I need help! - Tilted Forum Project Discussion Community

FailedEagle · 03-03-2006, 04:59 PM

I'm getting in over my head in bills, debt, and such. I can't see any light at the end. I just got a new job, but it doesn't pay as well as my old job, and that is really worrying me. I need to budget, but I am horrible at it. I need help before I get evicted, the electricity shut off, ect. Can anyone help?

shesus · 03-04-2006, 06:09 AM

I know what you're feeling. I'm in the same position. With student loan payment coming up and investing in starting a business. I'm also feeling the strain.

Basically, we are spending no money except on things that are a need. We had to really look at what was a need and what is a want. In our society, many people skew that line, as we did. This is what helped us get in the mess we are in. Hopefully you have a lot of already aquired things to provide free entertainment so you don't need to go out.

I'm also looking for a second job to help make ends meet. This isn't feasible for everyone though. I've done it before in the past and it is tought, but you have to do what you have to do to pay the rent.

I wish you luck and as my grandma tells me on the phone (and she's seen hard times)...this too shall pass, family and friends are the most important thing, and don't stress because that isn't going to help anything but make you sick.

I will be interested to see what other people say. Because I'm not smart with finances (obviously).

I would love to have some options that doesn't include declaring bankruptcy down the line.

Grasshopper Green · 03-04-2006, 07:07 AM

CUT UP ANY CREDIT CARDS YOU HAVE...NOW!! I can't emphasize that enough. You can't get out of debt if you keep accumulating it. Do what shesus said...eliminate your wants from your needs. If you are really, really in financial straits..you don't need cable TV, or a cell phone (unless you don't have a house phone...phones really aren't a necessity but I"m not comfortable with no 911 service), you don't need all the extras on your phone (I cut all but caller ID and I saved $30 a month right there). Don't eat out. Don't drive your car unecessarily..gas is expensive.

After you've trimmed the fat, call any credit card companies you owe. They will work with you on payments and interest rates after you explain your situation. They would much rather get some money from you than have you declare bankruptcy. If you can get a second job, having one for a little while to help catch up could help.

I was where you were a half year ago. I obviously didn't trim all the extras, as I still have internet access, but I did evaluate my budget and made some changes. I got rid of all my credit cards except one for an emergency, and it has a very low limit. A second job wasn't feasible for me, because then we'd have to put our child in daycare and the cost of that would pretty much eat up any second paycheck I got.

Hang in there. I know it's hard and frustrating and worrisome...you have to be proactive to get out of financial messes. Start making changes NOW, and hopefully things will be better in a few months.

Rodney · 03-04-2006, 08:30 AM

Start by listing your income, and then your expenses. Determine which expenses are most important, which are least. Determine which expenses can be cut (and by how much) or eliminated.

The most important thing is to keep a roof over your head, the power on, and food on the table (and some means of going to and from work). Everything else is secondary (hope you have health insurance!). Cut mercilessly, and prepare for life to be less fun for a while, maybe a long while. It may be that you need to take a second job for the time being, or even rent a room instead of an apartment. But as shesus said, it will pass.

You do need to make up your list of expenses, both monthly and annual. If you want more feedback and/or reinforcement, post it here and no doubt you'll get plenty of good suggestions.

Tamerlain · 03-04-2006, 11:18 AM

As has already been said, the most important thing to do is examine your financial situation and separate the wants from the needs. A lot of people tend to live well beyond their means, which credit cards allow them to do.

If you have a lot of credit card debt, one option may be to get a loan to pay them off in one lump sum. If you can get a loan at 5 or 6 percent you will be much better off in the long run than if you keep debt on a credit card, which can have a rate of 15-18%. It might not be feasable if your credit rating is poor, but it is something worth looking into.

-Tamerlain

03-03-2006, 04:59 PM	#1 (permalink)
FailedEagle Crazy	I need help! I'm getting in over my head in bills, debt, and such. I can't see any light at the end. I just got a new job, but it doesn't pay as well as my old job, and that is really worrying me. I need to budget, but I am horrible at it. I need help before I get evicted, the electricity shut off, ect. Can anyone help? __________________ Head over to Nonsense to sign up for the newest round Of the Trivial Racing Image Game. Hurry.

