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Post by valeriana on Feb 22, 2011 16:21:27 GMT -5
This may sound crazy, but I feel like I can't enjoy life at all because of my debt. If I had money, I would not be as miserable as I am. I never ever have money and I am so sick and tired of it. Here are my debts: Car to pay off: $5.5K Credit card 1: $6.1K Credit card 2: $2.3K I am 30 years old and I feel just horrible. I can't afford to do anything. My take home pay is only around $2,600 and I get 3.5 or 4% raises every year usually.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Feb 22, 2011 16:24:41 GMT -5
Do you want help getting OUT of debt? Do you want help with your budget? What interest are you paying on your car and 2 credit cards? Have you stopped using your credit cards?
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8 Bit WWBG
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Post by 8 Bit WWBG on Feb 22, 2011 16:25:36 GMT -5
It is good that you feel that way, because you will be motivated to pay it off quickly.
What does the rest of your budget look like?
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Post by valeriana on Feb 22, 2011 16:27:37 GMT -5
Interest on the car - 8% (i know, very high) cc 1 - 8.9% cc 2 - 6.9%
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sheilaincali
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Post by sheilaincali on Feb 22, 2011 16:30:13 GMT -5
I know it's not always the most comfortable thing to lay it all out there. But if you post your monthly budget people will jump in with suggestions and advice on ways to trim your budget and pay off this debt.
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Post by valeriana on Feb 22, 2011 16:30:23 GMT -5
My main issue is that I have nothing to do if I am not spending money. Movies, dinner, entertainment... life is too expensive. I am really burnt out and want to cry right now.
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Post by valeriana on Feb 22, 2011 16:31:10 GMT -5
I don't have a budget. I know I have to pay my rent and that's it. Flame away.
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Tiny
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Post by Tiny on Feb 22, 2011 16:31:53 GMT -5
You do realize that the reason you don't have any money is because you HAVEN"T paid for the stuff you've already bought --- right?? You're paying for yesterday's fun with today's dollars. You can't buy present or future fun until you finish paying off yesterday's fun. Why not look for or at all the stuff you bought (or spend some time remembering it) and "enjoy" it while you finish paying for it?
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sheilaincali
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Post by sheilaincali on Feb 22, 2011 16:33:15 GMT -5
Valeriana- you have to give yourself a little slack. Try to find some activities that don't cost money. I know that's a lot easier to say than it is to do sometimes. I like my movies- but I try to go to matinees (cheaper) and smuggle in my snacks (way cheaper). So my $6 every other week or so for a movie isn't so painful.
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Plain Old Petunia
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Post by Plain Old Petunia on Feb 22, 2011 16:33:49 GMT -5
It's great that you feel this way! It means that living in debt up to your eyeballs is not in your future! Remember, the way to eat an elephant is one bite at a time. Make a spending plan (aka budget) for yourself. Stop adding to your debt. You'll get there. What are your prospects at your current job? What can you be doing to prepare yourself for greater responsibilities? They should translate into more pay.
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sheilaincali
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Post by sheilaincali on Feb 22, 2011 16:34:48 GMT -5
ok- you don't have a budget? You pay your rent and that's it? If you take home is $2,600 then how much is your rent? Do you have to pay utilities? car payment? fuel? food? phone? cable? Internet? these are all things that eat away at your $2600 monthly income.
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wodehouse
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Post by wodehouse on Feb 22, 2011 16:34:56 GMT -5
For what it's worth, I don't think your interest rates are at all outrageous. So that is good news! Many people suffer with 20% rates! Just work on developing a budget and paying off those debts. You aren't anywhere near drowning.
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Post by valeriana on Feb 22, 2011 16:35:16 GMT -5
I know one thing that I have to cut, but i am so addicted that I just have to drive through. It's that $4.70 starbux cap everyday. *shakes head* I started adding an extra shot so it went up a dollar.
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Feb 22, 2011 16:35:19 GMT -5
Valerieana - Have you tried mint.com? I love, love, love mint.com. It helps me A LOT to keep my spending on track.
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CarolinaKat
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Post by CarolinaKat on Feb 22, 2011 16:35:28 GMT -5
You might want to visit the WIRR if you are serious about paying down debt. We're split up into regions where you post your goals/ask for advice. And it's a constant support, just a suggestion.
Creating a budget is key. First you need to know how much/where your money is going to do that. ~14k of debt is workable. You have to make a plan.
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Post by valeriana on Feb 22, 2011 16:36:32 GMT -5
20%? yeah that is crazy. I still can't believe my credit card debt is this high. I'm nearing 10K in the hole for CC. This is the worst it has ever been. Guess this is my rock bottom.
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Feb 22, 2011 16:37:03 GMT -5
Ah yes, I miss Starbucks too! I still have one once in a while as a treat, but that every day stuff? Too much money and too many calories.
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Post by valeriana on Feb 22, 2011 16:37:13 GMT -5
Mint.com wouldn't link to bank of america for me. Then i moved to moneystrands, but then deleted my account because I heard there were hacks going on and got too nervous.
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Angel!
