10-18-2011, 10:38 AM
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$ Saving College Freshman
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Join Date: May 2011
Location: Where the river runs east to west
Posts: 510
Points: 2915.00
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Quote:
Originally Posted by Skooby
34 years old, single no kids. I work for a federal government agency making about $39,000. I make $1k more/year and support a family of 3... you can easily be supporting 1 on this
Take home pay: $2040 ($1020 every two weeks)
Savings: $100
I have a TSP (government version of 401K) if that amount is needed.
My Roth amount as of yesterday is $3,943.
Expenses (Monthly):
Roth IRA: $50 While I would never withdraw from retirement for debt, I would consider stopping contributions while repaying debt.
Electric: $50-$60 (avg for the year)(All electric apartment...no gas bill)
Water: $30
Rent: $575 (Current is $535, $575 will start December 1st when I sign a new lease. There is no other viable options available) I find it hard to believe that there are no other options. You sound like you're pretty set on taking the contribution because you're too stubborn to make the changes needed to get you out of this situation.
Car: $430 (Just paid the 8th month of a 36 month purchase) (I will not sell the car, I am keeping it. Also, public transportation isn't a real option in Indianapolis since the city is really spread out. It'll take forever getting somewhere with the Indianapolis public transportation system) See comment in rent section.
Extended car warranty: $77 (Just paid 8th month of a 18 month payment) I would cut this. Over the time you will have paid for it, you could have saved enough to pay your deductible nearly 3x over. What is this really saving you?
Car insurance: I pay every six months (I save about $60 doing this) Next one is due Nov 1 at $360. Deducibles: $500 collision and $500 comprehensive
Fuel: $100 (not exact, just a guess)
Cell phone: about $25 every two months (prepaid go phone from at&t) I don't use phones much
Cable, internet, home phone: $126 (I had cable and internet that was $140 total. Comcast package for all three was cheaper) Cut cable ASAP. It's a luxury, not a necessity. Use Hulu or Netflix. I would also suggest cutting the home phone but since your cell is prepaid, maybe that's not an option?
Groceries (including household items): $200 (I 'try' to limit food groceries to $40 a week. Other items run about $40 a month)
Eating/Ordering out: (I already know I have to cut down on this): $120-$150. Use a cash system for eating out. Give yourself $50/mo at the beginning of teh month and when it's gone, no more eating out. Problem solved.
Haircuts: $30 DIY...or find a cheaper place. Cheapo places are like $10-15.
Misc: $50 I went overboard last christmas. I have eight nieces and nephews and my bum ass siblings and their grandparents don't do anything for them. So I try do nice things for them sometimes...like take them out to eat, etc. Also school supplies and little odds and ends they need since no one else buys it for them. I was paying my credit card in full until last christmas...I havn't recovered from it yet. So this misc is your CC payment? What is the min and how much are you paying a month?
Except for rent, car payment, roth, electric, water and haircuts I pay everything with my credit card for the reward points. Then use the points to get money off a plane ticket. This is not saving you anything when you consider what you're spending in interest...it only works if you're paying your balance in full every month. Quit using the card.
I don't go on vacations...in fact I've never even had one before (would like to one day). I usually take leave once a year to visit my grandparents in other relatives in North Carolina.
I had about $1000 in an emergency fund but used it to help family.
I also had about $3000 in stocks but used that for the down payment on my vehicle (I was leasing the vehicle but I bought out the lease).
As stated before I work for the federal government and we took a pay cut this year and will again next year. This was unexpected.
Also, I will probably start grad school next spring. Should prob put this on hold until you get your situation under control. THe last thing you need is to further increase expenses unless work is paying.
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Bottom line is you spend too much for your income. Cut further or make more -- those are your options. WIthdrawing from retirement won't fix your spending problem.
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