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Oh man. KG is one of the few BFC threads I really wanted an update to, and it's only gotten worse. *sigh* What is going on with your internet/cell bill being $400+ ??? Hell even the $200 you listed in the budget is too much! Jfc How much are you underwater on the truck? How much are you underwater on the RV? Childcare - is your wife's new job fulltime or is she working while the kid is at school? What will childcare cost during the summer? Etc. My Rhythmic Crotch fucked around with this message at 15:41 on Jun 14, 2019 |
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Jun 14, 2019 15:29
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Knyteguy posted:$120 for television and cable. This will stay. We have to rack up all this debt so we can arrange a living situation where we can paydown all this debt! Serious question: do you really want advice? Or are you just here because you want to record what's going on in your life? Knyteguy posted:I ~may~ be able to sell the plans Deck chairs on the Titanic. My Rhythmic Crotch fucked around with this message at 16:21 on Jun 14, 2019 |
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Jun 14, 2019 16:13
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Knyteguy posted:I'm here primarily for motivation and some advice yeah, especially with what to do 6-12 mos down the line, but I guess I'm wondering what there is to do beyond execute the plan right now, like today and this month and next month? The RV is a situation that could be talked about when I know it's no longer underwater, but it is so we've got to grind a bit to get it there. In 2-3 months when we're no longer underwater let's have that discussion. As I said I'm not deadset on keeping it. The major problem that I see is that you are going to pour basically 70 grand into debt payments on depreciating things (truck and RV). That 70 grand is basically going to vanish since RVs and vehicles depreciate so quickly. That 70 grand could be used as a house down payment. So I mean, you're here, that's great, but it's very clear to me that you haven't really thought this through. My Rhythmic Crotch fucked around with this message at 17:05 on Jun 14, 2019 |
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Jun 14, 2019 17:01
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Knyteguy posted:Well, I guess what are your thoughts? I understand the situation we're in, and if I could magically sell the truck and the RV right this minute and live in the spare bedroom for a few months to save up the downpayment I would, but what can I do right now? We could technically go get approved on a house right this minute with my wife's IRA as a downpayment, but I know that's the wrong thing to do. How much do you have in cash, savings accounts, etc this very moment? Other than IRAs and 401ks - things you would get penalized for using right now. That is going to highly influence my answer.
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Jun 14, 2019 17:17
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It's killing me to say this, but I think you need to talk to a bankruptcy lawyer (and professional financial adviser if you can find a good one, I have never had to look so I have no idea) You're 70 grand in the hole and I don't think you have wrapped your head around that, really and truthfully. Use the savings you have to buy a cheap car and get setup in an apartment, get settled into your jobs, then declare BK would be my honest opinion.
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Jun 14, 2019 17:33
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Knyteguy posted:Well, explain it to me why renting would be better than $20,000 in debt plus interest (looking at this from a where the heck do we live perspective only). $1560 * 12 + (($1500 * .03 + 1560) *12) = $37,980 (let's call it roughly I'm at work) with a 3% rent increase after one year $60 for the pet rent $1,500. $3,500 for the deposit = $39,950. At least $1,000 to file bankruptcy fees. $40,450. I've run through the apartment process those would be our terms. I know it's hard to hear. Get a second and third opinion, wait for more folks to come in and give their 2 cents. Also talk to a professional financial adviser! I am just a random guy on the interwebs who is offering free advice.
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Jun 14, 2019 17:51
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Blaming the internet for the dumb choices you have made, well if I didn't want to help before I certainly do now! Also a bunch of us here have been through bad poo poo (myself included) and we didn't let it ruin our finances. Take some ownership my dude.
