Kacedog51,
Hi, I've not read the posts except your initial post. All I can say is that just many others you have to start somewhere, and the sooner the better. I'd pay down debt as quickly as possible, cut costs where ever you can (dining out vs eating in and purchasing store brands/specials etc.) If you have the time I'd get a second/part time job. Automatic savings plans will make saving more seamless. Its not going to happen overnight but with each iincremental increase in savings and reduction in debt facilitating by cutting/managing costs and increasing cash inputs will come a better level of comfort and understanding of finances. Fiscal discipline is the key. If you can get savings into a Traditional IRA that would be great. Sooner or later you will then start to be able to exploit financial opportunities.
I started out of college in 1994 with 20K in student loans, 5k at 10% for my car VW Fox, and 6k on credit cards. My pay was at ~30k. I just continued to live like a student for several years, pay raises, bonuses, tax refunds and other windfalls went into the bank. I started my IRA that year because I know I would get a bigger tax return that could then be used to further pay down my debt. Coupon clipping, rebates, discount shopping, freebies became ingrained into my shopping routine. The word "NO" kept me from buying a new car, the latest gadget and expensive meals and coffee every day. Making double payments on the highest interest debt became routine. As soon as I retired one debt, the amount of that payment was tacked onto the next highest interest debt. I established a rainy day fund which absorbed the set backs, but sooner or later they were easily abated by fiscal prudence. After ~ 4 years my credit cards were paid off and I've never carried a balance since then. My student loans were paid off. I sold the VW for a modest profit, and picked up a stripped down 5 spd manual Geo prizm from the previous model year maximizing GM rebates in addition to getting a better price from the Toyota version (Corolla) that sold for over a thousand more and at a super low interest rate. I had 10k+ in my IRA and money in the bank and actually qualifed for a mortgage on a place of my own.
However, if I had said "Saving is Impossible" when I graduated in 1994 then four years later in 1998 I would have never gotten anywhere despite probably making the same amount of money over the same time period.
The issue is this, money does not matter, its what you do with it that does and if you want to have some level of financial freedom then you must start somewhere and have some hard discipline and stick to it. I could not see the light at the end of the tunnel when I first started, but I knew if I just stuck with it and kept up my fiscally prudent habits then sooner or later things would break my way financially. I hope this helps you see how you can do the same. Good Luck.
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