SavingsTalk.com

James · 03-17-2009, 10:39 PM

As I eluded to on Hondaswap, but didn't go into great detail about, is my current financial situation. It's been getting more and more grim since I bought the house.

Here, I will go into detail.

Currently my total amount of money owed is as follows.

Loans
Mortgage; 49,8xx
Car; 3,859.01
Windows; 18k
Unfinished loan from 2006; 500

Credit Cards
Capital One; 2,440
Chase; 1,100
State Farm; 2,941

Other lines of credit
Financed things; 750

Total; $79,390

Yeah nowhere near Clayton, but I can't continue this.

I've started a credit counseling thing to pay off the windows, capital one and state farm cards via negotiations through them. (THIS is why I felt so guilty about going off on getnick last month)

My tax return will be a little over 1400, and my underpaid property tax now should be around 800.

So I'll have 600 left from my tax return. 500 will pay off the unfinished loan from 06, and the extra 100 in that savings (which I can't touch until the balance is paid off) will go towards the other line of credit to pay it down.

Not to mention the 150 I'll receive after my gun is sold to Slammed.

I don't even want to go through telling you what my monthly payments are, but the mortgage has topped at 705 a month until the 1200 is paid back to Chase for the property tax underpayment. (fuck the Allen county assessor)...

July 2010 is the maturity date for the loan on my car, I've made several payments on it early, with extra money towards it, etc.

I will have the unfinished loan, the other line of credit and car paid off by 2010, and then all hell will break loose on debt pay down when the car payment is finally off my back.

Thats just where I'm at. Its really not a fun position to be in. Personally I believe I'd been extremely responsible with my credit, but I didn't know where to draw the line in USING those lines of credit and I sunk my dumbass-self into the position I'm at now, which is the position of cancelling cell phones, tv, parts of my garbage collection costs (had them take my second bin), etc. Anything to save a few bucks a month. I've even cut myself down to a half pack of cigs a day, and when I'm home I'll only smoke a half cig and save the rest for later.

Anything I mention buying will be minimal amounts of cash, like legos. A few dollars here and there extra into credit cards won't do a whole lot, so I'm not going to try, but I am pushing to be able to pull 1000 from savings one day (let alone just having it in there for a change) and talk about a CD or investment plan, all short term that I can roll around.

briansol · 03-18-2009, 12:38 AM

Living in debt is a fact of life for most of us. You mention clayton-- i WISH i only had that much debt.

I'm in debt roughly 360k if you want to list it out like that. Sure, i make more than you... but 4x as much? (360-80 is roughly 4x as much) I don't think i make 4x what you do.
If you made about 25k last year, then we're about even. if you made more than that, then on paper, you're in better shape than I am.

it's the way of life. no one buys everything in cash anymore. It's impossible. It will take you your whole life to save for a house just to live in it when you're dying. Unless someone in your family leaves you cash, it's what you deal with. You and I weren't lucky. We worked for our own.

Where you're wrong is the 'few dollars into the cards won't do a whole lot'. sure, $10 will save you $1 in interest, but it adds up... fast. $1 here, $1 there... that's how you got to where you are in the first place.

I know we've said this before, but i think you should seriously consider getting a 3rd roommate, or go back to slinging pizzas a couple nights a week. There's only so much you can cut out of your life before your life isn't worth living (figuratively, not literally...)

I work a ton to make ends meet. I got my 9-5, i got my websites, and I freelance for other people on top of all that. I work 12+ hours a day most days.

There are jobs and money out there. you just have to be willing to work to get it.

James · 03-18-2009, 08:12 AM

My buddy Mark is trying to find steady work, then he plans on moving in even for a short period of time. I grossed 27k for 2008, I don't make a whole lot.

I've called all the pizza places in town, and even some out north and out west... no one is hiring.

I'm happy to cut shit I don't technically need - I just need to survive with the house and car.

titan22 · 03-18-2009, 11:36 AM

it takes hitting the bottom of the barrel before you realize how much stress debt is. I hit it a few years ago. I had my cars and my bike. 2 credit cards maxed out and my bank account was near nothing. i wasn't working either. i was literally up shit creek.

in my eyes, there are only a few things you should take on as debt.

1) education. if you want to make more money, go to school. often times you can get enough loans to go to school full time and still pay the bills. the government did a study and found that for every $1 they give to veterans, they pay $5 back in taxes.

2) a house. assuming house values will go up greater than the interest rate of your loan, it's a good investment and ok to take out debt.

3) a car, with limitations. if you make a lot of money and get an interest rate like 2%, then it's ok. when times are tight, drive something paid for with cash.

when you get the debt down, you will feel a lot better. nothing sucks more than feeling like you are spinning your wheels. i don't want to wake up at 40 and think, "what the hell have i been doing with my life".