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Post by Angel! on Feb 22, 2011 16:37:54 GMT -5
That doesn't sound crazy at all. A lot of debt can feel like it is crushing you. You need to change your perspective & start working to get out of debt.
How much are your monthly payments & do you have a budget? Posting your budget for advice could be really helpful & I am betting there are a lot of areas you can cut. Have you tried to transfer the debts to lower rate cards? Have you considered selling the car for something cheaper?
I am not trying to make this a contest, but trying to give you some perspective - I am 30 also & I take home $3000 a month & daycare for my 2 kids eats up over 40% of that leaving me with $1750/month. I have 12K in student loans, 18K in CC debt, 110K on the 1st mortgage, & 19K on the 2nd mortgage for a grand total of $159,000 of debt. I would love to just have your 13K of debt to pay on each month.
You need a plan & a budget to get you going. Having a goal & plan to accomplish it will help motivate you.
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Post by valeriana on Feb 22, 2011 16:38:21 GMT -5
Yeah I went into the Women in Red community but I got a little confused. How do I join? I am from Massachusetts.
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Post by valeriana on Feb 22, 2011 16:39:47 GMT -5
These are my main problems I have realized:
iTunes Starbucks Whole Foods Alcohol
*sigh*
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Angel!
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Post by Angel! on Feb 22, 2011 16:42:17 GMT -5
I know one thing that I have to cut, but i am so addicted that I just have to drive through. It's that $4.70 starbux cap everyday. *shakes head* I started adding an extra shot so it went up a dollar. You do realize that this is $140/month, right? You need to start tracking every penny you spend. You will likely find you have more than enough, but you are nickel & diming yourself with this sort of stuff. How much fun could you have with $140/month? That is 5% of your takehome right there - just spent on coffee. What other stuff do you have that might be worth cutting out or cutting back - cell phone, land line, cable, internet, etc? Have you examined how much you spend on groceries?
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CarolinaKat
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Post by CarolinaKat on Feb 22, 2011 16:42:47 GMT -5
Mass.... that would be the North Region I think. You go and would pick the "Northern Racers" Thread and post something along the lines of "I am valeriana from Mass. I have these debts at these amounts and want to work on paying them off"
Most people track their balances every month and record the % paid down, or overall total, or whatever makes most sense to them. Lots of people ask for budgeting advice/how to create a budget/how to reduce grocery expenses.
Feel free to post to the main forum for budget advice from all the racers as well.
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Plain Old Petunia
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Post by Plain Old Petunia on Feb 22, 2011 16:42:54 GMT -5
Bank of America has a pretty good budgeting tool on their site. And no need to worry about hacking, as they already have your information. Have you tried their budgeting tool?
Budgeting is all about choices. You can have some of the things you want, but not everything. You have to decide what you want the most, then cut back on other things which don't matter as much.
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Angel!
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Post by Angel! on Feb 22, 2011 16:43:14 GMT -5
These are my main problems I have realized: iTunes Starbucks Whole Foods Alcohol *sigh* Cut the itunes, cut the starbucks, cut the alcohol, & shop at walmart & now you have all the extra money you need to go have fun.
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CarolinaKat
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Post by CarolinaKat on Feb 22, 2011 16:44:15 GMT -5
Correction: It's the "Northeast" region
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Angel!
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Post by Angel! on Feb 22, 2011 16:45:13 GMT -5
Budgeting is all about choices. You can have some of the things you want, but not everything. You have to decide what you want the most, then cut back on other things which don't matter as much. Well said. You can't say that you don't have any extra money due to your debt. You are just currently spending all your extra money on starbucks, itunes, expensive foods, & alcohol. If you would be happier spending the money elsewhere, then you have to change your spending habits.
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CarolinaKat
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Post by CarolinaKat on Feb 22, 2011 16:48:52 GMT -5
"Budgeting is all about choices"
Spot on advice Petunia!
Alcohol is a fantastic way to fritter away money, especially buying mixed drinks... in resturants
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Firebird
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Post by Firebird on Feb 22, 2011 17:05:39 GMT -5
Please tell me your Starbucks card is registered at least? A $4.70 cup of coffee ought to be discounted to around $3.65, every day. Instant savings.
I know exactly how you feel. I, too, have an eating out weakness and I used to kick myself every month thinking about what I "could" have spent that money on-- but at the end of the day, I'm meeting my goals and I think little indulgences are okay as long as you're doing that much.
Set up your budget so you can say the same and everything will be fine.
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kgb18
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Post by kgb18 on Feb 22, 2011 17:12:02 GMT -5
OP, it's normal to feel crappy about debt. What's to feel good about? But the biggest thing is what you do about it. About 4 years ago I had $14k in credit card debt. I just made my final payment last week. I still have a car payment and some student loan debt, but the credit cards were what was really killing my budget and making me stressed. Four years ago I was a mental mess over my debt. I was so stressed. I couldn't sleep. I was constantly worried.
I finally decided the only thing to do was to make a real plan. I did sign up with a non-profit credit counseling agency and got on a debt management plan. It reduced my interest rates by a ton, and I knew going on a formal plan would keep me on track. It was the best thing I ever did for myself. I actually finished my plan early, and I now have no credit card debt.
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