Starting Fresh - Tired of just paying bills

[LivingAlmostLarge]

Are you sure you can afford to live in california? Working SF and driving from Sac? I'll let others from the area weigh in but that's insane. I swear it's more than 1 hr.

Plus honestly even making $3200 in Sacramento doesn't seem like enough or $5k/month. $60k elsewhere would go a lot further.

MonkeyMama, thoughts?

[Nutria]

I swear it's more than 1 hr.

Two hours, he wrote.

[LivingAlmostLarge]

Three years ago you had $40k in debt. Now you are doubt that in debt up to $86k. Looks like you increase your car debt from $13k to $32k and doubled up on student loans $16k previously to $37k. You also said by 12/2015 you'd be out of CC debt. It hasn't happened. I think you are still spending more than you make and not really getting out of debt. You aren't gaining traction. Your spending is out of control. Cars are a big problem.


Old 04-03-2013, 03:03 PM
hehateme000 hehateme000 is offline
$ Saving Sixth Grader

Join Date: Apr 2013
Forum Posts: 57
Default
Thanks for all the replies so far guys. I should probably be more detailed with my budget

Income:
Me - 2300 (This is after taking 5% for 401K, about $150/month) (Also I get paid weekly so sometimes I get 5 checks in a month)
Fiance - 1400 (Bartender so it fluctuates, but this is the minimum)
Roommate - 300 (Older guy, plans on staying with us a while. He makes a lot of money just stays with us so he doesnt have to commute)

Total Income: $4,000

Expenses:
$1295 - Rent
$60 - Tanning membership for fiance
$320 - Engagement Ring
$155 - Car Insurance
$40 - Credit Card 1
$40 - Credit Card 2
$100 - School Loan Me
$50 - Traffic Ticket
$55 - Direct tv
$50-$80 - PGE
$50 - Water
$40 - Comcast Internet
$55 - Gym
$50 - TV financed no interest
$28 - Fiance car insurance (SR22 when she got in accident)
$278 - Car
$170 - Phone (hard to cancel because we have some of her family on there and it would be couple hundred to cancel each line)
$175 - Fiance Bail (she got arrested one time, couldn't stand being in jail for more than 3 hours. If she stayed overnight we never would have gotten this $5500 bill......geez)
$105 - Fiance old car accident (Some collection is making us pay or they suspend her license)
$20 - Old court fees

Total Current Expenses: $3,136

As of right now, we also budget $650 a month for gas and extra stuff like diapers, clothes, etc.

Debts:
Student Loan, 4 Groups:
$3,459.67----5.6%
$2,365.41----6.8%
$4,514.24----3.4%
$6,424.67----6.8%
$2,642.96----6.8% (Fiance Student Loan)
$12,392.87 --9.49% - Car
$3,080 ------0% ----Court Fees
$1440 -------0%----Fiance Bail
$1,596-------0%----Diamond Rings
$1,377-------0%----Fiance old car accident collection
$500---------0%----TV
$475---------0%----Fiances old credit card she cancelle, went to collections
$223---------0%----Traffic Ticket

Total Debt: $40,491

Current EF: $0
Current House Down Payment: $3100
Current wedding money: $300
Current 401K: $185.05

[Nutria]

Old 04-03-2013, 03:03 PM
hehateme000 hehateme000 is offline
[snip]
$28 - Fiance car insurance (SR22 when she got in accident)
$170 - Phone (hard to cancel because we have some of her family on there and it would be couple hundred to cancel each line)
$175 - Fiance Bail (she got arrested one time, couldn't stand being in jail for more than 3 hours. If she stayed overnight we never would have gotten this $5500 bill......geez)
$105 - Fiance old car accident (Some collection is making us pay or they suspend her license

I've got a Bad Feeling about this...

[tripods68]

I've got a Bad Feeling about this...

