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Anyone have to move home over debt?
EliteLamer
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I am in about 2k of debt and it seems impossible to pay off making 700 a month. I pretty much would have to sit at home and do nothing everyday for months on end. So I was thinking about moving back home, my mom lives in town, for the last 4 months of my lease. This would allow me to pay it off quickly.
I know a ton of people are atleast 2k in debt so am I overreacting over this?
Also, what about my roommates I have to find a sublease and I suppose they don't have to let me?
I know a ton of people are atleast 2k in debt so am I overreacting over this?
Also, what about my roommates I have to find a sublease and I suppose they don't have to let me?
SEGA
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paying off debt is nice but 2k in credit card debt is not something that you have to pay off right away....
unless you are racking up debt while staying there, in which case you should go home.
For $700 a month, list your current expenses and we'll see if we can help prune them down.
Can trade TF2 items or whatever else you're interested in. PM me.
Well, the only thing I have to pay for food with is my credit card which is about 1k from max.
how about borrowing money from your parents?
im pretty sure if you tell them 'i have no more money for food and i have to stay until my lease runs out' they may loan you some.
360 for rent.
58.00 for internet
14.00 for cable
100.00 for food
20 a week for gas
That pretty much brings me to 692.00 a month.
Oh of course they would and I had to have them pay for rent this month. I feel like shit...
I am not starting college until Aug and just don't feel right having them pay for stuff...
Okay, you're at negative cash flow. That's bad regardless of how far into the hole you are.
See if there's any provisions for leaving the lease early and if it will increase rent for the other guys. If your landlord is sympathetic/generous he may let you leave early and/or not increase it on the other guys until the renewal period comes up.
$700 a month is a pretty shallow budget to work with - I'm assuming rent is eating at least 50% of that off the top. What else can you trim? Can you get a part-time job? Even stocking shelves at minimum wage.
Edit - Saw your budget above, pretty much nailed the rent cost. :P
360 for rent.
Can't do much with this one.
58.00 for internet
Downgrade to Lite-speed or eliminate it entirely. See if you can mooch off a roommate with the promise to throw a $20 their way and not hog it downloading porn.
14.00 for cable
Ditch it.
100.00 for food
Related thread over here about healthy eating on low budget. You may have to go less healthy and more whole-hog "cheap meals" - pasta, beans, rice, etc.
20 a week for gas
Drive less, carpool, take public transit, walk if possible. If it's not, leave earlier, knock off a couple mph, and short-shift. Stretch your mileage. :P
Can trade TF2 items or whatever else you're interested in. PM me.
If you can get out of the lease, do so. You're clearly living above your means.
I can't cut the cable. It is shared... I didn't even want cable as I dont watch it.
Sounds to me that moving back in with the 'rents is the best option, seeing as you have no breathing room at all when it comes to finances.
I have been looking for jobs but you know the market sucks.
I can transfer the lease but I doubt my roommates are down for that. I don't know what to tell them.. Oh I spent all my money have to leave..
I used to make 950.00ish or more but the company I am working for is failing..
This is what you tell your roommates. Being the "nice guy" here is just going to make that credit balance rack up faster.
You've got one option: get out.
And Re: Kate,
$100/month for food is standard. You can't live well on under that. I work with people's budgets all day long who are in worse shape than the OP and 100/month per person is our minimum we'll allow people to pay to feed themselves, as far as budgeting goes.
Also, car repairs.
But seriously there's no shame in moving back in with the parents. Just remember if you do move back in with them, you'll have to abide by their rules. It sucks at first because you're used to doing whatever the fuck you want... But under their roof you have to listen to them.
To redeem my math skills somewhat, though, the total expenses would be $612 per month, not $692, so there's at least some wiggle room already.
This is what I did when I needed about 4k in loans. I put it on my CC first, then got a line of credit from my bank. Used the line of credit, with 4% interest, to pay off the 18% interest CC. saved me probably $1000.
Although with the US banking system in shambles that may not work right now.
There are more than 4 weeks in most months you know.
there are months out there with 35 days?
Cut out your unneeded expenses like cable/internet or talk to your roommate about how to resolve the situation. If you can't afford the internet, and they can't afford it on their own then you obviously need to get a cheaper plan.
Are there months with more than 28 days in them? Are there only 48 weeks in a year?
Stick that money directly into your debt.
Satans..... hints.....
Total Monthly Expenses = $618
Total Monthly Net Income = $700
Monthly Budget Surplus Before Credit Debt = $82
Get out and pay off that debt. You can't afford to live there anymore.
I noticed that car insurance is conspicuously absent from your list there. Are you paying it? Because if you get pulled over without it that's a nice hefty additional fee on the ticket that you really can't afford (trust me, I know).
I assume Mom&Pop are taking care of some of the expenses.
Have you sold off stuff you don't use anymore?
Good god if they had money for donations here in Canada I would be a millionaire.
water spirals the wrong way out the sink
I know internet can be around $60 total with Comcast if you don't have a cable package, but that's still $60 total not per person.
If you don't watch cable, don't pay for it. Pure and simple. I was in a similar situation right out of college, and I told my roommates flat-out that I wasn't going to pay for cable, and if they didn't like it, they could cancel it.
That Internet bill is crazy expensive. I have "Pro" tier DSL through AT&T, and I pay $60 a month and that includes home phone service and all taxes and fees. If I didn't give a shit about speed, I could get their cheap $14.99/mo. service.
If I were in your shoes, I'd find a way to work more - I'd take a second job, or more hours at my first job. Go to a temp agency and find a data entry job, paint houses, wait tables, deliver pizzas, serve coffee, whatever.
If none of those options are viable, then absolutely go live at home. You have to look out for your own future and your own credit rating, and if your roommates can't understand that, fuck them. If you really feel guilty about it, put an ad on Craigslist looking for a replacement roommate for them. But don't stay in a bad financial situation. Just say "Look guys, the economy's bad, my employer is going under, and I can't find another job. I have to leave."
the "no true scotch man" fallacy.