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Hello BFC I'm Uncle Wemus and I'm bad with money and am in terrible debt. Heres how it breaks down: Car Loan: $9,044 remaining. I pay 300 a month with a 1.90% APR. Other Loan: $1,793.94 remaining. 135 a month at 7% APR Both of these are automatically taken out of my paycheck as the district i work for has a credit union they use to pay us. I make about $2,900 a month technically but this ends up to be about $1540 a month after everythings deducted automatically. HOWEVER I have other debts too. $360 a month student loan payment $5,374 that I transfered to a Discover card to get rid of fees. No APR until December of 2016 $4963.75 on my Capitalone Credit Card. %19.80 APR $425 a month rent (well mortgage technically but I have 2 roommates who pay me rent) $110-130 a month generally utilities. This is Gas, Electric, Internet w/o cable $100 a month for car insurance I got quicken a while ago and forgot about it when I got a new computer. So looking at my spending in the last 30 days it seems to break down like so: 390 - Groceries (includes restaurants and fast food. without them its 295) This is just for 1 person 174 - entertainment. Mostly video games. I work nights so I don't get to go out to do much 30 - gas Those are much higher than I thought they'd be, particularly groceries. Gas surprised me for how low it is. Guess I don't fill up that often. here are my last 4 minimum payments Discover -111 -113 -116 -118 capitalone -140 -120 -92 -64 So how did I get to this point? Well I ran up my capitalone card to its limit ( $6,000 ) a while ago and had to get the Discover card to transfer it to, then in the last 4 months I ran it up to nearly limit again. I did this by wreckless and careless spending. I need your help, BFC.  I need a plan and structure to get out of this because I can't figure it out on my own.
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Oct 8, 2015 07:42
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| # ¿ May 16, 2024 17:02 |
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Devian666 posted:It's a tough start but I recommend tracking your expenses. From that we can help you construct a budget to check against and see if we can get you out of the debt hole. Do you want a list of my recent spending or what do you mean?
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Oct 8, 2015 08:33
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heres one. Quicken and capitalone tracks the store location so i blacked those out
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Oct 8, 2015 09:20
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Ok sorry I was unable to respond until now. Forums down and for some reason when it came back Awful App refused to load this thread and this thread alone. Now to answer questions Grocery purchases: believe it or not I generally don't get fast food and i don't drink or smoke. I'm very lame. However the holiday station stores is gas station food that i've been grabbing on the way to work. That will definitely be cut ASAP. Until last month though me and my girlfriend were going out to eat a lot and we both agreed to stop. Occationally groceries get expensive because I've been buying things that me and the other 2 roommates all use like toilet paper and other house supplies because those can be added on my taxes since I'm technically the landlord, I just live there too. I've been trying to eat more cost effectively but its easy to get bored eating the same thing. I'll give that GWS thread a try. Car: There is only 1 car. Its on a 6 year loan and its now over half paid off. I can't really sell it and do without it. Job: I work second shift so a second job is kind of hard. My job pays pretty good and will be a big raise next summer. I'm a custodian for a school district and go around to several schools. Other money: I've been donating plasma which i can do twice a week which gets around 70 bux a week. I'm also getting my house refinanced which should be a decent reduction in mortgage each month. I split the mortgage 3 ways evenly with my roommates. The student loan payment can't really go down  Droo's questions: Current age: 29 I have a BA in Anthropology (hence the custodial job) I finished college back in 2008 mortgage currently is 1266 a month. Should go down to around 1050 after refinancing. I currently get 850 total from roommates for rent. total mortgage amount left is $164,717.81 the car payment is 150 bux a check, im paid twice a month on the 15th and 30th. im at about 29,000 a year. the 1540 includes after taxes and such and also the 300 for car and 135 other loan. I did forget to mention that this also includes 100 a month taken out and put in a side savings account. Thats at about 1,000 right now and I really don't want to touch that. car is a 2012 honda civic. I really can't sell it. It does get pretty drat good mileage though. Antifreeze's question: Those are just the minimums. I have been going above that, specifically on the capitalone. Discover has been at or near minimums. the last 3 payments I made to capital one have been, in order of most recent to oldest, is 900, 200, and 800. Unrelated, but I want to mention that I'm really embarrassed by all this but I really do want to fix this. When I type it all out I really do look like a chump
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Oct 9, 2015 06:41
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Hell I didn't want to be a janitor when they hired me but they were the only people to even give me an interview. The "big raise" is going from 16.50 or so an hour to 20. Also to antifreeze: yes I count that as income on my taxes. I made sure to follow the rules.
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Oct 9, 2015 23:08
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Moneyball posted:Just a bunch of random thoughts: -Roomates do help with utilities. Like with the rent its split evenly into thirds. -the $174 isn't supposed to be typical. I admit it might look like that given the debt. -I think I remember something on the card where if i bought something it wouldn't pay off PURCHASES before transfers so I'd be getting interest on those until i paid off the rest of the card. -The $1000 thing is more or less my emergency fund.
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Oct 10, 2015 18:58
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Hey its been a bit and I've made some changes. -I've stopped eating gas station food and restaurants in general really. I make food in bulk that lasts for about a week and a half or more, typically stir-fry -We refinanced my house after finishing improving it thus lowering the monthly mortgage from 1266 to 1097. Roommates pay 400 each for rent so I have some relief there. -Have managed to successfully stop nearly all unessential spending and I've been tracking when I do to try and go longer lengths of time without spending poorly. and to answer lrod1234's questions -gf does not live with me -the reckless spending was partially restaurants and stuff for fixing up my bathroom for the refinancing also here is a google doc you asked for. I think I did this the way you wanted? https://docs.google.com/spreadsheets/d/1cw5-SuDbTbsePS0_9AVXJBcrXFNfncoBLnUZrD0YVP4/edit?usp=sharing
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Nov 16, 2015 23:41
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What should I do about the Discover one? Thats a transfer but 6000 bux is a lot to pay off. Should I just go full force on the Capitol One card?
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Nov 17, 2015 04:31
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| # ¿ May 16, 2024 17:02 |
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lord1234 posted:Awesome spreadsheet, can you clarify, are those the payments you have been making? Or the minimum payments allowed by your credit card companies? Or are those the same thing? Also why are your student loans not listed here? Those are the minimums. I've tried to pay more where I could. I didn't list the student loan because I figured it wasn't important as it won't be paid off for a long time. Fortunately my Ma helped with the refi so I didn't have to worry about that, just the materials and such for the materials. skipdogg posted:How would you feel about picking up a part time job during the holidays? You could easily find some place that needs morning and weekend help and pull 25 or 30 hours a week. Yeah it'll be temporary crappy retail work, but you could make an extra 1000 bucks over the next 7 weeks or so. I'll have to look around a bit since I have a stupid schedule for work (3:30pm to midnight)
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Nov 17, 2015 05:25
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