Women in Red Racers - Northeast Region

[raven64]

Update: Raven64: 4/5/13: $47,485.99 (1/19/10 $53,326.18 NEU60)

Credit Card	Rate	1/19/10	1/18/11	Difference
Barclay	18.24%	$8123.54	$6,645.87	$1477.67
Discover	15.99%	$5236.61	$4,879.35	$357.26
Chase	13.99%	$5447.62	$3,089.03	$2358.59
US Bank	12.99%	$8721.55	$8,408.61	$312.94
Barclay	8.99%	$7315.37	$7,456.42	$-141.05
Citibank #1	7.24%	$6199.01	$5,798.93	$400.08
Citibank #2	7.24%	$12282.48	$11,207.78	$1074.70
Total		$53,326.18	$47,485.99	$5840.19

Total % paid : 10.952%

Goals
Be under $45,000 by July 1
Increase EF to $2,000

I'm making progress!   We received a sizable tax refund last month and used it to paid off non-racing debt and by new tires for the vehicles. We will be able to use those payments toward racing debt starting this month. I am beginning to feel more positive about things after such a bad year last year. Murphy really beat the tar out of us.   But, as a result, it really put things in perspective and you have to enjoy the small things in life. Now that we are back on track again life is good. 

Happy racing everyone!!! 

[munjoyhill]

Update Munjoyhill  4/5/13  $109,570.83  ($155,340.30 6/18/09)

[Deleted]

Update!  It's been awhile

4/7/13 $22051.21 (11/24/12, $24,471, NE96)

CC1 $0.00 @ 0%
CC2 $2710.52 @14.24%-
CC3 $0.00 @21.25%
CC4 $2612.90 @ 0%
CC4 $1027.47 @7.24%
CC5 $1015.79 @7.24%
Other $14,684.53 @4%
TOTAL > $22051.21

Making progress slowly.  I did move some debt around to 0% offers which are a double edged sword.  Mo credit mo problems?
XO

[dschmidt1007]

UPDATE!!!!

dschmidt1007, 4/8/13, $100,054.65 (8/7/12, $110,668.68, NE90)

DEBT	STARTING DEBT	INTEREST RATE	CURRENT DEBT	MINIMUM PAYMENT	PAID OFF!!!	ANTICIPATED PAY OFF
American Express	$2,276.73	15.24%	$-	$-	$2,276.73	DONE!!!!
United Teletech Loan	$6,893.40	6.99%	$4,820.39	$202.24	$2,073.01	Sep-13
BoA - RCCL	$21,495.01	6.99%	$23,019.85	$372.00	$(1,524.84)	Dec-14
D's Car	$19,706.13	2.99%	$16,002.92	$510.00	$3,703.21	Mar-15
W's Car	$25,265.93	0.90%	$20,475.70	$550.00	$4,790.23	Jun-15
Sallie Mae SL	$13,609.27	4.38%	$13,026.00	$139.40	$583.27	Oct-15
Discover SL	$22,695.03	2.94%	$21,018.32	$263.79	$1,676.71	Mar-16
EdFinancial SL	$1,002.11	2.11%	$613.47	$50.00	$388.64	May-14
Care Credit	$2,467.00	0.00%	$1,078.00	$177.00	$1,389.00	Nov-13
Total	$115,410.61	-	$100,054.65	$2,264.43	$15,355.96	Mar-16

So close to being under $100k - was really hoping it would be in my beginning of the month update!  It's definitely happening this month though because I still have to make payments on my car and 2 of the student loans after our next paychecks.

[lark1964]

	Original	4/1/2013
Car	5027.43
Sears	585
Ch 13	36,660.00	25,051.00
Mortgage	153,320.00	146,236.10
Wells Fargo	4,819.00	4,819.00
Prepgate	31,688.00	31,688.00
	232,099.43	207,794.10

lark_1964: 4/1/2013 $207,794.10 (5/17/2007 $232,099.43 N29,NE61,NEU176,NPT86)

[wudnit]

What happened to the 50-100K list?  The last update I saw was over a month ago.  It is the lists that really keep me motivated.  I'm missing them!! 