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Jun 18, 2019 19:49
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Knyteguy posted:Oh I knew this was coming! I do take full responsibility, but the difference this time around is I'm not trying to win over BFC and have fun with the thread. And I'm very much grain of salting what I hear here, because I learned that from last time. I'm here to get out of debt, and I'm here to get a house or at least find out if we shouldn't, and I'm here to get our finances to a place where I don't need to worry about them in the future. Nothing more, nothing less. Okay. Step 1: Learn to use credit responsibly. You have a very, extremely long way to go with this. Step 2: Get into a house or apartment because you're basically homeless. Step 3: Learn to budget wisely. You have a very, extremely long way to go with this. Step 4: Execute the budget. Step 5: Goto 4 You'll be doing that until the day you die because you have no savings and social security will be poo poo by the time we're old. Have fun and good luck.
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Jun 18, 2019 19:57
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I do not remember the RV stuff being brought up back then, holy poo poo. Everyone's like "don't do it" and he does it
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Jun 18, 2019 23:40
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You are currently both suffering from MPD - multiple pickuptruck disorder. Hopefully you'll amend your ways before you're old and making a choice between taking your meds or eating food for the day.
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Jun 19, 2019 01:33
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You guys are forgetting that they made nearly 100k combined years ago, and their situation did not get any better because they didn't fix the underlying issues. Fix the basics first 
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Jun 19, 2019 15:12
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n8r posted:If you live in *lots* of the country I swear there is a gene that you are born with that makes you think trucks are cool and necessary. The Silverado is a super cool looking rig, so yeah I get it. Normally I would agree, but they had higher income in the past and it did not help. Also moving can be very stressful / isolating (even if most of the people they'd leave behind are crazy, you still miss them). I'd wager if they move it will justify a bunch more very bad and very expensive decisions. They gotta fix the basics first.
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Jun 19, 2019 16:15
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April posted:"just this once" This is a pattern I watch for in people. Along the same lines is the "from now on" mentality. "From now on, we're clamping down and following this budget!" --> Saves money for one month --> rewards self with a huge spending bender --> cycle repeats You see these patterns in famous people, everyday people, your coworkers, your friends... it's everywhere.
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Jun 19, 2019 17:26
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brb gonna start a charity
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Jun 19, 2019 21:38
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There are some real doozies in there, I can remember reading that exact postquote:I will likely be able to land a job making about $148,000.00 because my boss who doubles that mentoring me in it. For real he printed out something that shows me a career path he's leading me on. The boss who went out of business, naturally quote:We make $86,000 a year in a pretty low cost of living area (equivalent to about $148,000 in SF Bay/NYC). At a 65% savings rate (which would be entirely possible for us with a paid off house ala MMM) we would be able to save $559,000 in 10 years Ah yes this theoretical house that we don't own, much less have paid off, will allow us to save $55k per year for ten consecutive years, all while raising a kid. Kids are free, dontcha know.
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Jun 19, 2019 23:54
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Knyteguy posted:Total towards debt apartment (roughly): To me, instead of saying "we're going to be paying X towards debt in some hypothetical future scenario" I would like to see more concrete planning. Like, how much is it going to cost total to get into the apartment including stuff like furniture, utility deposits (some cities require these if you haven't had utilities in a while), supplies, etc and so on. And then a concrete plan of where that money is going to come from without just slamming it all on credit cards. Then obviously we'd like to see a realistic budget, and actually executing the budget. Otherwise it's just the last thread all over again: "guys we're totally going to pay $x towards debt every month!" when in reality much more went into random fun things and a lot less went into paying down the debt.
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Jul 2, 2019 16:06
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Harry Potter on Ice posted:videogames, painting And the really huge problem with their situation now is that so much more per month is spent just servicing the debt. So any payments make much less of a dent against the total than last time.
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Jul 2, 2019 16:13
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Knyteguy posted:So we cut about ~$320/mo in recurring garbage Another helpful thing that can cut down on "just this once" expenses is to unsubscribe from promotional emails ("10% off this month only!" next month, there's another sale), delete any saved craigslist searches for cars, delete or lock yourself out of any forums for hobbies (RV stuff, car stuff, vidja games). Self control becomes a lot easier when you're not getting blasted with advertising all the time. Good changes other than that, we just kinda need to see the complete picture for the future. Including a realistic picture of vices.
