Don't judge my budget too harshly

[luckyae13]

Well here goes nothing.
A few things to keep in mind....
-I'm recently single
-I'm not in a high paying field, but I am happy in my career
-I made poor financial mistakes in my younger years
-My credit is embarrassingly horrible

Income (net) $2200

Rent $825 (including utilities, I live in Socal)
Car $595 ($80 insurance, lowest possible and $515/car, which I pay $100 extra - high interest rate from when we bought the car 2 years ago - see stupid decisions)
Phone $60-75 (just changes plans)
Groceries $150 (this is likely high)
Gas $50-70 (everything is within a 10 mile radius)
Fun money $100
Student loans/debt $480

Leftover $0

Thoughts? Fun money includes gifts and travel, which I don't do much of currently. Gifts are usually hand made and any travel is kept within $200/max. (meaning I only visit home or friends within a few hours drive)

No savings. $80,000 in debt.

Please go easy.

[bluejen22]

Is the debt just student loans or are there credit cards not mentioned?

[Deleted]

How much do you owe on the car loan and about what is it worth? That's a really high car payment for your income.

Of the $80,000 in debt, what's the breakdown between car/student loans/other?

[luckyae13]

Mar 28, 2014 16:41:09 GMT -5 bluejen22 said:

Is the debt just student loans or are there credit cards not mentioned?

It's a combination of student loans, high interest credit cards, medical bills and old collections.

[luckyae13]

Mar 28, 2014 16:42:45 GMT -5 @canadiandrone said:

How much do you owe on the car loan and about what is it worth? That's a really high car payment for your income.

Of the $80,000 in debt, what's the breakdown between car/student loans/other?

I don't have all the breakdowns in front of me. But can post them later tonight.

Of the top of my head...
Car is $13,000
Student loans $50,000 (all my schooling was paid for by loans, which I took the max every time - again stupid)

[luckyae13]

Mar 28, 2014 16:43:05 GMT -5 calle28 said:

good job for posting your budget! i don't have much advice, i'm sure others can help a lot more.

can you get a 2nd job?
$825 for rent is cheap for so cal! good job on finding an affordable apartment.

I'm looking for freelance opportunities. But my work schedule isn't really flexible for another job. I could take on simple writing projects every now and then, but I couldn't handle another 20/hrs a week.

[Deleted]

Mar 28, 2014 16:47:49 GMT -5 luckyae13 said:

Mar 28, 2014 16:42:45 GMT -5 @canadiandrone said:

How much do you owe on the car loan and about what is it worth? That's a really high car payment for your income.

Of the $80,000 in debt, what's the breakdown between car/student loans/other?

I don't have all the breakdowns in front of me. But can post them later tonight.

Of the top of my head...
Car is $13,000
Student loans $50,000 (all my schooling was paid for by loans, which I took the max every time - again stupid)

If your car is worth more than $13,000, I'd recommend selling it and either buying a cheaper car or relying on public transit.

I don't know much about student loans in the US, so I'm afraid I can't offer much for advice there. 

[Deleted]

Your car and debt are areas I would like to explore more.

The car payment, as you know is high. Could you sell the car and buy something less expensive? Even a (gasp) cheap lease for 3 years? Let me know what you think there.

On the debt, have you negotiated at all with your creditors? If you can break down your debt, I may have better advice. (Ex: $x K credit card at y%)

I would also love for you to switch to a pay as you go cell phone provider. I pay 37 a month for my awesome Virgin Mobile plan, which is superb.

And, the benefit of making dumb money decisions is that you can learn from those mistakes and NEVER make them again.

I am proud of you for being proactive and posting a budget, and also thinking through where you can improve.

[crashgizmo]

I agree with the second job. Did you say in a previous post that you were in the nonprofit world? I am as well, and for several years I worked as a server or bartender on evenings and weekends. It wasn't ideal but it helped both with paying my bills and not spending as much money going out.

Are you upside down on the car? It is definitely way high for your budget. If you CAN, I would sell and buy something cheaper, or even if you finance try for something with less of a monthly payment.

Are you expecting a tax refund?

[les]

What are the interest rates and balances on your debts? Are you paying them off in order of highest to lowest?