[Maryland Monroe]

Update	2/24/08	4/9/13	Paid	% Paid
Card A	$9,746.38	$1,343.62	$8,402.76	86.21%
Card B	$1,218.41	$0.00	$1,218.41	100.00%
Card C	$5,656.86	$1,375.65	$4,281.21	75.68%
Card D	$1,813.97	$0.00	$1,813.97	100.00%
Total	$18,435.62	$2,719.27	$15,716.35	85.25%

Maryland_Monroe 4/9/13 $2,719.27 (2/24/08 $18,435.62 NE 108)

[kristin11]

I got some bad news today and now I really need to sit down and figure out where to go from here.  They are eliminating overtime at my job which accounted for probably $5,000 to $7,500 of my yearly income.  I could always count on an extra $50 sometimes $100 in my weekly paycheck depending on the time of year and now I am not going to have that.  I am not sure where to take money from to make it up.  I have thought about going to my credit union to ask for another loan once my current one is paid off in August but I am not sure if they would do it.  I could always ask my Aunt to borrow some more money so that I can pay off one of my higher interest cards and pay her off monthly interest free but the last time I brought the subject up she was kind of pushing me to ask the credit union.  I don't even have the energy or time realistically to get a 3rd job.  The only reason I think I might be able to hold things together the next 3 months is because my co-worker at my 2nd job is having a baby and will be out for 8 weeks so I might be able to get some extra time in there.  This is just a nightmare.

To make matters worse I thought I was doing a great thing and scheduled a $200 payment towards my credit union loan at the end of March because I had some extra money in my account (due to the 5 Fridays).  Normally I have $105 per week directly deposited into my credit union account and on the 22nd of the month the payments come out for my personal loan and my auto loan.  Well made the payments on the 22nd just fine and with the extra money I made a $200 payment on the 29th thinking that my amount due for the April 22nd payment would go down $200.  Well when I looked at my statement yesterday I still have the full balance due.  They say its because I made the payment before April started.  I put in a inquiry to see if there is anything they can do but it is going to take a few days to hear back from them so now I am worrying about that.  Worse comes to worse I have to put more of my paycheck into that account for a few weeks ... But how do I make up for that and then the overtime money I am losing.  I might have to think about dusting off one of those credit cards just to get me by until I can straighten things out and figure out how to proceed. 

[Rocky Mtn Saver]

Kristin, do you want to post a budget to see where you might be able to trim something?  These boards are great for finding $ we sometimes don't know we have.

And  for your change in income.  Sorry to hear it. 

[kristin11]

Thanks Rocky!  Here is my current budget - I really don't leave myself much wiggle room on a weekly basis because my debt is so out of control so that is what I mainly counted on that overtime for.  For the budgeting purpose I am going to pretend that the month only has 4 Fridays.

Total Income: $2,470
            1st Job $2,320
            2nd Job $150 (I based this number on working 2 Saturdays a month which is what I was hired for - There are many weeks especially during the summer that I work every Saturday I am available but I always budget low)

Expenses:     Rent $1,200
                    Utilities $230
                    Car Loan $162.99
                    Credit Union Loan $208.17
                    Discover $85 - Currently at 0% until March than up to 21.24% - Minimum payment currently at $70
                    Disney $100 - 13.24% Interest on part of balance, 0% on remaining balance - Minimum payment at $25 - This is the card that I am                                 hoping to pay off as soon as possible to transfer over some that I am paying at a higher rate 
                    Personal Loan $75 - Will be completed in August but with this money I will be paying my own car insurance which is $90 per month
                    HSBC $90 - 19.99% - This is the minimum payment
                    NYCB $135 - 20.99% - This is the minimum payment
                    Gas $160
                    
Money Left Over After Just Bills - $23.84 per week. 

This is without any food shopping (which I do bi-weekly), incidental expenses or miscellaneous things that would come up. 

Now I do have an Emergency Fund of about $1,350 but I had to dip into it because of various things this winter and already am down $850 from the $2,200 that I like to keep in it.  

So like I said the extra $50 to $75 overtime really made a big difference in giving me $100 a week to spend should something come up or should I need to purchase something.                     

