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re: Debt Debt Debt.
Posted on 11/1/18 at 6:53 am to bayoubengals88
Posted on 11/1/18 at 6:53 am to bayoubengals88
quote:
Upon further review, our guy is just ate up with good ole American consumerism. I get the itch about twice a year to buy a new dress shirt, but damn! Half his threads are either about buying or repairing something, a hobby, or drinking at bars.
shite dude! Pay that credit card down! How much are you spending on alcohol? How much on your summer getaways?
I don't get how the OP got half of their combined yearly income in debt. My guess is "Keeping Up with the Jones", but if the Jones' make $300k a year, you cannot keep up.
0
Posted on 11/1/18 at 6:55 am to lynxcat
Yep. Lost cause here I’m afraid. OP bought a $1,500 watch not too long ago. He’s got a disease.
Posted on 11/1/18 at 7:00 am to TigrrrDad
quote:
Life is much better and less stressful due to a pen, a notebook, and some common sense. I still write down every dollar I spend, so if I am over budget even for a week, I know exactly how much. It’s not about beating yourself up, it’s about holding yourself accountable for every dollar you spend.
TigrrrDad, you can also download Mint to do the same thing. It tracks all of your accounts and you can set your monthly budget on it. It will tell you each week what you spent money on and how you are doing for the month. It will send notifications if you are about to and then after exceeding a particular category. If pen and paper is working, by all means, let what works continue but if you are looking to save some time it's an option. I began using it and realized JUST how much I am spending on food and drinks. It's helping me save more.
Posted on 11/1/18 at 7:23 am to LSU alum wannabe
quote:
Spoke with a company from a random mailer.
No, no, no. If you want help, go to a trusted advisor, not some advertising company.
Posted on 11/1/18 at 7:24 am to bayoubengals88
quote:
bought a $1,500 watch not too long ago. He’s got a disease.
Wow. Just wow. Poor kid’s gonna hit college in nine short years with zero assistance from his spendthrift parents. Let’s just hope he grows up to be one of those people who decide early in life NOT to relive their parents’ mistakes.
Posted on 11/1/18 at 7:32 am to hungryone
quote:
Wow. Just wow. Poor kid’s gonna hit college in nine short years with zero assistance from his spendthrift parents. Let’s just hope he grows up to be one of those people who decide early in life NOT to relive their parents’ mistakes.
After getting in $50k of his own debt from student loans.
Posted on 11/1/18 at 7:51 am to rowbear1922
Spoke with wife last night after she talked with another company and just did not get a good feeling. We are going to start the snowball again. There are 3 minimal accounts that could be knocked out in two months. That starts our snowball again. We should have more by going back to the other $200 in 3-4 previous store cards.
After those 3 begin the bigger cards. Hopefully credit score creeps up as debt goes down. Then we are able to qualify for a manageable fixed term lower interest loan and just pay the cards with that money and have the one note.
Guitars are all paid for by the way. None of my guitars are expensive.
The "1500 dollar watch" was my 40th birthday present to myself. I had amassed quite a bit of cash and gift cards over birthdays and Christmas to pay for it. And it's a $3800 watch I believe if bought brand new. I went used.
Entertainment, I have no excuse. It's the $1400 elephant in the room. It's what will be needed to balance us and have the extra to put dents in this debt.
Pool was mentioned. "Reboot" does not mean a refurbish or replaster etc. we simply had a part break and have been unable to circulate water. Reboot means a SLAM process to turn a green pool blue. Is a pool a luxury? Yes. Is it sensible to neglect the pool for 3 years while we pay off debts? No. It will be a swamp that will then cost a $1000 to restart. Or more depending on the equipment that I destroy with neglect.
After those 3 begin the bigger cards. Hopefully credit score creeps up as debt goes down. Then we are able to qualify for a manageable fixed term lower interest loan and just pay the cards with that money and have the one note.
Guitars are all paid for by the way. None of my guitars are expensive.
The "1500 dollar watch" was my 40th birthday present to myself. I had amassed quite a bit of cash and gift cards over birthdays and Christmas to pay for it. And it's a $3800 watch I believe if bought brand new. I went used.
Entertainment, I have no excuse. It's the $1400 elephant in the room. It's what will be needed to balance us and have the extra to put dents in this debt.
Pool was mentioned. "Reboot" does not mean a refurbish or replaster etc. we simply had a part break and have been unable to circulate water. Reboot means a SLAM process to turn a green pool blue. Is a pool a luxury? Yes. Is it sensible to neglect the pool for 3 years while we pay off debts? No. It will be a swamp that will then cost a $1000 to restart. Or more depending on the equipment that I destroy with neglect.
Posted on 11/1/18 at 7:55 am to LSU alum wannabe
quote:Good decision.
Spoke with wife last night after she talked with another company and just did not get a good feeling. We are going to start the snowball again. There are 3 minimal accounts that could be knocked out in two months. That starts our snowball again. We should have more by going back to the other $200 in 3-4 previous store cards.
You are still in denial about your spending it appears. The debt snowball is fine, but your issues won't resolve until you track your spending and set a workable budget.
