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Helpless!!

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  • #1

    Helpless!!

    I really feel helpless to my financial situation. Let me tell you a little about me and my situation and maybe someone can offer some advice to me.

    I'm currently working full time at $14/hr and I just started a contract with a major corporation at $25/hr but less than 20 hours a week (nights and weekends type work). I'm a 5th-year senior in college in an upwardly-mobile tech degree with guaranteed work at 3 different companies for after I graduate in like 9 months.

    I have $6000 in credit debt, don't even know what my student loan debt is right now. I always figured "f*** it I'll charge it to the credit card and pay it off after I graduate"...but that was when I was a freshman. I haven't payed off any of the debt and don't really know where to begin.

    On top of my credit debt, I've payed close to $1000 in overdraft fees in the past three months. I can't seem to stop over drafting my checking account and I somehow feel hopeless to it.

    I also direct-deposit advance like $300 - $400 each month. Most of the time I do this because the previous month I direct deposit advanced some cash and need the re-direct deposit advance it to make up for the cash I missed out on on my check...if that makes sense.

    Anyway, long story short, my finances are a mess. I should be living like a king for a college student -- my checks are over $1200 from my regular job and my parents (god bless them) pay my rent. Instead I can't even afford groceries to eat and am out of money by the 5th of the month. I don't know how to wrangle my finances back in. No one really ever explained personal finance to me before I left for college/went out "on my own."

    Where do I start???
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  • #2
    One word: Budget. You need to find out where your money is going each month and reduce or eliminate the unnecessary expenses.

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    • #3
      Sweeps is spot on! Make some lists and check them twice! Find out when your naughty and nice!

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      • #4
        You are a college student making $14/hour living rent-free and you can't afford groceries? Where the heck is all of that money going?

        You need to start right now, today, writing down every penny you spend for the next month. Carry a little notebook and record absolutely everything. At the end of the month, sit down and review that log. Transfer all of the expenditures onto a 2-column list: Wants and Needs. Needs are expenses that must be paid. That would be things like rent, utilities, car payment and insurance, other insurance premiums, groceries, tuition, etc. Wants would be pretty much everything else: cell phone, cable tv, dining out, clothing, movie tickets, etc.

        Some items will be partly want and partly need, like gas for the car. Gas to get to and from school and work is a need. Gas to drive down to the beach for the weekend is a want. So you may need to break things down to make the list accurate.

        Once you've done this, take a good hard look at the Want column you've created and cut out as much as you possible can. There is not reason you should be in debt and certainly no reason you should be struggling to afford groceries.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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        • #5
          This is a good time for you to read personal finance books. They will do you as much good as your education. You control your money, find out where it needs to go and where it does not need to go.

          My guess is beer, food and unnecessary junk are your problems. Paying off 6k isn't going to happen over night, so you will need to cut out all your unnecessary spending today. Cut up your card.

          Here are some books to read:

          The Total Money Makeover by Dave Ramsey.
          Debt Proof Living by Mary Hunt
          The Millionaire Next Door
          The Automatic Millionaire

          There are numerous books on personal finance, try the H&R Block series.

          Comment

          • #6
            What are you spending money on?

            Trips to bar? Stop drinking.
            Road trips? Have someone else drive.
            Books? Stop studying.
            Food? Eat Ramen noodles like the rest of us did.
            Season tickets? Scalp them.
            Girlfriend? Might need to keep that one. Some things in life a man just cannot do without. I meant the season tickets (LOL).

            Look at what you spend money on, and if it's not keeping you alive, it is what is killing you (figuratively).

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            • #7
              You are making a decent salary you just need to start tracking where it is going.

              Stop the overdraft fees and start using cash for all your non monthly bills.

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