[Rocky Mtn Saver]

Apr 10, 2013 11:31:58 GMT -5 kristin11 said:

Thanks Rocky!  Here is my current budget - I really don't leave myself much wiggle room on a weekly basis because my debt is so out of control so that is what I mainly counted on that overtime for.  For the budgeting purpose I am going to pretend that the month only has 4 Fridays.

Total Income: $2,470
            1st Job $2,320
            2nd Job $150 (I based this number on working 2 Saturdays a month which is what I was hired for - There are many weeks especially during the summer that I work every Saturday I am available but I always budget low)

Expenses:     Rent $1,200
                    Utilities $230
                    Car Loan $162.99
                    Credit Union Loan $208.17
                    Discover $85 - Currently at 0% until March than up to 21.24% - Minimum payment currently at $70
                    Disney $100 - 13.24% Interest on part of balance, 0% on remaining balance - Minimum payment at $25 - This is the card that I am                                 hoping to pay off as soon as possible to transfer over some that I am paying at a higher rate 
                    Personal Loan $75 - Will be completed in August but with this money I will be paying my own car insurance which is $90 per month
                    HSBC $90 - 19.99% - This is the minimum payment
                    NYCB $135 - 20.99% - This is the minimum payment
                    Gas $160
                    
Money Left Over After Just Bills - $23.84 per week. 

This is without any food shopping (which I do bi-weekly), incidental expenses or miscellaneous things that would come up. 

Now I do have an Emergency Fund of about $1,350 but I had to dip into it because of various things this winter and already am down $850 from the $2,200 that I like to keep in it.  

So like I said the extra $50 to $75 overtime really made a big difference in giving me $100 a week to spend should something come up or should I need to purchase something.                     

On first glance, your housing expenses are sucking up the largest portion of your income.  I know we talked before about the possibility of you finding a cheaper place to rent.  I think you need to seriously consider that again.  I know you like the place you're at, but it's eating 60% of your money by itself.  I know how hard it can be, because I had to do this myself just 4 months ago. I hate moving, and I had to get rid of a bunch of stuff to downsize a little.  But a girl's gotta do what a girl's gotta do.

How much longer are you paying on your car?

Can you dip into your savings to get rid of the personal loan a few months early?  I know it's at zero interest, but it would free up $75 monthly that you will need in a few months.

[kristin11]

The problem with my living situation is where I live.  In my area I am pretty much in the cheapest one bedroom that one can find.  And it is a very small one bedroom - I currently don't have enough room to fit all my things so I have items in both my Aunt's attic and my parents basement.  So the space really isn't the problem with moving because I feel like I already am living in a space too small to fit me.  Also it's not even the process of moving that would bother me because when I was younger I did it about 8 times in 2 years.  I have actually become pretty good and efficient at doing it.  

It is simple - there is just nothing in my area that is cheaper.  If I put one bedroom on Long Island into Craig's List that allows pets I come up with one of three things - They are either a bit cheaper ($100 - $200) but further enough from work to make it not worth my while, Cheaper but in dicey areas that you couldn't pay me to live in or More expensive.  I know people in my area that are paying $1,500 to $1,750 for smaller apartments than I have so I am really getting the best possible deal.  My mother and I have been on the search for almost 2 years now and after actually going to look at probably 100 places in that time frame it has obviously gotten me nowhere.  I do realize that I spend half my monthly income on rent but 2 years of searching had gotten me so discouraged that I signed another 1 year lease because I was sure that I was not going to find anything both comparable and cheaper in my area.  So now I am in that apartment until next March.  That doesn't mean that I am going to stop looking but it means that if I find something I really don't have any options.

As for the car payment - I just refinanced it for 60 months last year so I currently have 48 payments remaining.  That isn't looking like it is going anywhere.  

I could dip into savings to pay off the personal loan but that doesn't really solve any of my problem long term because I only have 3 months before I have to pick up the $90 car insurance payment.  

Do I sound like I am making excuses or are things really that bad right now?    