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Jul 2, 2019 21:30
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the talent deficit posted:budgeting is good and all, but you should really be putting all of your energy into getting a better paying job. you're leaving like six figures on the table. even an extra $30k a year puts you in insignificant debt territory They have made that much more in the past. The big deal is to focus on the basics: budgeting and being wise with credit.
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Jul 2, 2019 22:30
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One of the patterns from the last thread was: We need more income! --> searching for job --> job search is stressing me the gently caress out --> just this once, we're going to do this random expensive thing --> repeat So hopefully if he does start looking around, it's done in a way that doesn't cause the cycle to get even worse
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Jul 2, 2019 22:41
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Knyteguy posted:Let me ask you guys this for some perspective. What would a successful month look like to you? What would a successful thread look like to you this time around? For July-August I would like to see you get into a residence without using a bunch of credit for all the random expenses that get incurred. For any month in general, I would like to see 1) realistic budgeting 2) spending to the budget 3) responsible use of credit. A successful thread would end with all the debt paid off and a down payment for a house saved up.
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Jul 3, 2019 15:32
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Knyteguy posted:Yeah and a guy with $4,000/mo in debt but makes $10,000/mo in income can't get approved for a house when a guy with $100/mo in debt but makes $1,000/mo can. The guy with $4,000 in debt still has $6,000 every month and the guy with $100/mo in debt has $900/mo, but sure the guy with $4,000/mo in debt is definitely worse off. My dude, please stop with this stuff. Take some ownership. Few things: - Why is internet $300? - What is the $30 business expense? - What's up with the $225 RV maintenance? (I know these things break all the time, my parents have one) - Am I blind or is there not any credit card payments listed here? - I would probably lump vaping, "stuff forgot to budget", discretionary, alcohol, etc into one big ole category. The point being you should really understand, and be comfortable with, exactly how much money you're spending on stuff that isn't going to help your financial situation.
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Jul 4, 2019 16:17
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Knyteguy posted:Yeh my bad. Should have stopped posting yesterday earlier. Got in a bad mood. - For the internet line, it might make sense to break that out into cell, internet, and childcare so there's less confusion and questions about it. - For the $30 cloud/whatever, I would probably also put that into discretionary, if I'm understanding what that's all about. - For the RV maintenance, I would look back over the time you've had it to come up with a monthly maintenance amount. Even though you're not on the road, it'll be good to understand and plan for that expense.
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Jul 4, 2019 16:44
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I would say just keep it and be happy with the good bargain. That sucks your stuff got stolen... good luck with the nicotine, wish I had something constructive to offer there.
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Jul 8, 2019 16:41
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How would you say your July budget progress is going? We're about 1/3 through the month, have you spent 1/3 (or less) of your discretionary?
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Jul 11, 2019 19:09
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Knyteguy posted:Discretionary is going be tight, we kind of screwed ourselves by making the budget/combining categories into discretionary into the month (7/4) and didn't kick the restaurant devouring until the budget was made. 25% left. I definitely don't expect perfection, I know it's going to be an adjustment coming from the previous adventure. My one piece of advice would be to revisit the budget, adjust the income up and the expenses down as you have indicated, and then budget that $500-800 right into the e-fund (or savings, whatever). In other words, be prepared to hold yourself accountable for actually saving that $500-800, you definitely need every spare dollar and you don't want to have to explain to us what happened if it "goes missing".
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Jul 11, 2019 19:28
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Kept meaning to ask, what is Registration for $50?