With your income, a relatively cheap mortgage, and no auto loans you should be able to dig out of this mess fairly quickly, but you have to change your lifestyle/spending.
This problem will linger and will eat at you and your marriage if you don't make a significant change.
This post was edited on 11/1/18 at 7:57 am
Posted on 11/1/18 at 7:57 am to LSU alum wannabe
quote:
Guitars are all paid for by the way. None of my guitars are expensive.
The "1500 dollar watch" was my 40th birthday present to myself.
The fact that you don't think these are
quote:
Entertainment, I have no excuse. It's the $1400 elephant in the room
This is why you'll never pay any of this debt off. When you have 65k of debt you don't live in a house with a pool and have a thousand dollar watch and multiple guitars. You sell that shite and pay 10% of the debt off.
You make 120k per year household and have no auto loans, you should be able to pay this off in three years MAX if you'd get your head out of your arse.
Eta: and as nurses you have nearly unlimited overtime opportunity.
This post was edited on 11/1/18 at 8:13 am
Posted on 11/1/18 at 7:58 am to LSU alum wannabe
quote:
Guitars are all paid for by the way. None of my guitars are expensive.
The "1500 dollar watch" was my 40th birthday present to myself. I had amassed quite a bit of cash and gift cards over birthdays and Christmas to pay for it. And it's a $3800 watch I believe if bought brand new. I went used.
And all unnecessary when the "cash" could be used to lower debt. Interest alone over 3-4 years will make that watch more than a brand new one.
quote:
Entertainment, I have no excuse. It's the $1400 elephant in the room. It's what will be needed to balance us and have the extra to put dents in this debt
I am not saying you need to delete ALL of it but if you can't shave $1k a month from this, you have a consumerism issue. It should be a pretty simple concept to NOT live above your means.
Posted on 11/1/18 at 8:09 am to rowbear1922
I have about the same situation as the op. $120k/yr household (family of 5) income with mortgage and no other loans. I would put up my budget for an outside reference point, but I the OP would have no interest in living like we do so it seems pointless.
Posted on 11/1/18 at 8:13 am to Mingo Was His NameO
quote:
The fact that you don't think these are
quote:
Entertainment, I have no excuse. It's the $1400 elephant in the room
Fair enough. Sadly the $1400 is just bullshite. Meals, beer, games, movies, things that I walk away with nothing to show. Guitars are actually separate in my lists as I am walking away with a guitar. Not just a cool story.
Posted on 11/1/18 at 8:15 am to LSU alum wannabe
quote:
Guitars are actually separate in my lists as I am walking away with a guitar. Not just a cool story.
That your undoubtedly paying for with a credit card and after the interest that you're not paying, you are paying 4x what you think you are.
Posted on 11/1/18 at 8:23 am to notsince98
quote:
would put up my budget for an outside reference point, but I the OP would have no interest in living like we do so it seems pointless.
Smug much?
Also, Mint has been mentioned more than once. Is this a free app or is their a subscription?
Posted on 11/1/18 at 8:25 am to LSU alum wannabe
Free app. Download it, link your accounts and it will tell you where your money has been going. It's a great first step to figuring out how to do a budget. However, it is just a tool, you have to use it the right way for it to help.
Your responses appear to reveal the attitude of someone not willing to fully come to grips with what needs to be done to fix your situation. I hope that isn't the case.
Your responses appear to reveal the attitude of someone not willing to fully come to grips with what needs to be done to fix your situation. I hope that isn't the case.
This post was edited on 11/1/18 at 8:27 am
Posted on 11/1/18 at 8:25 am to Mingo Was His NameO
quote:
That your undoubtedly paying for with a credit card and after the interest that you're not paying, you are paying 4x what you think you are.
They are not part of my debt. They were paid with fantasy football winnings and accumulations of gift cards. No owe no interest.
Posted on 11/1/18 at 8:27 am to PearlJam
quote:
PearlJam
Thanks. I am just going to assume Eddie Vedder is giving me financial advice.
Or Stone. That dude looks like he lives under his means.
This post was edited on 11/1/18 at 8:28 am
Posted on 11/1/18 at 8:28 am to LSU alum wannabe
quote:That's fine if you want to compartmentalize it that way, but every dollar you spend on guitars, watches, woodworking equipment, and various other forms of discretionary spending is a dollar that could have paid down debt and avoided interest. It's essentially the same as buying it on credit when you avoid paying down credit to buy it.
They are not part of my debt. They were paid with fantasy football winnings and accumulations of gift cards. No owe no interest.
This post was edited on 11/1/18 at 8:30 am
Posted on 11/1/18 at 8:30 am to LSU alum wannabe
quote:
After those 3 begin the bigger cards. Hopefully credit score creeps up as debt goes down. Then we are able to qualify for a manageable fixed term lower interest loan and just pay the cards with that money and have the one note.
Credit card companies constantly give 0% for 12-18 months on balance transfers. I carry no balances and still get them.
But as others have said, you guys have a spending problem you have to take care of before you get a solid foundation.
Posted on 11/1/18 at 8:32 am to zatetic
quote:
Credit card companies constantly give 0% for 12-18 months on balance transfers. I carry no balances and still get them.
He's not going to be able to get approved for them
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