, even if it's slow. It's not all going to disappear at once. Just have to make sound decisions and chip away.
I hope something in this post helps. Good luck, bro.
1) Do everything you can to increase your income. If Juan Valdez can work three jobs you can work at least two.
2) As someone else said, get a roommate if you can. You don't need cable, especially on your income.
3) Regarding your credit score, since you mentioned charged off accounts and such your credit history is already in the toilet and there isn't much you can do about it (no, "credit repair" companies can't really help). You might want to consider filing for bankruptcy *now* to get debt relief. It probably won't hurt your score much since it's already terrible, and it might give you the room you need to get back on your feet. In ten years everything will fall off the report, even the bankruptcy.
2) As someone else said, get a roommate if you can. You don't need cable, especially on your income.
3) Regarding your credit score, since you mentioned charged off accounts and such your credit history is already in the toilet and there isn't much you can do about it (no, "credit repair" companies can't really help). You might want to consider filing for bankruptcy *now* to get debt relief. It probably won't hurt your score much since it's already terrible, and it might give you the room you need to get back on your feet. In ten years everything will fall off the report, even the bankruptcy.
re: Time to ask for help...Posted by NewIberiaHaircut on 12/14/15 at 7:38 pm to crkelly91
You've come to the right place. I know there are people here that are familiar with the Dave Ramsey method and from what I understand it was created for people in your situation. I don't know much about it so I don't want to steer you in the wrong direction but my first thought is to cut cable immediately. Throw that money at the CC debt. You can pick up the networks in HD with an antenna. Can you lower the cell bill? Is something like a go phone plan a possibility?
What other expenses do you have? Do you eat out, go drinking, etc.? I would cut out as many non-essential expenses as I could and throw that money at your debt. Are you cooking at home and planning your meals? It makes a huge difference in the food budget (which I don't see listed.)
$5500 ins't too much debt and you are still young so you can easily come back from this. It will take dedication and a solid work ethic but it sounds your head is in the right place. It may take a while but you will end up in a better place. Good luck!
ETA... If you haven't written everything down, now is the time to do so. You need to know about all of the money coming in and all of the money going out. This will help you to create a budget that's within your means and attack the debt.
What other expenses do you have? Do you eat out, go drinking, etc.? I would cut out as many non-essential expenses as I could and throw that money at your debt. Are you cooking at home and planning your meals? It makes a huge difference in the food budget (which I don't see listed.)
$5500 ins't too much debt and you are still young so you can easily come back from this. It will take dedication and a solid work ethic but it sounds your head is in the right place. It may take a while but you will end up in a better place. Good luck!
ETA... If you haven't written everything down, now is the time to do so. You need to know about all of the money coming in and all of the money going out. This will help you to create a budget that's within your means and attack the debt.
This post was edited on 12/14 at 7:45 pm
re: Time to ask for help...Posted by makersmark1 on 12/14/15 at 8:10 pm to crkelly91
quote:
Cable: $150
This is not a necessity. It is entertainment.
Can you join the military?
It would give you opportunity for advancement and education. It also is an experience that can help you learn to deal with adversity and success.
TD SponsorTD Fan
USA
Member since 2001
USA
Member since 2001
Thank you for supporting our sponsors Posted by Site Sponsor to Everyone
Advertisement
quote:
crkelly91
You seem pretty damn intelligent. And you're only 23. Snag a second job. Drop the cable. Cut out anything you don't need. You're paying 50% of your rent just in cable/cell payments.
After you get yourself financially solvent, go back to school and bust your arse.
re: Time to ask for help...Posted by Buckeye Fan 19 on 12/14/15 at 8:44 pm to crkelly91
As others have said, the cable is the thing that jumps out immediately as unnecessary. I'd dump it.
Are there other little ways you spend that add up quickly? For example, do you buy your lunch? If you go to Chipotle, Subway, etc., every day for lunch, you can spend $6-8 per day. But you can pack yourself a filling and nutritious lunch based on things you buy at the grocery store for about $4. Doesn't seem like much, but calculate that every day and that can save you $1,000 per year, maybe more. Similarly with coffee, if you drink that. If you drink two cups each day, try to make it one. If you go to Starbucks every day, try making it at home instead. That can save you another $1,000. (If you "have" to have it. I don't drink coffee, but I never got started.)
Are there other little ways you spend that add up quickly? For example, do you buy your lunch? If you go to Chipotle, Subway, etc., every day for lunch, you can spend $6-8 per day. But you can pack yourself a filling and nutritious lunch based on things you buy at the grocery store for about $4. Doesn't seem like much, but calculate that every day and that can save you $1,000 per year, maybe more. Similarly with coffee, if you drink that. If you drink two cups each day, try to make it one. If you go to Starbucks every day, try making it at home instead. That can save you another $1,000. (If you "have" to have it. I don't drink coffee, but I never got started.)
This post was edited on 12/14 at 8:46 pm
re: Time to ask for help...Posted by hiltacular on 12/14/15 at 8:58 pm to crkelly91
Paying $150 for cable each month tells me you are living alone. Eliminating cable is a healthy start, after that I'd look for a cheaper living situation with room mates.
Definitely wait tables on the weekend to help eliminate the debt you have. Once you are out of the hole id start to look into getting yourself a better job or in a position for a better job.