James · 03-18-2009, 04:14 PM

Nick I just want to apologize again. You guys always have the best of intentions, and I ate myself up with guilt when I felt like I went off on ya'll while you're dispensing free advice. It was two days after that thread that I'd gotten a collection letter in the mail for being way over due and past due on the windows loan.

I feel like I'm at rock bottom and I've fought like hell to keep the house and the car.

titan22 · 03-19-2009, 05:49 PM

hey man, i'm not too worried about it. you're a hell of a good guy. you have a great work ethic and stuff will work itself out.

the key is to not give up on it. i'm going through some stuff right now too...keep your head up, and i'll keep mine up.

James · 03-26-2009, 08:01 AM

I woke up on time today, which is a feat unto itself, and decided to check my bank account to see if I could buy a Dr Pepper with it this morning (yeah, I'm draining it consistantly right now), BAM $1352.00.

Its apparently been 2 days since I've checked it, cause that direct deposit cleared on the 24th. I was sitting pretty.

First objective: N&W Loan; $500 to pay off a 3 year old loan and receive back my $100.15 in that savings, thus shutting down that account.

Second objective: Depositing my paycheck with that extra $100 on top of it, then proceed to call chase and figure out how much in back property taxes I owe, then I will be paying that much extra on my mortgage. (I think I still owe $800)

I'll be puting back $100 in my pocket, and $100 in Brians pocket every month instead of my $705 mortgage, it'll go back down to its $503.

Along with the mortgage going down, I'm going to ask if my exemptions had reached them yet, that should drop my taxes from $1000/6 months to around $400/6 months, hopefully this lowers my mortgage even more. I will have one loan gone.

James · 04-25-2009, 01:10 AM

Well fuck, somehow there is still 640 left on the escrow to pay back. 140 per month...

2009 SUCKS.

James · 05-17-2009, 08:50 PM

Yay! I'm getting another roommate. Everything will be split in thirds. I'm gonna be able to save some money.

titan22 · 05-21-2009, 05:12 PM

good. now save up 6 months worth of expenses.

and get healthy. use the extra money to get yourself checked out.

03-17-2009, 10:39 PM	#1
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	James' Financial Situation As I eluded to on Hondaswap, but didn't go into great detail about, is my current financial situation. It's been getting more and more grim since I bought the house. Here, I will go into detail. Currently my total amount of money owed is as follows. Loans Mortgage; 49,8xx Car; 3,859.01 Windows; 18k Unfinished loan from 2006; 500 Credit Cards Capital One; 2,440 Chase; 1,100 State Farm; 2,941 Other lines of credit Financed things; 750 Total; $79,390 Yeah nowhere near Clayton, but I can't continue this. I've started a credit counseling thing to pay off the windows, capital one and state farm cards via negotiations through them. (THIS is why I felt so guilty about going off on getnick last month) My tax return will be a little over 1400, and my underpaid property tax now should be around 800. So I'll have 600 left from my tax return. 500 will pay off the unfinished loan from 06, and the extra 100 in that savings (which I can't touch until the balance is paid off) will go towards the other line of credit to pay it down. Not to mention the 150 I'll receive after my gun is sold to Slammed. I don't even want to go through telling you what my monthly payments are, but the mortgage has topped at 705 a month until the 1200 is paid back to Chase for the property tax underpayment. (fuck the Allen county assessor)... July 2010 is the maturity date for the loan on my car, I've made several payments on it early, with extra money towards it, etc. I will have the unfinished loan, the other line of credit and car paid off by 2010, and then all hell will break loose on debt pay down when the car payment is finally off my back. Thats just where I'm at. Its really not a fun position to be in. Personally I believe I'd been extremely responsible with my credit, but I didn't know where to draw the line in USING those lines of credit and I sunk my dumbass-self into the position I'm at now, which is the position of cancelling cell phones, tv, parts of my garbage collection costs (had them take my second bin), etc. Anything to save a few bucks a month. I've even cut myself down to a half pack of cigs a day, and when I'm home I'll only smoke a half cig and save the rest for later. Anything I mention buying will be minimal amounts of cash, like legos. A few dollars here and there extra into credit cards won't do a whole lot, so I'm not going to try, but I am pushing to be able to pull 1000 from savings one day (let alone just having it in there for a change) and talk about a CD or investment plan, all short term that I can roll around.