[Rocky Mtn Saver]

Have you looked into getting a roommate, if you're unwilling to move?  Or have you looked at studio apartments?  I know you talk about the cheaper places being 'not worth your while' because of the distance, but you should do the math.  Yes, it might be more inconvient but that might be the price you have to pay. 

Does the NYC area have a lot of public transportation options?  Your commute is quite long, and using public transit might be able to reduce the costs.  If you could find a place that is near public transit, you might even be able to ditch the car and save much more money. 

If you aren't finding ways to reduce expenses further, the only other option is to increase income.  Have you looked for part-time gigs that pay better than yours does without the OT?  Anything you can do on the side to bring in some extra money.  I know several people who do cleaning jobs, which could net you $50 on a weekend to help out. 

One other thing.  You list 'utilities'.  What are the breakouts of them?  I suspect this includes cellphone and/or cable? 

[kristin11]

Just had a conversation with my Aunt and she thinks that I am being over paranoid because I had these two things happen to me in two days.  She is the person that I work for on Saturdays and she said I am going to be going from $150 a month to probably closer to $400 a month starting May 1st when my co-workers maternity leave starts.  Then she is gone all of May and all of June so basically I am going to be working every week that I am available.  When she comes back she won't be working Saturdays anymore only 4 days a week so it is more likely I am going to be on every Saturday I can work through at least October.  Maybe things aren't as desperate as I first thought. 

[Rocky Mtn Saver]

I'm glad to hear that it may be okay for the next 6 months!  But what happens in October?  You've been in the same fragile financial situation for as long as I've been reading here, and you may need to make some kind of larger-scale adjustment to get yourself in a more stable situation long-term.  What's your end-game?  What's your goal?  Where are you hoping to be in 5 years?  How can you move yourself toward it? 

[kristin11]

Apr 10, 2013 12:33:27 GMT -5 Rocky Mtn Saver said:

Have you looked into getting a roommate, if you're unwilling to move?  Or have you looked at studio apartments?  I know you talk about the cheaper places being 'not worth your while' because of the distance, but you should do the math.  Yes, it might be more inconvient but that might be the price you have to pay. 

Does the NYC area have a lot of public transportation options?  Your commute is quite long, and using public transit might be able to reduce the costs.  If you could find a place that is near public transit, you might even be able to ditch the car and save much more money. 

If you aren't finding ways to reduce expenses further, the only other option is to increase income.  Have you looked for part-time gigs that pay better than yours does without the OT?  Anything you can do on the side to bring in some extra money.  I know several people who do cleaning jobs, which could net you $50 on a weekend to help out. 

One other thing.  You list 'utilities'.  What are the breakouts of them?  I suspect this includes cellphone and/or cable? 

I commute about 45 miles a day which takes about an hour to 1 hr 15 minutes.  If I wanted to use public transportation it would be 2 trains (which around here means 2 monthly passes because the LIRR would be about $400 a month alone if I paid individual rides) and a cab to get to work costing around $400 a month and 2 1/2 hours a day of commuting time.  I looked into this when my car unexpectedly died 2 years ago and I had to borrow other peoples cars for 2 months until I had the money to buy a new one.  I am sure the costs have gone up over the past 2 years too with all the toll and fare hikes around the area.

Utilties - No cellphone and I cancelled cable a few months back which was a tough thing for me to do since I am a TV junkie and since I have no money to really leave the house.  It does include the Internet which is my new form of Television.  Also, It is my portion of the oil, electricity, and water.  It also includes $25 a month for running the air conditioner.  My apartment would get up to around 95 degrees in the summer before I had that put in so thats probably the only item I am not willing to bend on.

[Rocky Mtn Saver]

What ties you to that job? 

[kristin11]

Apr 10, 2013 12:50:17 GMT -5 Rocky Mtn Saver said:

I'm glad to hear that it may be okay for the next 6 months!  But what happens in October?  You've been in the same fragile financial situation for as long as I've been reading here, and you may need to make some kind of larger-scale adjustment to get yourself in a more stable situation long-term.  What's your end-game?  What's your goal?  Where are you hoping to be in 5 years?  How can you move yourself toward it? 

