Quote:
Originally Posted by kacedog51
the 22k is gross, I take home about 1200/week. I am currently claiming 0 and I am anticipating on getting a decent amount back from taxes this year, as I did last year. I will use the tax returns this year to pay the CC off, and then roll those over to the loan.
As for the paper work to state what the pay levels are, I have been trying to get ahold of those for the last 6 months. HR will not respond to any of my questions because they know the situation and that it would be nothing but bad news for them. As for using the discount at best buy, I dont really buy that much stuff there. Maybe a DVD or two a month and not much else. As for about a year ago it was a different story, which is where most of my CC debt has come from.
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First, don't claim 0 to get a refund. Getting a refund is not a good idea, that is money that you could have had throughout the year (and you may not have needed to use your credit cards in the first place). Change it to at least 1 allowance, using this calculator is quite helpful as well.
IRS Withholding Calculator
Also call HR daily if that's what it takes, $4,000 is a huge deal! Make sure you have all of your paystubs and documentation ready to go, when you do get the attention you deserve. Also, call the Better Business Bureau
US National BBB.org: Home and put a report in, and tell HR that you did so, that will likely get their attention.
Also, count all expenses that you have (gas, groceries, random spending, etc.). I know that one year I made $16,000 and was able to put $4,000 into an IRA and pay for a large vet bill of about $1,800. It can be done, you don't have much debt. Stop spending money on everything except bills, groceries, and necessities only for lets say 3 months, and I almost guarantee you that your credit cards will be paid off by then. Especially with the extra cash of your extra job.
By the way do you have a land line and a cell phone, if you do, get rid of one to save money. Also, find out the interest rate on your school loan as soon as possible. Could you sell your car and take public transit? I love taking the bus, it is so cheap! Plus, with a low income like yours, is it really worth it to work, just to have a car?
If at the very minimum you make $1,200 a month, your bills add up to an average of $717.50. That leaves you with $482.50. Lets say you spend $150/month on food, and another $30/month on necessities (shampoo, toilet paper, etc.). Let's also say you spend $120 on gas a month. That adds up to $300 more in expenses. You would be left with $182.50, which would pay off one of your credit cards in one month.
Once you pay off your credit card bill, save up an emergency fund of about $1,000. And then put extra money towards your student loan. Once you are at this place, I would start looking at other ways for you save (for a larger emergency fund, down payment, etc.).
Do you contribute up to the match in any employer retirement plans you have offered to you? This should be the first thing you do, even before paying this debt off.
You can do this! I would love to hear how it turns out for you. I know how hard it can be. To be honest, I still live as if I make $16,000 while I am saving for a downpayment and I am happy as can be!
Again, good luck.