I'd run the other way OR dump the Fiance

[Nutria]

I'd run the other way OR dump the Fiance

With 2 kids, a mortgage and 2+ "man-decades" of child support if she decides that she needs to find herself, it's too late: he's committed.

[tripods68]

With 2 kids, a mortgage and 2+ "man-decades" of child support if she decides that she needs to find herself, it's too late: he's committed.

Speaking hypothical here.

It's never too late. Thousands of single dad in this similar situation; most are not marriage material in their early twenties but knocked-up a g/f, no clue how to raise a family. Suddenly people are jumping to get married because they have 2 kids.

Best case scenario is to NOT to get married, be a dad, pay the child support, so both can live their lives without the added headaches. Don't disappear either, be there for the kids, be involved in their lives.

But the idea that "he's stuck with 2 kids; therefore, he must marry the baby mama" seems condescending.

[Nutria]

But the idea that "he's stuck with 2 kids; therefore, he must marry

He's already married.

the baby mama" seems condescending.

The very phrase baby mama disgusts me to. no end, embodying all the worst of trailer trash and welfare queen. That it's made it's way into mainstream conversation makes me want to retch.

[dawnwes]

Hey guys,

I have been on this site a while ago (18 months ago). Things have not gotten worse (or better), but I am tired of feeling like we're not moving forward.

Quick Info:
> 26 years old (wife is 27)
> 2 kids (5 and 3)
> Weekly take home for me is around $800, wife is around $300, so $4766 monthly
> Work full-time and go to school full-time

Monthly Bills: (for May and following months)
1380 - Rent
450 - Gas
350 - Kay's CC
330 - Car 1
320 - Car 2
250 - Car Insurance (Mine)
220 - Parking (Work in SF)
200 - Food
165 - FasTrak (Tolls for bridges during commute)
160 - Car Insurance (Wife's)
160 - Walmart CC
120 - Work Food (During commute 4 hours a day)
100 - Phone (Wife)
90 - PGE (Electricity)
90 - Trash
90 - Water/Sewer
80 - Kids Savings
60 - Capital One CC
60 - Gym
50 - Student Loan (Wife's)
40 - Internet
40 - Oil Changes
40 - Haircuts for me and my 2 boys
40 - Cats
20 - Court Fine (from back in the day)
20 - Netflix + Hulu
20 - Audible (Audio Books)
20 - Christmas Fund
10 - Ipsy (Wife's makeup subscription)

4975 - Total

As you can see, I am not even making enough to cover my bills. I don't understand how I let myself get to the point of having 60K a year in bills...just ridiculous on my part. I bolded the "optional" bills.

Income:
>My wife's job is from home and is commission-based, so sometimes she makes 1000 in 2 weeks, other times it is only $400. I budget for her to make $600 a month just to be safe.
>My job is very consistent as a Manager at a hotel in SF. But I drive 90 miles one way to get to work. I have looked into BART, but for how much I would save, it is not worth the extra hassle. One option that would save about $80-$100 a month would be to take a different way home that would allow me to bypass one of the tolls ($5 x 5 days x 4 weeks = $125). It just takes a little longer to get home. I take hom around $800 a week, so $3200 a month (sometimes $4000).
>Every 3 months, I get an eBay check from my brother. I sold him my username a long time ago since I was already an established seller, and now I get 5% of the eBay profits. This can be anywhere from $200 - $650 every 3 months.
>I also have full benefits from Kaiser for my family of 4 that costs me $60/month (union dues).

Savings:
1540 - EF
240 - 5 year old
240 - 3 year old
80 - Christmas

Also, I really want to start a 401k. But I am having mixed feelings with my income and expenses being so close right now.