You are right.  I have been in a fragile financial state probably ever since I joined the boards.  Some months are great and I can see the light at the end of the tunnel and it may stay that way for 2 or 3 months but then everytime I feel like I am getting a little bit ahead something happens that makes me feel more vunerable than ever.  I am glad that I have all of you here to listen to me vent and I know that in the beginning I was a lot less willing to make changes but I have come to realize over the past 3 years that making some lifestyle changes are very important to success.  I am proud of where I am having paid off over $10,000 in 3 1/2 years but I know that I have a long way more to go.  I know the time is going to fly by but having 6 more months of security at least gives me time to work out the best plan for me.  Maybe I can get another personal loan from my Aunt or maybe I can get another loan from my credit union.  Who knows maybe I will someone to live with me.  A balance transfer offer?  My sister said to me last time I was in a panic and in tears - "It always works out in the end" so I am going to make sure that I do everything possible to figure out a better situation.  Those are a lot of good questions to ask myself because honestly I am so into the philosophy of taking it day by day and I haven't even though of where I want to be further down the line. 

[kristin11]

Apr 10, 2013 13:05:03 GMT -5 Rocky Mtn Saver said:

What ties you to that job? 

My 401K is vested in July of 2014.  I need to stay until at least then to be able to walk away with the portion my employer contributed which is right now about $9,000 which is a decent chunk of change for me.

[Rocky Mtn Saver]

You didn't really answer the question about where you want to be in 5 years?  What are you working toward?  Sacrificing comfort when you're young with the goal of building a career or going to school, for example, can make the sacrifices much easier to deal with.  You have a lot of financial stress to be where you are and  doing what you are doing.  Why are you doing those things, is the important question, I think. 

[kristin11]

Apr 10, 2013 13:10:52 GMT -5 Rocky Mtn Saver said:

You didn't really answer the question about where you want to be in 5 years?  What are you working toward?  Sacrificing comfort when you're young with the goal of building a career or going to school, for example, can make the sacrifices much easier to deal with.  You have a lot of financial stress to be where you are and  doing what you are doing.  Why are you doing those things, is the important question, I think. 

I have never really thought about it.  I would hope to be working a job closer to home thats for sure.  Maybe my Saturday job will open up full-time and I can go over there.  They kind of see me as the successor to my Aunt there but I think I would need to go back to school to advance in position though and I am not sure that is something I am willing to do.  So more than likely I won't be advancing my career any further within the next 5 years so I will be at the same pay grade with hopefully a lot less bills.  I would hope to have at least all of my credit card debt paid off and be able to be living on cash only.  I know that I will probably still be paying off a larger loan that I have but it would be great if that was my only debt.  The bottom line is I don't want to be sacrificing.  I want to live the live of a normal person my age and be able to go out with my friends all the time and do the things they do.  I just can't. 

[snapdragon]

Kristin - I have to give you kudos for getting over 10K paid off. 

You say that your 401K is fully vested in July 2014. I would not let that hold me back from moving to another/better place of employment. Remember that all the money YOU have put into your 401K and the gains from your contribution go with you. Most companies have laddered contribution totals so you could realistically get 50% or more of the employer match. Double check your paperwork. At my company I was fully vested after 3 or 5 years. All you need to do is open a personal IRA or 401K with a bank or CU to transfer your account.

Here's what I have on your finances for a month --- I'm not sure which is which on some of these.

Income $ 2470.00

Expenses $ 1200.00 Rent
             $   230.00 utilities
             $  162.99 car
             $  208.17 CU loan personal
             $   85.00 Discover     -- 0% Mar 2014 than 21.24%
             $  100.00 Visa          -- 13.24% and 0% split Min is $25
             $   75.00 Personal
             $   90.00 HSBC         -- 19.99%
             $  135.00 NYCB        --  20.99%
             $ 160.00 Gas

Total left over    $  23.84 - Month or $103.84 if you pay the min on the Visa. (I might have things put down 2x if so than I am off.)

Your totals from your last update have:

Discover $ 3553.30
Visa       $ 1102.11
BP Loan  $ 1038.59
Aunt      $   400.00 
Totaling  $ 6094.00

Here are some ideas take them or ignore as which works for you.