I think a second job would be prudent in order to pay off your debts.

Don't be so hard on yourself! You have a reasonable rent payment and lifestyle. If you develop and stick to a plan, you can be debt-free with savings to fall back on.

[crashgizmo]

Also, are your student loans able to be put in forbearance, just until you get some of the debt paid off?

[luckyae13]

Mar 28, 2014 16:50:46 GMT -5 @canadiandrone said:

Mar 28, 2014 16:47:49 GMT -5 luckyae13 said:

I don't have all the breakdowns in front of me. But can post them later tonight.

Of the top of my head...
Car is $13,000
Student loans $50,000 (all my schooling was paid for by loans, which I took the max every time - again stupid)

If your car is worth more than $13,000, I'd recommend selling it and either buying a cheaper car or relying on public transit.

I don't know much about student loans in the US, so I'm afraid I can't offer much for advice there. 

I know for a fact I'm underwater with the car. So I'm not sure what to do there. I could sell it and put the profit towards the loan but I'll still be paying on it. Which is a little annoying.

I tried to refi it but see horrible credit. My ex was the one behind this car purchase and I'm the one stuck with it.

[luckyae13]

Mar 28, 2014 16:51:28 GMT -5 @shoegal said:

Your car and debt are areas I would like to explore more.

The car payment, as you know is high. Could you sell the car and buy something less expensive? Even a (gasp) cheap lease for 3 years? Let me know what you think there.

On the debt, have you negotiated at all with your creditors? If you can break down your debt, I may have better advice. (Ex: $x K credit card at y%)

I would also love for you to switch to a pay as you go cell phone provider. I pay 37 a month for my awesome Virgin Mobile plan, which is superb.

And, the benefit of making dumb money decisions is that you can learn from those mistakes and NEVER make them again.

I am proud of you for being proactive and posting a budget, and also thinking through where you can improve.

I'll get a breakdown posted tonight. I've contacted a few but will be contacting more next month to settle what I can.

Well, I'm locked into a contract. So idk if paying a $230 termination fee is worth it. What do you think?

Thanks! It's pretty scary to see it all written out but time to conquer the debt mountain.

[luckyae13]

Mar 28, 2014 16:51:35 GMT -5 crashgizmo said:

I agree with the second job. Did you say in a previous post that you were in the nonprofit world? I am as well, and for several years I worked as a server or bartender on evenings and weekends. It wasn't ideal but it helped both with paying my bills and not spending as much money going out.

Are you upside down on the car? It is definitely way high for your budget. If you CAN, I would sell and buy something cheaper, or even if you finance try for something with less of a monthly payment.

Are you expecting a tax refund?

I don't really have the ability to commit to a 2nd job right now. Between everything I've got with work, it's just not feasible unfortunately. I'm looking into it, but it'd have to fit a pretty specific schedule. Like Sundays only..... Which is hard to find.

Upside down in the car.

Tax refund is already gone. Threw what little I received at debt.

[skib]

Do you have any savings at all? If not, I would stop paying the extra $100 on the car and cut your fun money to $50 for a few months to build up a small emergency fund.

What about a part-time job just one day per weekend? You could work retail or a serving position just on Saturdays and throw all of that money at the car to get it paid off faster. I bet if you got a Saturday night gig at a busy restaurant you could make enough to have the car paid off in a year. It wouldn't be fun not having Saturday nights free, but at the end of it, you'd free up a TON of money each month that you could use to build savings and pay off debt -- and have fun with.

Good luck!!

[luckyae13]

Mar 28, 2014 16:53:24 GMT -5 crashgizmo said:

Also, are your student loans able to be put in forbearance, just until you get some of the debt paid off?

I should look into this. But if I remember correctly I need a reason for forbearance and I'm not sure other debt qualifies.

I will find out though. I'm not paying much towards student loans as is.

[luckyae13]

Mar 28, 2014 17:01:53 GMT -5 skib said:

Do you have any savings at all? If not, I would stop paying the extra $100 on the car and cut your fun money to $50 for a few months to build up a small emergency fund.

