Tell me how to claw my way out of debt

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Tell me how to claw my way out of debt

SiGmA_X: May 3, 2004; SiGmA_X

nefarious napkin posted:

I don't think I can quit drinking. I work long stressful hours, and it help me blow off a lot of steam and keep myself sane. However, I think I can cut back to either a) one bar night out a month or b) a couple purchases of at home beers or wine to enjoy over the month. It would be a serious cut back from before with several bar nights out a week on top of at home purchases.

Exercise. And the desire to not drink. I'd say don't drink at home period and only go out once a month or something.

nefarious napkin posted:

My insurance covers $200 smoking cessation for over the counter drugs, and that's on top of what the government gives for quitting. Any prescriptions would be quite cheap with my insurance. Last time I quit was for 4 months using a vape. It was relatively easy, so that's another option, I would just have to drop about $25/month on juice for it. I actually just spoke with my boyfriend and he's agreed to quit with me as support

Good! Quit! I quit 5yrs ago and haven't looked back. Also a lot of my friends have switched to ecig to 'quit smoking' and it's never held long. I'd say quit entirely. That's my suggestion at least.

# ¿ Sep 17, 2015 22:46

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# ¿ May 21, 2024 10:35

SiGmA_X: May 3, 2004; SiGmA_X

fruition posted:

I urge you to look past the cost for now, and at least go to the sessions that your insurance will cover. There are always cheaper alternatives, new therapists who are trying to build up their practice, etc. Go to a Licensed Clinical Social Worker instead of a Psychiatrist and you can save yourself thousands, hell some will even work out a sliding scale cash deal with you.

This. Many times, this.

# ¿ Sep 20, 2015 08:46

SiGmA_X: May 3, 2004; SiGmA_X

nefarious napkin posted:

Thanks for the recommendation! I've read a bit about CBT and it would be helpful for me from what I can tell.

I have a question for you guys. Should I be focused on paying down credit cards as much as possible, with all my un-budgeted money going towards it? Or should I put some of that money aside to a buffer category in case something unexpected comes up?

I want to put all possible money on the credit cards, but if something comes up and I have no money aside to pay for it, I'm worried it would have to go on the credit card. And I really want to break the habit of using it for anything. To be clear, by unexpected I mean along the lines of car issues or something needing repair.

What's your estimated payoff time? I would say save up a grand ASAP and then attack the CC. I'd go with more than just 'unbudgeted' money. I'd budget more money to toss at the CC, and make those payments at the start of the month or every payday, depending.

# ¿ Sep 22, 2015 16:26

SiGmA_X: May 3, 2004; SiGmA_X

nefarious napkin posted:

Estimated payoff time is about 12 or 13 months for my credit cards with my current budget (no emergency/buffer fund). While I'm paying those off, I will have also knocked almost 6K off my loan through the automated payments.

I basically made my budget as small as possible to get the most amount possible on credit cards. As it stands, 50% of my income will be going to debt payment of some sort ($1000 to credit card, $535 to loan each month). What I have leftover is bills + $200 groceries + $200 entertainment.

I've heard conflicting advice on this. Some people think the emergency fund should come first, others say your CC debt *is* the emergency. I could get $1000 emergency fund going pretty quick at the expense of 1 month of paying down my CC debts. Actually, I will have a large sum coming my way in the next month or so (about $2500) and I could put $1K to emergency fund, and the rest on my CC. I originally budgeted for the entire amount to go on CC, so I would still have to add a month to my estimated pay off time frame.

If I were you, I'd throw 1k up to 1 month of minimum payments + bills into an online savings account. Online savings is accessible within 3 business days but it's not as accessible as being attached to your checking account. Your call on 1k or 1mo, I'd look at/think about your past year of emergency expenses and make the decision based on that.

# ¿ Sep 22, 2015 17:50

SiGmA_X: May 3, 2004; SiGmA_X

I'm proud of your reduction! I just passed 5 years last weekend. I didn't really try to phase back, it just kind of happened with me reducing to one before work, one at lunch if I ate with my gf (90% of the time we did), and a couple after work. Tapered down to 2-3 a day and then I said gently caress it, I'm done! Keep up the good work, you'll get there!

Also I like your debt reduction plan a lot. Rock on!

# ¿ Sep 30, 2015 00:24

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# ¿ May 21, 2024 10:35

SiGmA_X: May 3, 2004; SiGmA_X

You don't have auto pay setup??

# ¿ Oct 17, 2015 18:20

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Tell me how to claw my way out of debt