03-18-2009, 12:38 AM	#2
briansol Savings Advisor Join Date: Aug 2006 Location: Central CT Age: 31 Posts: 761 Rep Power: 7	Living in debt is a fact of life for most of us. You mention clayton-- i WISH i only had that much debt. I'm in debt roughly 360k if you want to list it out like that. Sure, i make more than you... but 4x as much? (360-80 is roughly 4x as much) I don't think i make 4x what you do. If you made about 25k last year, then we're about even. if you made more than that, then on paper, you're in better shape than I am. it's the way of life. no one buys everything in cash anymore. It's impossible. It will take you your whole life to save for a house just to live in it when you're dying. Unless someone in your family leaves you cash, it's what you deal with. You and I weren't lucky. We worked for our own. Where you're wrong is the 'few dollars into the cards won't do a whole lot'. sure, $10 will save you $1 in interest, but it adds up... fast. $1 here, $1 there... that's how you got to where you are in the first place. I know we've said this before, but i think you should seriously consider getting a 3rd roommate, or go back to slinging pizzas a couple nights a week. There's only so much you can cut out of your life before your life isn't worth living (figuratively, not literally...) I work a ton to make ends meet. I got my 9-5, i got my websites, and I freelance for other people on top of all that. I work 12+ hours a day most days. There are jobs and money out there. you just have to be willing to work to get it. __________________ Any thoughts or opinions are that of my own. Research your buys and sales on your own. I am not a stock broker.

03-18-2009, 08:12 AM	#3
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	My buddy Mark is trying to find steady work, then he plans on moving in even for a short period of time. I grossed 27k for 2008, I don't make a whole lot. I've called all the pizza places in town, and even some out north and out west... no one is hiring. I'm happy to cut shit I don't technically need - I just need to survive with the house and car. Last edited by James; 03-18-2009 at 08:22 AM.

03-18-2009, 11:36 AM	#4
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	it takes hitting the bottom of the barrel before you realize how much stress debt is. I hit it a few years ago. I had my cars and my bike. 2 credit cards maxed out and my bank account was near nothing. i wasn't working either. i was literally up shit creek. in my eyes, there are only a few things you should take on as debt. 1) education. if you want to make more money, go to school. often times you can get enough loans to go to school full time and still pay the bills. the government did a study and found that for every $1 they give to veterans, they pay $5 back in taxes. 2) a house. assuming house values will go up greater than the interest rate of your loan, it's a good investment and ok to take out debt. 3) a car, with limitations. if you make a lot of money and get an interest rate like 2%, then it's ok. when times are tight, drive something paid for with cash. when you get the debt down, you will feel a lot better. nothing sucks more than feeling like you are spinning your wheels. i don't want to wake up at 40 and think, "what the hell have i been doing with my life". __________________ This post does not express the opinions of the website, it's members, or its owner. Always invest with caution and do proper research. If you have questions, consult a paid, investment professional.

03-19-2009, 05:49 PM	#6
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	hey man, i'm not too worried about it. you're a hell of a good guy. you have a great work ethic and stuff will work itself out. the key is to not give up on it. i'm going through some stuff right now too...keep your head up, and i'll keep mine up. __________________ This post does not express the opinions of the website, it's members, or its owner. Always invest with caution and do proper research. If you have questions, consult a paid, investment professional.

03-18-2009, 04:14 PM	#5
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	Nick I just want to apologize again. You guys always have the best of intentions, and I ate myself up with guilt when I felt like I went off on ya'll while you're dispensing free advice. It was two days after that thread that I'd gotten a collection letter in the mail for being way over due and past due on the windows loan. I feel like I'm at rock bottom and I've fought like hell to keep the house and the car.

03-26-2009, 08:01 AM	#7
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	I woke up on time today, which is a feat unto itself, and decided to check my bank account to see if I could buy a Dr Pepper with it this morning (yeah, I'm draining it consistantly right now), BAM $1352.00. Its apparently been 2 days since I've checked it, cause that direct deposit cleared on the 24th. I was sitting pretty. First objective: N&W Loan; $500 to pay off a 3 year old loan and receive back my $100.15 in that savings, thus shutting down that account. Second objective: Depositing my paycheck with that extra $100 on top of it, then proceed to call chase and figure out how much in back property taxes I owe, then I will be paying that much extra on my mortgage. (I think I still owe $800) I'll be puting back $100 in my pocket, and $100 in Brians pocket every month instead of my $705 mortgage, it'll go back down to its $503. Along with the mortgage going down, I'm going to ask if my exemptions had reached them yet, that should drop my taxes from $1000/6 months to around $400/6 months, hopefully this lowers my mortgage even more. I will have one loan gone. Last edited by James; 03-26-2009 at 08:03 AM.

04-25-2009, 01:10 AM	#8
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	Well fuck, somehow there is still 640 left on the escrow to pay back. 140 per month... 2009 SUCKS.

05-17-2009, 08:50 PM	#9
James broke n' stuff Join Date: Jul 2007 Posts: 77 Rep Power: 5	Yay! I'm getting another roommate. Everything will be split in thirds. I'm gonna be able to save some money.

05-21-2009, 05:12 PM	#10
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	good. now save up 6 months worth of expenses. and get healthy. use the extra money to get yourself checked out. __________________ This post does not express the opinions of the website, it's members, or its owner. Always invest with caution and do proper research. If you have questions, consult a paid, investment professional.

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