Debts:
37000 - Student Loan (Mine) (6.5% but they are deferred)
17000 - Car 1 (not sure what the interest rate is)
15000 - Car 2 (not sure what the interest rate is)
6600/7600 - Kay's CC (29% or something crazy)
6000/6000 - Walmart CC (20%)
2650/2800 - Capital One CC (11%)
1250 - Court Fine from long time ago (0%)
1250 - Student Loan (Wife's) (5%)
0/600 - WF CC
0/500 - Teamsters CC
0/300 - BofA CC (Wife's)
0/200 - Capital One CC (Wife's)
0/250 - Victoria Secret CC (Wife's)
0/2900 - Lowes CC
0/4900 - Care CC
0/5000 - GE Capital CC

86750 - Total

Assets:
None other than my 2 cars that I am underwater on, and technically they are not mine until I pay them off, so none. All of our furniture we own though! Lol.

-----------------------------------------------------------------------------------------------

I already work 40 hours, commute 20 hours, and go to school full-time trying to obtain my Bachelors degree in Hospitality Management. So I could try to work more, but I would really be stretching myself. Also, my wife works from home and is able to take care of our kids while she works. However, we want to maybe start getting the young one in daycare at least once a week, and the older one is starting kindergarten in the Fall.

Any guidance would be really appreciated. If that means cutting some of the expenses above then I am down for it. I just really need to stay on track and I know how important a group of people like you guys can help. I know ultimately it is up to me, but being part of forums is just such a nice way to be connected to people that think the same way (rather than most people my age). Thank you so much in advance guys..

You work full time, go to school full time, AND commute 4 hours per day???? Yikes.

You really are in trouble financially. I don't want to couch that in any other terms than that. It is a huge, hot mess. You have got to find ways to change and do it ASAP or that $86K loan will be $120K in 3 more years and you will be back wondering what to do.

Do you have free childcare? I noticed that wasn't on your list.

There are lots of little things you can cut out on your list. Entertainment, food costs, haircuts (I have 3 boys and a DH and I cut all of their hair), Audible (really, there are FREE alternatives), etc...

But the big things are the most concerning to me. You have amassed a great amount of credit card debt. What do you have to show for it? What in the world did you spend that on? THAT spending needs to STOP.

BTW: We left CA partly for the cost of living issues. And we made more than you did.

[autoxer]

Monthly Bills: (for May and following months)
450 - Gas
330 - Car 1
320 - Car 2
250 - Car Insurance (Mine)
220 - Parking (Work in SF)
165 - FasTrak (Tolls for bridges during commute)
160 - Car Insurance (Wife's)
1895 - Total

That's nearly 40% of your income going towards transportation!

You can certainly focus on the little things that are in bold, like learning to cut your own hair and learning to exercise outside of the gym, but if you want to make a big impact, then focus on the big expenses. I know there isn't an easy fix, because of the situation you are in, but there is a lot more to gain by focusing on the biggest drain.

If you can't find work closer to home, can you move closer to work? Can you live with just one car? Can you take public transportation? Can you get cheaper insurance? Are you driving a gas hog? Can you car pool?

[tripods68]

[QUOTE=Nutria;426355]He's already married.

I was speaking hypothetical. Obviously they have to work it out now they are married. Its difficult married to be in with added debt burden.

But to those single parent thinking marriage, you have option.

[Petunia 100]

Feh - My commute is to SF, and I live in Sacramento. I could try to find something here, but even taking out the costs of the commute, I would still have to make a certain amount that I don't believe I could make without working a second job. My job is union and in SF so the pay is worth it...but it does suck.

Holy cow. There are TONS of jobs in Sacramento and the surrounding area. Start looking. You could take a 10k pay cut and easily break even.

[LivingAlmostLarge]

The problem is the union job issue I think. But i think overall I'm not sure they should even stay in CA if they have no ties.

[BuckyBadger]

Ahhh..... This is all starting to ring a bell. I feel like we've all made the same comments and given the same advice before. What makes this time any different?

[sv2007]

Hey guys,

I have been on this site a while ago (18 months ago). Things have not gotten worse (or better), but I am tired of feeling like we're not moving forward.