What about a part-time job just one day per weekend? You could work retail or a serving position just on Saturdays and throw all of that money at the car to get it paid off faster. I bet if you got a Saturday night gig at a busy restaurant you could make enough to have the car paid off in a year. It wouldn't be fun not having Saturday nights free, but at the end of it, you'd free up a TON of money each month that you could use to build savings and pay off debt -- and have fun with.

Good luck!!

It's actually been pretty difficult to find a one day a week gig. They all want me to commit to 2-3 days and I can't. So I'm looking, but most places aren't willing for only a day. Sucks.

I'm hoping some freelance projects will pan out. That could bring in a couple hundred a month and works with my schedule.

I know something will turn up, but it just hasn't yet. Summer is approaching so I'm hoping that works in my favor re Saturday night bartender.

[luckyae13]

Mar 28, 2014 17:06:04 GMT -5 kooshball said:

You keep saying 80K in debt without breaking it down.... give us more.

What kind of debt? What interest rates?

Having 50K in student loans makes me worry a lot less about the debt... i feel like you are so overwhelmed you have given up on being rational about the debt. Let us help. heh

I don't have the info in front of me. It's all at home in my personal computer. I can share a breakdown tonight.

I am extremely overwhelmed. $80,000 is a lot and I'm looking at the total instead of the breakdown. So maybe that's why.

[crashgizmo]

Mar 28, 2014 17:08:07 GMT -5 luckyae13 said:

Mar 28, 2014 17:01:53 GMT -5 skib said:

Do you have any savings at all? If not, I would stop paying the extra $100 on the car and cut your fun money to $50 for a few months to build up a small emergency fund.

What about a part-time job just one day per weekend? You could work retail or a serving position just on Saturdays and throw all of that money at the car to get it paid off faster. I bet if you got a Saturday night gig at a busy restaurant you could make enough to have the car paid off in a year. It wouldn't be fun not having Saturday nights free, but at the end of it, you'd free up a TON of money each month that you could use to build savings and pay off debt -- and have fun with.

Good luck!!

It's actually been pretty difficult to find a one day a week gig. They all want me to commit to 2-3 days and I can't. So I'm looking, but most places aren't willing for only a day. Sucks.

I'm hoping some freelance projects will pan out. That could bring in a couple hundred a month and works with my schedule.

I know something will turn up, but it just hasn't yet. Summer is approaching so I'm hoping that works in my favor re Saturday night bartender.

Do you have previous serving/bar experience? I had the same issue as you re: only being able to work one day a week, and I got work with a catering company that did events. It worked out well for sporadic work. Also, my brother worked for a tutoring center while in grad school. You can set your own hours and they wanted weekends and evenings most. IIRC, it was $20-25/hr. 

[adeliepenguin]

One idea for a very part time job is babysitting. We use a service - and the sitters submit their availability and then the service matches them up with the parents. It's a minimum of $11an hour, so not bad. Overnights, you can make a lot. Just a thought.

Good luck! You can do this.

[Deleted]

Mar 28, 2014 17:23:26 GMT -5 adeliepenguin said:

One idea for a very part time job is babysitting. We use a service - and the sitters submit their availability and then the service matches them up with the parents. It's a minimum of $11an hour, so not bad. Overnights, you can make a lot. Just a thought.

Good luck! You can do this.

This is a superb idea!! OP, start discussing this with friends and neighbors right now.

I would be happy to help you with flyers or brochures - this is excellent!

[luckyae13]

Mar 28, 2014 17:22:06 GMT -5 crashgizmo said:

Mar 28, 2014 17:08:07 GMT -5 luckyae13 said:

It's actually been pretty difficult to find a one day a week gig. They all want me to commit to 2-3 days and I can't. So I'm looking, but most places aren't willing for only a day. Sucks.

I'm hoping some freelance projects will pan out. That could bring in a couple hundred a month and works with my schedule.

I know something will turn up, but it just hasn't yet. Summer is approaching so I'm hoping that works in my favor re Saturday night bartender.

Do you have previous serving/bar experience? I had the same issue as you re: only being able to work one day a week, and I got work with a catering company that did events. It worked out well for sporadic work. Also, my brother worked for a tutoring center while in grad school. You can set your own hours and they wanted weekends and evenings most. IIRC, it was $20-25/hr. 