03-04-2006, 06:09 AM	#2 (permalink)
shesus Fancy Location: Chicago	I know what you're feeling. I'm in the same position. With student loan payment coming up and investing in starting a business. I'm also feeling the strain. Basically, we are spending no money except on things that are a need. We had to really look at what was a need and what is a want. In our society, many people skew that line, as we did. This is what helped us get in the mess we are in. Hopefully you have a lot of already aquired things to provide free entertainment so you don't need to go out. I'm also looking for a second job to help make ends meet. This isn't feasible for everyone though. I've done it before in the past and it is tought, but you have to do what you have to do to pay the rent. I wish you luck and as my grandma tells me on the phone (and she's seen hard times)...this too shall pass, family and friends are the most important thing, and don't stress because that isn't going to help anything but make you sick. I will be interested to see what other people say. Because I'm not smart with finances (obviously). I would love to have some options that doesn't include declaring bankruptcy down the line. __________________ Whatever did happen to your soul? I heard you sold it Choose Heaven for the weather and Hell for the company

03-04-2006, 07:07 AM	#3 (permalink)
Grasshopper Green ...is a comical chap Location: Where morons reign supreme	CUT UP ANY CREDIT CARDS YOU HAVE...NOW!! I can't emphasize that enough. You can't get out of debt if you keep accumulating it. Do what shesus said...eliminate your wants from your needs. If you are really, really in financial straits..you don't need cable TV, or a cell phone (unless you don't have a house phone...phones really aren't a necessity but I"m not comfortable with no 911 service), you don't need all the extras on your phone (I cut all but caller ID and I saved $30 a month right there). Don't eat out. Don't drive your car unecessarily..gas is expensive. After you've trimmed the fat, call any credit card companies you owe. They will work with you on payments and interest rates after you explain your situation. They would much rather get some money from you than have you declare bankruptcy. If you can get a second job, having one for a little while to help catch up could help. I was where you were a half year ago. I obviously didn't trim all the extras, as I still have internet access, but I did evaluate my budget and made some changes. I got rid of all my credit cards except one for an emergency, and it has a very low limit. A second job wasn't feasible for me, because then we'd have to put our child in daycare and the cost of that would pretty much eat up any second paycheck I got. Hang in there. I know it's hard and frustrating and worrisome...you have to be proactive to get out of financial messes. Start making changes NOW, and hopefully things will be better in a few months. __________________ "They say that patriotism is the last refuge to which a scoundrel clings; steal a little and they throw you in jail, steal a lot and they make you king" Formerly Medusa

03-04-2006, 11:18 AM	#5 (permalink)
Tamerlain Insane Location: Victoria	As has already been said, the most important thing to do is examine your financial situation and separate the wants from the needs. A lot of people tend to live well beyond their means, which credit cards allow them to do. If you have a lot of credit card debt, one option may be to get a loan to pay them off in one lump sum. If you can get a loan at 5 or 6 percent you will be much better off in the long run than if you keep debt on a credit card, which can have a rate of 15-18%. It might not be feasable if your credit rating is poor, but it is something worth looking into. -Tamerlain __________________ I never let school interfere with my education.

03-04-2006, 08:30 AM	#4 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	Start by listing your income, and then your expenses. Determine which expenses are most important, which are least. Determine which expenses can be cut (and by how much) or eliminated. The most important thing is to keep a roof over your head, the power on, and food on the table (and some means of going to and from work). Everything else is secondary (hope you have health insurance!). Cut mercilessly, and prepare for life to be less fun for a while, maybe a long while. It may be that you need to take a second job for the time being, or even rent a room instead of an apartment. But as shesus said, it will pass. You do need to make up your list of expenses, both monthly and annual. If you want more feedback and/or reinforcement, post it here and no doubt you'll get plenty of good suggestions.