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Small debt advice

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    Definitely cut down the amount that you spend on food. Find ways to frugally receive food. You'll have to go out of your way, but you'll end up happy.


      Everyday I track how much I spend on food. I have gotten it down from over $680 a month to a projected amount around $250 a month, for the last 2 weeks (Ive only done it for 2 weeks, but by the end of the month I would have likely spent about $250)


        The participants on SA want you to avoid the various money mistakes we've experienced and get the best bounce possible from your net income. I'd like to focus your attention on the interest rates that adds to your debt, SL, CCs, Auto, Motorcycle, Laptop etc. 2nd, you need an emergency fund, life happens and having cash to cover reduces stress. I suggest starting with $ 1,000. and building from each pay until you have at least two months of basic expenses.

        3rd. given you are just starting out, [new job, new apt, new car, new furnishings etc] you need control of cash flow aka budget. It's easy to have imaginary envelopes holding predetermined sums for each expense category. Group #1 takes care of needs, [rent, utilities, food, loans {CCs, laptop, motorcycle, auto, SL etc], insurance[s], cell phone, internet/cable, auto operation & maintenance. Group #2 covers wants, entertainment, clothes, vacation, life's fun stuff . Cars, motorcycles, bikes, gym type things but you've already signed contracts... Once assigned sums are spent in it's category, spending stops until next pay.

        Finally, it's popular to 'snowball' major debt. It mean while paying the minimum required on all debt across the board, every extra dollar you can find gets thrown to the lowest debt until it's marked 'paid in full. The next pay moves to the next lowest sum debt, using the dollars formerly used on #1 gets added to regular payment of item #2 plus every dollar you can muster to clear that balance as quickly as possible. repeat and repeat until your income again belongs to you !

        Wishing you every success



          I went from:
          American express: $6,600
          Discover: $300
          Chase: $3,150
          MacBook: $1,500
          Motorcycle: $2,900
          Car: $26,500

          American express: $2,500
          Motorcycle: $2,900
          Car: $25,500

          In the middle I also took a trip to Europe. I am on track to have all of this down to 0 by February at the earliest and July at the latest.

          Things I did: Reel in the food budget to around 300 - 450, and work extra.

          I adopted the avalanche method, because it makes more sense to me. I love being broke after every pay now though, because I know my debt is a little closer to being gone.

          Thanks for the advice.

          Edit: Also started reading /r/personalfinance and trying to use YNAB (I currently need to reset it every money because I am horrible at entering my transactions, but hopefully this month will be my month!)
          Last edited by zemon1; 10-01-2015, 09:15 AM.


            Thanks for the update. Kudos for using YNAB. Looks like you're managing your money instead of money managing you. I suggest reading The Automatic Millionaire [Bach] or The Millionaire Next Door, easy reads, likely available as an e-book at your library.


              Another Update!

              Another update! I only have about $16k left on the car, all of the other debt is gone, except my student loans, which weren't really factored into all of this. I think I will have the car and the student loans done by this time next year. Then I will start saving for a house, and the full purchase price of my next car (when the time comes).

              Edit: Also I have started reading The Millionaire next door.


                Sounds good to me. What a happy thanksgiving.
                LivingAlmostLarge Blog


                  zemon, kudos for terrific progress and looking at finance through a different lens since initial post in July. At end of 2015 and going forward, I suggest using an on-line Net Worth program of choice [SA's 'Personal Finance' heading {Tom} for an annual update. We want you in control of your money, too many people carry so much debt it blocks future choices.