Monthly Expenses/ Income Advice please

[playamwj12]

Originally Posted by disneysteve

Ouch. Did you roll over negative equity from a previous loan?

I'm afraid to ask but how much do you owe on the Prius?

I owe 27000. I will be able to pay these vehicles off much quicker as soon as I pay off about $7500 more worth of debt. I can then start pounding the loans hard.

[disneysteve]

Originally Posted by playamwj12

I owe 27000.

What's it worth?

[playamwj12]

Originally Posted by disneysteve

What's it worth?

mid twenty thousand range. I got a better buy on the prius

[disneysteve]

Originally Posted by playamwj12

mid twenty thousand range. I got a better buy on the prius

Consider selling the Prius. As I said earlier, even without the Jeep loan, the Prius is way out of your budget. You shouldn't have a car payment of more than maybe $300 max so the Jeep is fine. The Prius however is $478. Bottom line is you've got way, way too much tied up in cars.

[Mictjustin]

Money management/ debt relief doesn't happen over night. Your on the right track. Congratulations!

[snafu]

Good on you for clearing a CC. What will you target next? You contribute at least $390. to the household which is modest compared to actual costs of rent, utilities and food. I assure you that we who live in the frozen north do not all have 4 wheel drives. I presume you enjoy off-roading. With winter tires and reasonable driving skills we traverse our icy, snowy mountain roads in blizzards without much slither [just a lot of complaining].

[disneysteve]

Originally Posted by snafu

I assure you that we who live in the frozen north do not all have 4 wheel drives.

I frequently hear people say they "need" a 4wd suv because of where they live. All that is is people trying to rationalize their purchases.

[LivingAlmostLarge]

We lived 5 years without AWD and my DH lived his whole life prior without it in the Great White north. It is NICE to have though now that he's got it. He loves it. It is safer.

[EpicFinances]

Four things that need to be addressed in my opinion would be your vehicle costs, your cell phone bill, and your internet. You need to find any and all means to cut these down. It's $713 a month for those 4 items alone.

With your salary, you honestly cannot afford to move out. I agree with previous suggestions to sell your prius and try to cut down your cell phone and internet by at least $80 a month.

[DebbieL]

I'm Canadian, but I live in the perfect climate of Victoria, so no "great white north". Many years we don't even see a snowflake here. On the rare occasions we get a bit of snow our roads are trecherous (the ground is warm, so the roads turn into a sheet of ice if it cools down overnight after being warmer during the day). I absolutely avoid driving in the snow on the rare occasions we have any. I would only even consider it if I had AWD. You should see the amount of cars in the ditch when we get an inch or two of snow. Luckily it only happens rarely, lol. Other Canadians laugh at us (they show our hopeless driving on the news and other parts of the country laugh because we are sliding around with a little snow). However, the driving conditions here are NOTHING like those parts of the country. My parents came from Manitoba (so they were used to driving in heaps of snow), and they say it is not the same driving here when it snows. I'm just glad they moved out here when I was a baby - I've never actually had to cope with a "real" winter, lol. Green Christmases for me.

[Eric80]

it sounds like you have a good plan - however if you are unsure then speak to someone who would be able to advise you further and re-assure you that you are on the right lines. I went to a debt advisor and they were able to realistically show me my flaws in my plan and re-adjusted it slightly to suit me.

[YLTL_Dan]

You're killing it, keep up the intensity and you'll get this taken care of! It doesn't sound like you agree with the car advice, but I couldn't agree with them more. After I graduated from college, I was making ~$45k/year and I bought a Xterra for $28k. I couldn't take control of my finances until I got rid of those huge payments. I bought a used Volvo (AWD) for $10k.

When I got rid of the car payments, my life quickly began to change. I was able to pour that money into other debts and turn my situation around. I still think that one decision propelled me to where I am today. You can read about my breaking point and subsequent selling of my car on my blog - yourlifetheirlife.com/blog/how-i-paid-50000-debt-two-years-08212011

[SA Saver]

What is your reason to finance a vehicle?

Reason to have CC debt?

Why do you tracking your credit for $10? You get one free report per year from all 3.

Personal loan of $204 for what?

Internet for $85? Who do you have? Speeds? This is expensive.

My rule of thumb : NEVER finance a vehicle.

Always pay your Credit card bill in full every month. There are resources on the net for how much credit you should carry and how much you should spend each month.

Originally Posted by playamwj12

Hello all,

My name is Michael and I am new to the site. I am a 23 year old Correction Supervisor and ARMY Veteran from Virginia. I currently live at home, as my parents do not want me to leave and I figured until I figure out where I want to live/ settle down.

My financial goals include to eliminate all of my financial debt and save towards a secure financial future!

My salary is $37,000 a year and I average no less than $1100 a check.

Here are my monthly expenses.

2005 Jeep Liberty my mother currently drives this vehicle due to hers being broken. $278

2011 Toyota Prius my daily driver. $478

Car insurance $143 a month full coverage on both.

Cell phone bill $150 a month for two phones ( I pay for my dads ) with data plan for my work.

Chase Credit Card: 60$ balance $1750

Capital One Visa Credit Card: $20. Balance: $650

Capital One MasterCard Credit Card: $20 Balance: 650$

Credit Keeper: Where i use to track my credit $10.

Personal Loan: $204

Internet: $85 for now.

Total monthly: $1761 give take a few dollars.

Monthly Savings:$559 a month. I have started to really crack down hard on my spending to eliminate the credit cards from me. I have good credit, I have NEVER been late on a payment in my 6 year credit history, But I know my credit could be improved.

Note: I receive $215 a month drill pay from the army.

Goals:

1.Pay off credit cards completely.
2.Pay off Personal Loan Completely.
3.Double the payments on the Jeep Loan until paid for.
4.Double/ Triple the monthly Prius loan if possible.

Continue my good credit history.

I am willing to take any advice given, I am young but already make good money in this economy and driven to succeed.

Thanks alot,

Michael

[playamwj12]

UPDATE:

Thanks for everyones advice in this forum. I have been busy at work and unable to reply.

ALL of my credit card debt is now GONE! so i'm very proud of that. I am able to put that $115 a month towards paying off other stuff now, I am also saving some money.

Michael

[BMEPhDinCO]

Originally Posted by playamwj12

UPDATE:

Thanks for everyones advice in this forum. I have been busy at work and unable to reply.

ALL of my credit card debt is now GONE! so i'm very proud of that. I am able to put that $115 a month towards paying off other stuff now, I am also saving some money.

Michael

Great Job! What about the loans for personal and car? Any update on selling those?