Quick Info:
> 26 years old (wife is 27)
> 2 kids (5 and 3)
> Weekly take home for me is around $800, wife is around $300, so $4766 monthly
> Work full-time and go to school full-time

Monthly Bills: (for May and following months)
1380 - Rent
450 - Gas
350 - Kay's CC
330 - Car 1
320 - Car 2
250 - Car Insurance (Mine)
220 - Parking (Work in SF)
200 - Food
165 - FasTrak (Tolls for bridges during commute)
160 - Car Insurance (Wife's)
160 - Walmart CC
120 - Work Food (During commute 4 hours a day)
100 - Phone (Wife)
90 - PGE (Electricity)
90 - Trash
90 - Water/Sewer
80 - Kids Savings
60 - Capital One CC
60 - Gym
50 - Student Loan (Wife's)
40 - Internet
40 - Oil Changes
40 - Haircuts for me and my 2 boys
40 - Cats
20 - Court Fine (from back in the day)
20 - Netflix + Hulu
20 - Audible (Audio Books)
20 - Christmas Fund
10 - Ipsy (Wife's makeup subscription)

4975 - Total

As you can see, I am not even making enough to cover my bills. I don't understand how I let myself get to the point of having 60K a year in bills...just ridiculous on my part. I bolded the "optional" bills.

Income:
>My wife's job is from home and is commission-based, so sometimes she makes 1000 in 2 weeks, other times it is only $400. I budget for her to make $600 a month just to be safe.
>My job is very consistent as a Manager at a hotel in SF. But I drive 90 miles one way to get to work. I have looked into BART, but for how much I would save, it is not worth the extra hassle. One option that would save about $80-$100 a month would be to take a different way home that would allow me to bypass one of the tolls ($5 x 5 days x 4 weeks = $125). It just takes a little longer to get home. I take hom around $800 a week, so $3200 a month (sometimes $4000).
>Every 3 months, I get an eBay check from my brother. I sold him my username a long time ago since I was already an established seller, and now I get 5% of the eBay profits. This can be anywhere from $200 - $650 every 3 months.
>I also have full benefits from Kaiser for my family of 4 that costs me $60/month (union dues).

Savings:
1540 - EF
240 - 5 year old
240 - 3 year old
80 - Christmas

Also, I really want to start a 401k. But I am having mixed feelings with my income and expenses being so close right now.

Debts:
37000 - Student Loan (Mine) (6.5% but they are deferred)
17000 - Car 1 (not sure what the interest rate is)
15000 - Car 2 (not sure what the interest rate is)
6600/7600 - Kay's CC (29% or something crazy)
6000/6000 - Walmart CC (20%)
2650/2800 - Capital One CC (11%)
1250 - Court Fine from long time ago (0%)
1250 - Student Loan (Wife's) (5%)
0/600 - WF CC
0/500 - Teamsters CC
0/300 - BofA CC (Wife's)
0/200 - Capital One CC (Wife's)
0/250 - Victoria Secret CC (Wife's)
0/2900 - Lowes CC
0/4900 - Care CC
0/5000 - GE Capital CC

86750 - Total

Assets:
None other than my 2 cars that I am underwater on, and technically they are not mine until I pay them off, so none. All of our furniture we own though! Lol.

-----------------------------------------------------------------------------------------------

I already work 40 hours, commute 20 hours, and go to school full-time trying to obtain my Bachelors degree in Hospitality Management. So I could try to work more, but I would really be stretching myself. Also, my wife works from home and is able to take care of our kids while she works. However, we want to maybe start getting the young one in daycare at least once a week, and the older one is starting kindergarten in the Fall.

Any guidance would be really appreciated. If that means cutting some of the expenses above then I am down for it. I just really need to stay on track and I know how important a group of people like you guys can help. I know ultimately it is up to me, but being part of forums is just such a nice way to be connected to people that think the same way (rather than most people my age). Thank you so much in advance guys..

Get rid of you debts with high interest rates. Then you'll be in a position to do something. So right now, just pay off all your CC.