Get into plumbing.
Definitely wait tables on the weekend to help eliminate the debt you have. Once you are out of the hole id start to look into getting yourself a better job or in a position for a better job.
Get into plumbing.
re: Time to ask for help...Posted by LSUFanHouston on 12/14/15 at 9:09 pm to crkelly91
All of the comments about finding a roommate/cheaper housing situation, cutting cable out completely and reducing cell phone (I make a lot more money and my cell phone is less than 100/month and my cable/internet bill is less than 150/month) are spot on. So I'll touch on a few other things.
When you say charged off bank accounts, do you mean like actual checking accounts where it went negative and they charged it off, or credit cards? Is your cell phone a prepaid plan? I'm surprised you could get a regular cell plan if you have a charged off cell phone bill on your credit report.
Who is your student loan with? If it's a government backed loan, and you are not in default, they should be able to work with you. Ask for a forbearance or a deferment. How much of this $5,500 is student loan?
What is a dropout fee? Never heard of that.
I assume you are single with no kids, is this right?
At the end of the day, you have an income problem. I assume your gross income is somewhere around $20,000. You are not going to have a lot in life if that's where you are. With the hours you work, unless there is something you are not telling us, there is no excuse for not holding down a second job OR going to school. There is no reason you can't take classes two nights a week.
And look beyond "school". I have a friend that lived your life for a few years. Got tired of that and decided to become an electrician. Started off as a helper making like 10 an hour, and picked up extra work whenever he could. He started learning about the work. That led to him getting put into a training/class program where he will end up as a journeyman electrician. He goes to class 2 nights a week for a couple of years, all paid for by the union and his company.
When you say charged off bank accounts, do you mean like actual checking accounts where it went negative and they charged it off, or credit cards? Is your cell phone a prepaid plan? I'm surprised you could get a regular cell plan if you have a charged off cell phone bill on your credit report.
Who is your student loan with? If it's a government backed loan, and you are not in default, they should be able to work with you. Ask for a forbearance or a deferment. How much of this $5,500 is student loan?
What is a dropout fee? Never heard of that.
I assume you are single with no kids, is this right?
At the end of the day, you have an income problem. I assume your gross income is somewhere around $20,000. You are not going to have a lot in life if that's where you are. With the hours you work, unless there is something you are not telling us, there is no excuse for not holding down a second job OR going to school. There is no reason you can't take classes two nights a week.
And look beyond "school". I have a friend that lived your life for a few years. Got tired of that and decided to become an electrician. Started off as a helper making like 10 an hour, and picked up extra work whenever he could. He started learning about the work. That led to him getting put into a training/class program where he will end up as a journeyman electrician. He goes to class 2 nights a week for a couple of years, all paid for by the union and his company.
I don't have anything to add. Just want to say great job recognizing you have an issue and working to get better. You're young and not in that dire straits. After five-ten-fifteen years flys by (and it will), you'll look back and be proud of your journey.
I second the suggestion to get a trade. Electricians have an apprentice program that leads to a financially stable and rewarding career. Plumbers may do the same. There is nothing wrong with working with your hands. This country could use more of it.
re: Time to ask for help...Posted by I Love Bama on 12/14/15 at 9:54 pm to crkelly91
You need to be renting a room for about $250 per month.
Drop the cell phone and get a pay as you go phone...much cheaper.
Cable? Seriously? Drop it. Find free hobbies.
That's about $500 a month in cut expenses. Get a second job and you can pay that debt off in less than six months.
Drop the cell phone and get a pay as you go phone...much cheaper.
Cable? Seriously? Drop it. Find free hobbies.
That's about $500 a month in cut expenses. Get a second job and you can pay that debt off in less than six months.
I agree with the responses. Cut cable, and try to add a roommate or get a different living arrangement.
Give up your weekend nights (thurs-sat) and drive Uber or wait tables to make cash to knock out that debt ($100-$200/weekend). You could easily make enough to pay off that debt of $5,500 in 12 months.
Also I'd shop around for car insurance. $118 seems high unless you have issues on your driving record.
Once the debt is paid off, keep working that extra job and stockpile some cash.
Also, it is imperative that you get on a written budget and see where your cash goes each month. It'll help you think about it day to day about where you can do better. You can't expect to improve your situation without knowing exactly where the cash is going.
Give up your weekend nights (thurs-sat) and drive Uber or wait tables to make cash to knock out that debt ($100-$200/weekend). You could easily make enough to pay off that debt of $5,500 in 12 months.
Also I'd shop around for car insurance. $118 seems high unless you have issues on your driving record.
Once the debt is paid off, keep working that extra job and stockpile some cash.
Also, it is imperative that you get on a written budget and see where your cash goes each month. It'll help you think about it day to day about where you can do better. You can't expect to improve your situation without knowing exactly where the cash is going.
What kind of car? You are a prime candidate to drive for Uber if your car meets the requirements. You can make good side money, especially on weekends when surge pricing is in effect.
Everyone else is spot on with the recommendations around cutting cable, phone, car insurance.
Everyone else is spot on with the recommendations around cutting cable, phone, car insurance.
This post was edited on 12/15 at 11:49 am
Back to top
Follow TigerDroppings for LSU Football News