1. I would seriously think about asking to move back home or renting out a room in someones place and asking your parents if they would keep your animals for a year.
You say you have a sister could you become roommates if she lives alone?

2. Take your $1100.00 EF and pay off the VISA. That will free up $100.00/mo. You could than split the difference between pay down and building up your EF again. (I know it sounds crazy but you are looking to free up money and that would do it.) You would still have $250 in your EF which would grow pretty quickly until October when things slow down.
         
                                      

[kristin11]

Apr 10, 2013 13:57:46 GMT -5 snapdragon said:

Kristen - I have to give you kudos for getting over 10K paid off. 

You say that your 401K is fully vested in July 2014. I would not let that hold me back from moving to another/better place of employment. Remember that all the money YOU have put into your 401K and the gains from your contribution go with you. Most companies have laddered contribution totals so you could realistically get 50% or more of the employer match. Double check your paperwork. At my company I was fully vested after 3 or 5 years. All you need to do is open a personal IRA or 401K with a bank or CU to transfer your account.

Here's what I have on your finances for a month --- I'm not sure which is which on some of these.

Income $ 2470.00

Expenses $ 1200.00 Rent
             $   230.00 utilities
             $  162.99 car
             $  208.17 CU loan personal
             $   85.00 Discover     -- 0% Mar 2014 than 21.24%
             $  100.00 Visa          -- 13.24% and 0% split Min is $25
             $   75.00 Personal
             $   90.00 HSBC         -- 19.99%
             $  135.00 NYCB        --  20.99%
             $ 160.00 Gas

Total left over    $  23.84 - Month or $103.84 if you pay the min on the Visa. (I might have things put down 2x if so than I am off.)

Your totals from your last update have:

Discover $ 3553.30
Visa       $ 1102.11
BP Loan  $ 1038.59
Aunt      $   400.00 
Totaling  $ 6094.00

Here are some ideas take them or ignore as which works for you.

1. I would seriously think about asking to move back home or renting out a room in someones place and asking your parents if they would keep your animals for a year.
You say you have a sister could you become roommates if she lives alone?

2. Take your $1100.00 EF and pay off the VISA. That will free up $100.00/mo. You could than split the difference between pay down and building up your EF again. (I know it sounds crazy but you are looking to free up money and that would do it.) You would still have $250 in your EF which would grow pretty quickly until October when things slow down.
         
                                      

I haven't actually put a penny into the 401K myself so the entire $9,000 in there goes back to my company if I dont stay until July 2014. They don't have a scale as most companies do that you can have a percentage based on years of employment. I probably would have been gone like a year ago had I been able to walk away with at least part of the money but at this point when its just a year away - I can't see myself losing it. 

I keep thinking about just taking the money out of my EF and putting the money towards something but it scares me to death because what if Murphy hits and I have no EF to fall back on ...

[snapdragon]

That does put a different spin on things with the 401K money.


I hate to say this but you should really think about opening something up for retirement.

I live in a HCOLA and most of my expenses are fixed - so I get where you are coming from on costs. But remember that if you put even a little away and forget about it, it could really help you in the future. Also, retirement accounts are safe from BK or collections. It's something you should think about after this speedbump is taken care of.

[Rocky Mtn Saver]

Apr 10, 2013 13:44:41 GMT -5 kristin11 said:

Apr 10, 2013 13:10:52 GMT -5 Rocky Mtn Saver said:

You didn't really answer the question about where you want to be in 5 years?  What are you working toward?  Sacrificing comfort when you're young with the goal of building a career or going to school, for example, can make the sacrifices much easier to deal with.  You have a lot of financial stress to be where you are and  doing what you are doing.  Why are you doing those things, is the important question, I think. 

I have never really thought about it.  I would hope to be working a job closer to home thats for sure.  Maybe my Saturday job will open up full-time and I can go over there.  They kind of see me as the successor to my Aunt there but I think I would need to go back to school to advance in position though and I am not sure that is something I am willing to do.  So more than likely I won't be advancing my career any further within the next 5 years so I will be at the same pay grade with hopefully a lot less bills.  I would hope to have at least all of my credit card debt paid off and be able to be living on cash only.  I know that I will probably still be paying off a larger loan that I have but it would be great if that was my only debt.  The bottom line is I don't want to be sacrificing.  I want to live the live of a normal person my age and be able to go out with my friends all the time and do the things they do.  I just can't. 

