Financial Woes

[Icemage]

Re: Financial Woes

$1320/month take-home pay? What the heck sort of job are you working at? Even with the reconfigured taxation rates, that's what, $16-17K per year?

Figure that minimum wage is $7.79 in Florida, times 40 hours a week = $1246.40 pre-tax. But at that level of income, your taxation rate might as well not even exist (less than 10% net), so you're making maybe what? $9-10/hr?

That's not a living wage for someone who has kids to take care of. It's not even a living wage for someone on their own even without debts.

Your basic problem is your base income level is too low; either get a second job or change jobs and improve your income that way (easier said than done, I know). The rest of the problems stem from that.


Icemage

[Malacite]

Re: Financial Woes

Hope you get it ; . ;


The govt (most infamously the VA lately) has had a pretty shitty track record... there are still veterans from Iraq and Afghanistan who've been waiting years for benefits that they're due, but haven't received because apparently they still do all their record keeping manually - no electronic files at all, pure paper work. Hard to believe in this day and age... but I didn't mean to put you down, sorry. I'm sure something will come along.

[Aksannyi]

Re: Financial Woes

I forgot to mention I did attempt to re-finance the truck about four months ago. They were gonna charge more per month and for a longer term - uh no.

I guess I need to try some debt consolidation. Though I'm really hopeful for this VA money. And soon.

[Malacite]

Re: Financial Woes

There's gotta be some sort of re-financing you can negotiate though? That's why I said check with your bank or if you have any local advertisements running... I've actually seen them popping up more and more where I live. I know that you can try bankruptcy to consolidate your debt, though that's probably not ideal.

These days though, it's very rare (I think) to see someone essentially have their debts called in; Mainly because long-term interest will net creditors far more money in the end. I'm sure you've probably got some options you haven't tried... I'm dead serious about seeing someone for advice/planning though. A friend of mine recently did just that, as her credit card debt was ballooning out of control.

[Aksannyi]

Re: Financial Woes

I don't think I can even get a legit loan. My total debt is about four times my annual salary. Just the debt, not the revolving charges. Debt to income ratio is very high-risk.

Mezlo, I'm not sure I can bartend, I know jack about it and I would need training.

[Malacite]

Re: Financial Woes

Damn girl...

Is there no one at your bank you can speak to, or any sort of financial planner/adviser? I can't offer much as to your immediate problem, but one thing I've seen suggested by numerous people (including Suzie Orman) with regards to your credit card debt, is to try and knock off a single item from the list. Even if it means letting the interest go up a bit on some of the other items, it's better to try and reduce the total number of items you have to handle each month if at all possible - both on a practical level (less things accumulating more interest each month) and psychological.


Student loans are a bitch, and will probably dog you for some time sorry to say. :/

[Mezlo]

Re: Financial Woes

Bartending would help. Plus its a job you could do at nights and it's social so you could meet some new people.

[Aksannyi]

Because I have nowhere else to ask these questions:

So it may be no shocker to most that I am in a bit of financial trouble.

First things first, I make actually more an hour than last year, but our overtime was gutted and the tax laws in place starting in 2013 combined have made my paychecks really crappy. On a 40 hour work week, I'm seeing about $80 less per paycheck every two weeks, which does hurt. And let's not even talk about the overtime I'm no longer getting.

So basically, I have a fuckton of student loan debt. I also have a vehicle loan. I pay rent, utilities, internet, a phone bill, insurance, and one department store credit card with a fairly low (comparatively) balance. I can give actual numbers if anyone is truly interested/is an accountant.

This month I am looking at taking home about $1320 with expenses around $1840. Part of this is from being so behind on things, my insurance is actually up for cancellation if I don't get caught up, I paid them $150 to keep them going for now but I'm in trouble if I don't come up with about $600 by mid-June. My usual expenses (not counting food and gas) are usually about $1600, so I still come up short. Unfortunately at this point there is no way for me to not live beyond my means.

Things I have considered:

1. Selling the truck. However, I owe more than I would get and the transit system here is not good.
2. Prostitution. I am only partially kidding.
3. Second job - I've tried this, however, I'm not terribly flexible right now with my work schedule in constant flux.
4. Calling my dad and bumming but I don't think he has it.
5. Pawning some things, but I don't have anything I can sell. Let me rephrase, I don't have anything I can sell that will make me enough money and that I am willing to give up.
6. I crochet and I could sell some afghans I make, but it's summer, Florida, not really gonna work.
7. Re-enlisting. Though I may go National Guard or something.

Things I have done:

1. Called the student loan company. I am starting school today, but because some of my loans are private, I can't defer them. This pissed me off.
2. Set up an extension with the auto loan company, basically I paid 1/3 payment last month and 2/3 this month, next month I'm back to full.
3. Changed the due date on my internet bill. I am taking online courses so I can't turn off the internet.
4. Lowered my cell phone plan. This saved me like 6 bucks.
5. Taken out a $300 employee advance that will get deducted (interest and fee free) from my paycheck over 6 pay periods.

I have decent credit (for now) but I don't think I can take out a loan and I will not apply for a credit card that will help me in the short-term but hurt me in the long run. (Like, I could pay my rent on it this month, but I'm gonna be paying on it month after month and that's just another expense.)

Basically, I'm in a bind and I am not sure what I can do at this point. If I were to lose my apartment, I have nowhere to go but the streets. Every billing company I can work with, I've already called and worked with and I won't be able to get any more extensions. So the option becomes to not pay something and see what happens or come up with the money.

I do anticipate getting Chapter 33 GI Bill benefits but I have no idea when, as my status is still processing. When that hits, it will fix everything, but I have to assume that I won't get it by the end of the month.

I also am starting the new job soonish but I won't see paychecks from that for at least a few weeks out.

I am not looking for handouts. If anyone knows a way I can make some extra cash that I haven't considered, I'd like to hear it. The second job is still an option but I need to figure out what my schedule is going to be and catch my stride with school before I can try to make commitments elsewhere.


So guys, advice?