I'll look into catering and tutoring. Great ideas, thank you. As for tutoring is that college or high school level?

I have retail experience which is easily transferred to serving. It is all customer service based really.

[crashgizmo]

Mar 28, 2014 17:47:59 GMT -5 luckyae13 said:

Mar 28, 2014 17:22:06 GMT -5 crashgizmo said:

Do you have previous serving/bar experience? I had the same issue as you re: only being able to work one day a week, and I got work with a catering company that did events. It worked out well for sporadic work. Also, my brother worked for a tutoring center while in grad school. You can set your own hours and they wanted weekends and evenings most. IIRC, it was $20-25/hr. 

I'll look into catering and tutoring. Great ideas, thank you. As for tutoring is that college or high school level?

I have retail experience which is easily transferred to serving. It is all customer service based really.

He tutored at the high school level and younger, I believe. Think Sylvan Learning Centers, but it wasn't that I don't think. 

Retail is somewhat transferable, yes, but catering gigs normally don't provide much training which is why they require experience. Restaurants are different and often take on people with retail experience. 

[luckyae13]

Mar 28, 2014 17:26:34 GMT -5 @shoegal said:

Mar 28, 2014 17:23:26 GMT -5 adeliepenguin said:

One idea for a very part time job is babysitting. We use a service - and the sitters submit their availability and then the service matches them up with the parents. It's a minimum of $11an hour, so not bad. Overnights, you can make a lot. Just a thought.

Good luck! You can do this.

This is a superb idea!! OP, start discussing this with friends and neighbors right now.

I would be happy to help you with flyers or brochures - this is excellent!

Not really keen on babysitting. I don't know many people with children and honestly feel terrified of being responsible for someone's child. Sounds silly, but that level of care is a lot for me.

I'm putting it on the list to further look into tonight though. It's a last resort.

[luckyae13]

Thanks for the support everyone!! I'm making a list of pt gigs to look into this weekend.

[andthentherewere10]

Pet sitter/dog walker?

[luckyae13]

Mar 28, 2014 18:21:31 GMT -5 andthentherewere10 said:

Pet sitter/dog walker?

Dog walker! That would be perfect. I've got a lot of homework tonight! Thanks everyone.

[Deleted]

Lucky, there is a woman in my town who does weekend errands for people. She hits the library, dry cleaners, grocery store (no more than a bag), wine / liquor store, and hardware / home goods store.

As I understand it, she does all her errands on Saturday, so people sign up all week and she does the appropriate chore for $20 with an add on for many chores.

We also have a few personal concierge businesses around here but they are pricier (and paid hourly.). I always thought this was a cool model...I just can't get $20 for someone to do my errands, but a few years ago, I totally would have. Food for thought!

[luckyae13]

Mar 28, 2014 18:31:39 GMT -5 @shoegal said:

Lucky, there is a woman in my town who does weekend errands for people. She hits the library, dry cleaners, grocery store (no more than a bag), wine / liquor store, and hardware / home goods store.

As I understand it, she does all her errands on Saturday, so people sign up all week and she does the appropriate chore for $20 with an add on for many chores.

We also have a few personal concierge businesses around here but they are pricier (and paid hourly.). I always thought this was a cool model...I just can't get $20 for someone to do my errands, but a few years ago, I totally would have. Food for thought!

I will look into this. Sounds similar to Task Rabbit or whatever it is called. That would be a good option as well.

Seriously, you guys are awesome for sharing so many great ideas.

[ESF]

Is there Task Rabbit in your area?

www.taskrabbit.com

That would be an excellent option to earn cash if it is. I've hired task rabbits a few times to help with household stuff, and the people who do it have been people in your shoes - just regular young people trying to scrape together some extra money to afford life in a HCOL area. One tip -- if the prices of jobs seem low, from what I understand, apparently Task Rabbit takes a 20% cut of your pay, but not your tip. We tip high on people who bid low for that reason.

Otherwise, you may want to look to see if your area has some other crowd sourcing work options.

ETA I see we are on the same page.