I guess the reason I ask this is that you're treading water. You've been treading water and you sound like you will be treading water for the foreseeable future.  You have a long commute. You live in an area with high cost of living. Your job offers no advancement. You aren't learning to do something that pays better. You have to work a second job because your first doesn't make enough. These things would make sense if there were something in it for you. But I just don't see how they are getting you anywhere. 

It's great to work on getting rid of debt -- that helps increase options -- but there will always be something else that comes along to eat away at the strides made if nothing else changes.  A lack of a raise.  Insurance goes up.  Rent goes up.  Unexpected medical problem.  Premiums increase. It's normal.  But if you change nothing about your treading water situation, any of these will get you right back into trouble again. 

This has kind of been my long-winded way of saying that while getting out of debt is a good goal, you need to give real thought to making a more drastic change to your life.  In any of the areas that I mentioned.  A change in any one of them could mean a ton to your life.  Move to a lower cost of living area.  Look for better-paying work or work with potential for advancement.  Look for something you can learn to do for a career (rather than just a job). Look for work closer to where you live, or close to public transit (and ditch the car). Find a significantly cheaper way to live. 

I treaded water for years with my job.  I never made any headway financially.  I was stuck in a serious rut.  But I didn't know how to get out of it.  I just kept doing what I'd always done, because I didn't know how to do it differently.  Finally my sister convinced me to move to another state.  I found a better job here and got rid of all my debt.  I learned how to do taxes as a side job. I got a degree because my new employer paid for it. I started learning a new language and doing volunteer work. Now I'm 4 years into a 5 year plan to switch to freelancing work as a permanent change. This winter, I found a significantly cheaper (and smaller) place to live so I can work less. I am sooooo much happier with my life and myself now than I was before. And all because I made one drastic change and moved locations. It opened up a whole world for me. 

Think about the big picture, would be my advice to you, I guess.  Make yourself a plan, be willing to look outside your comfort zone.  It can do a world of good. 

[Rocky Mtn Saver]

Apr 10, 2013 13:57:46 GMT -5 snapdragon said:

Kristin - I have to give you kudos for getting over 10K paid off. 

You say that your 401K is fully vested in July 2014. I would not let that hold me back from moving to another/better place of employment. Remember that all the money YOU have put into your 401K and the gains from your contribution go with you. Most companies have laddered contribution totals so you could realistically get 50% or more of the employer match. Double check your paperwork. At my company I was fully vested after 3 or 5 years. All you need to do is open a personal IRA or 401K with a bank or CU to transfer your account.

Here's what I have on your finances for a month --- I'm not sure which is which on some of these.

Income $ 2470.00

Expenses $ 1200.00 Rent
             $   230.00 utilities
             $  162.99 car
             $  208.17 CU loan personal
             $   85.00 Discover     -- 0% Mar 2014 than 21.24%
             $  100.00 Visa          -- 13.24% and 0% split Min is $25
             $   75.00 Personal
             $   90.00 HSBC         -- 19.99%
             $  135.00 NYCB        --  20.99%
             $ 160.00 Gas

Total left over    $  23.84 - Month or $103.84 if you pay the min on the Visa. (I might have things put down 2x if so than I am off.)

Your totals from your last update have:

Discover $ 3553.30
Visa       $ 1102.11
BP Loan  $ 1038.59
Aunt      $   400.00 
Totaling  $ 6094.00

Here are some ideas take them or ignore as which works for you.

1. I would seriously think about asking to move back home or renting out a room in someones place and asking your parents if they would keep your animals for a year.
You say you have a sister could you become roommates if she lives alone?

2. Take your $1100.00 EF and pay off the VISA. That will free up $100.00/mo. You could than split the difference between pay down and building up your EF again. (I know it sounds crazy but you are looking to free up money and that would do it.) You would still have $250 in your EF which would grow pretty quickly until October when things slow down.
         