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Jul 12, 2019 14:38
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Ouch, drat. Good job planning ahead for that expense though. In general I think I like the budget. I'm seeing expenses that BFC threads normally ignore planned out on a monthly basis, which is good. Now ya just gotta actually stick to it. My Rhythmic Crotch fucked around with this message at 15:08 on Jul 12, 2019 |
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Jul 12, 2019 15:03
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Just a couple things: - How are the "Combined debt paydown 2825" and "Combined debt paydown 3029" being calculated? Just curious. - In general I really like that you're budgeting for truck expenses which may or may not happen. - I'm guessing the reason Registration jumped from 50 to 110 is because the RV needs tags on it as well?
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Jul 16, 2019 21:34
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Huh, okay for August I'm adding 1584+756+375 = 2715, and for September 1788+756+375 = 2919. That's all I was curious about.
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Jul 16, 2019 23:42
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Oh right on, I missed the $87. Actually one little thing and one bigger thing comes to mind: - for any loans, it might be cool to have the principle remaining listed in the notes section. - a column for negative or positive rollover from the previous month would be great to have, I don't use YNAB but I was under the impression it could do that automagically?
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Jul 17, 2019 02:41
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Always go Vanguard. I don't know if you guys count places like Walgreens as a mini-mart, but holy poo poo those places are a ripoff. $4 gatorade, no thanks. Couple random questions: - For the apartment deposit, have you basically already paid them $400 or something? - On the goal column, what does the T, M, D, U mean? I'm guessing that's something YNAB does to indicate how you're doing on that line item. If you can stick the landing for this month, it'll be a good month, especially considering it's your first month back on the wagon.
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Jul 20, 2019 15:43
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If you sell anything, be prepared to use the proceeds very, very wisely. Put that money directly into your debt. Put it as income on your budget so we can see the money coming in and going out. It will enrage everybody here if you do anything less than that. In other words, selling it without plowing it back into debt paydown is pointless, and we'll call you out on it.
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Jul 25, 2019 20:53
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Knyteguy posted:what's the hurry? People are looking at your history and believe that if you don't get it done now, while the gettin's good, it's probably never going to happen. It's also very meta in BFC that once people discover there's a sacrifice that can be made, they want to see you do it asap. So either A) never bring up things you're not willing to do or B) get it done, son. Knyteguy posted:Just tell me what to do thread. Tune the bike up this weekend, and sell both the bike and the drums, plow the money into loan principle, feel good about yourself.
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Jul 26, 2019 15:26
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Knyteguy posted:So unfortunately AT&T had an final payment of $163. I'm guessing that's the pro-rated amount for the final month, not an early termination fee? What month are they saying it's supposed to be for? I would not use discretionary to cover it, I mean, at this point the biggest thing is to keep your motivation to stay on the wagon, and kneecapping your discretionary is going to have knock-on effects for months to come. I know not everyone will agree with that though.
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Jul 27, 2019 17:29
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On first blush the numbers are looking pretty good. Nothing is really jumping out at me, which is good. However, I am having some trouble trying to reconcile some stuff that was posted earlier in the month: Knyteguy posted:I underestimated my wife's paychecks for the month and overestimated our expenses, so we'll have (scribbles on a napkin) about $500-800 left over after moving in So basically, July's takehome was $7046, and August's takehome will be $6650? Is that due to the extra paycheck in July? If I'm correct about those numbers, do you feel like the extra income in July was used for debt?
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Jul 31, 2019 17:37
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Good job selling the drums and bike. For the windfalls of $2947, is that just the bike and drums, or were there other things included in that?
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Aug 13, 2019 19:03
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I learned about money from my mom, who was a notorious penny pincher. We got a $5/month "allowance" and guilt tripped over every last little thing. I would not recommend that method, lol.
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Aug 16, 2019 01:17
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Sounds like some good progress being made. Did we talk about the possibility of refinancing the RV as a possible way to get the interest rate down while you're paying it off?
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Aug 22, 2019 20:36
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I'd probably get on Credit Karma first. It's good for a ballpark idea of where your credit is, and they list out things you can do to bump your score, and in a lot of cases they're pretty simple. Or at least in my case it was simple.
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Aug 22, 2019 22:02
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