                                      

As an alternative, she could pay off the Aunt's loan ($400) and save nearly as much money per month as paying off the Visa. But she could still keep much more of her EF intact this way. It wouldn't save as much interest, but I don't think that's as big of a concern in her situation.

[kristin11]

Apr 10, 2013 14:19:37 GMT -5 snapdragon said:

That does put a different spin on things with the 401K money.


I hate to say this but you should really think about opening something up for retirement.

I live in a HCOLA and most of my expenses are fixed - so I get where you are coming from on costs. But remember that if you put even a little away and forget about it, it could really help you in the future. Also, retirement accounts are safe from BK or collections. It's something you should think about after this speedbump is taken care of.

I do have an ING account where I put all of my birthday and Christmas money and various other gifts from my family.  There is not a large amount of money in there yet but I am at least 40 years away from realisticaly retiring so my thought has always been when I am 30 start an account.  And if I do make it this next 14 months I plan to put half of the 401K money in that account as the beginning of my little nest egg.

[Rocky Mtn Saver]

Apr 10, 2013 15:06:09 GMT -5 kristin11 said:

Apr 10, 2013 14:19:37 GMT -5 snapdragon said:

That does put a different spin on things with the 401K money.


I hate to say this but you should really think about opening something up for retirement.

I live in a HCOLA and most of my expenses are fixed - so I get where you are coming from on costs. But remember that if you put even a little away and forget about it, it could really help you in the future. Also, retirement accounts are safe from BK or collections. It's something you should think about after this speedbump is taken care of.

I do have an ING account where I put all of my birthday and Christmas money and various other gifts from my family.  There is not a large amount of money in there yet but I am at least 40 years away from realisticaly retiring so my thought has always been when I am 30 start an account.  And if I do make it this next 14 months I plan to put half of the 401K money in that account as the beginning of my little nest egg.

If the money is in a 401k, you need to roll it ALL over into an IRA or a 401k account. Anything you do not rollover into another tax-deferred account will not only cost you taxes but also a 10% penalty for early withdrawal. Considering that you are staying at this job in order to get your $9k, you don't want to lose up to 40% of it once you leave.

[kristin11]

Rocky - The thing that I constantly am struggling with is do I mind always treading water if I am happy.  I enjoy going to work everyday because I love what I do.  I enjoy the 1 hour car ride because its my "me" time.  I love that everyone I have ever cared about it within a 5 minute drive.  In a lot of ways I feel like I am grown up enough to realize that something has to change but I am still young enough to have time to figure it all out.  Do I wish that I could go out all the time and live carefree like someone my age should be doing?  Absolutely but they didn't make the choices I did in life.  I know deep down that this will not be my financial situation forever and once I can get all this debt paid off I am going to be able to take the vacations I want to and buy the things that I want to because it is going to take me way too long to get out of this to ever get back in.

Also, I see your response to how to use the EF above and I want your honest opinion - Am I being to hesitant to use it?  I feel like I have enough money in there to pay off either the VISA or my loan from my Aunt ... But not having it freaks me out ... I know if I lose my job I can pack up all my stuff and find some place to put it and pay my bills for a month or two.

Also thank you for talking through this with me all day!   

[kristin11]

Apr 10, 2013 15:10:01 GMT -5 Rocky Mtn Saver said:

Apr 10, 2013 15:06:09 GMT -5 kristin11 said:

I do have an ING account where I put all of my birthday and Christmas money and various other gifts from my family.  There is not a large amount of money in there yet but I am at least 40 years away from realisticaly retiring so my thought has always been when I am 30 start an account.  And if I do make it this next 14 months I plan to put half of the 401K money in that account as the beginning of my little nest egg.

If the money is in a 401k, you need to roll it ALL over into an IRA or a 401k account. Anything you do not rollover into another tax-deferred account will not only cost you taxes but also a 10% penalty for early withdrawal. Considering that you are staying at this job in order to get your $9k, you don't want to lose up to 40% of it once you leave.

Thank you for telling me that! I had no idea - This is how inexperienced I am with the long term retirement planning!