Templejazz Posted March 26, 2005 Report Share Posted March 26, 2005 Not exactly who to discuss this with cuz I feel all alone and don't know what the frick to do. I'm experiencing severe economic distress right now and can't build a "cushion" for shit right now. Any tips from resident misers and/or penny pinchers? On top of $264 car insurance bill, $470 apt rent, $150 consolidated college loan payment, I just defaulted on another school loan and had a traffic stop last week which slammed me with a $140 ticket. All this needs to be payed within a week and a half. I barely have enough to pay the rent and the car insurance and I don't expect another paycheck for another two weeks. I'm currently rubbing the rabbit's foot hoping I get my income tax check next week but right now I'm carting some CD's down to the local used shop just so I can buy food. Anybody else in my boat? I know there are folks that are worse off than I (unemployed, etc.) but this shit sucks. I could move out of my apt. and back home with the folks but I'm a 27 year old man for chrisssakes! My folks never really passed on saving tips and such in my sister or I. They have always enjoyed 'playing' themselves. My dad has a boat and we have a summer place at the seashore so my parents just about get by themselves. I'm a second year music teacher, not happy at all in my district and would like to possibly get into another field, something else in music, or something using my voice. Sorry for the length but I'm just venting frustration and don't know what to do. Best regards, Bill Quote Link to comment Share on other sites More sharing options...
vibes Posted March 26, 2005 Report Share Posted March 26, 2005 One way to save some extra money is to eat worse. My brother made his way through college by eating ramen noodles for every meal, except for on Tuesday nights when he would "treat" himself to tacos from Taco Bell. I think he spent less than $10/week on food this way. Cutting back on any and all forms of entertainment, from CDs to cable TV is another way. Best of luck, Bill. I've been there before, and I feel your pain. Quote Link to comment Share on other sites More sharing options...
Quincy Posted March 26, 2005 Report Share Posted March 26, 2005 Have you considered raising the deductible with your car insurance? Of course if something happens you'll have to pay more out of pocket, but if you ever have a claim you'll have to pay more anyways. If your deductible is less than $500, look into it. Is there any chance you could carpool or share a ride to your school? With gas prices climbing there might be other teachers who might be interested. Consider checking out Goodwill, Salvation Army, and other thrift & used clothing stores. You might be surprised at the quality of things that will pop up. As people are always gaining weight & trying to lose weight many times cloths in excellent condition show up. Good brand name slacks for $5 and the like. There's no shame in looking for bargains. Don't let one or two less than enthusiastic outings to such stores dim you on trying again. Like hunting through the used CD bins, sometimes there won't be much exciting on the racks. Try different types of thrift stores, as some will have better prices and merchandise than others. If things are really tight perhaps you could ask your folks for a loan if you can stomach the thought. Chances are they received help too when they were young. Heck, as much as the thought of moving back with your parents disgusts you, they may fear that happening as well, so they would probably be very happy to help if it means keeping you out of your old room. Good luck and hang in there. Quote Link to comment Share on other sites More sharing options...
GA Russell Posted March 26, 2005 Report Share Posted March 26, 2005 I was in very tough straits last year. Wish I could give some advice, but can recommend the French saying, "A money wound is not fatal." When I worked at a car dealership, I learned that many people have less than perfect credit. Don't give up! There are people who have health problems who would gladly trade their problems for money woes! Quote Link to comment Share on other sites More sharing options...
Free For All Posted March 26, 2005 Report Share Posted March 26, 2005 It never hurts to contact the people/institutions you owe money to and try to work something out. Many of them would rather accept a temporarily reduced payment than have you default entirely. And drive carefully! Good luck! You will weather this storm! Quote Link to comment Share on other sites More sharing options...
maren Posted March 26, 2005 Report Share Posted March 26, 2005 I was in very tough straits last year. Wish I could give some advice, but can recommend the French saying, "A money wound is not fatal." When I worked at a car dealership, I learned that many people have less than perfect credit. Don't give up! There are people who have health problems who would gladly trade their problems for money woes! I second ALL of the above. And it kind of crystallizes what occurred to me about the "ramen noodle diet" (believe me, I've been there, and so have many of my friends) -- just make sure, while eating frugally, that you're getting all the vitamins you need. Take a 1-a-day, and throw some fresh vegetables on top of that ramen! Because if you get sick -- that'll make your financial situation even worse. Free for All's right, too, about contacting the people you owe money to BEFORE they have to come after you. I don't know if this makes you feel any better, but you're not alone -- and I'm afraid this is a crunch that's facing more and more people. We all need savings tips, I guess -- but I think the costs of "essentials" eat up a lot more of everybody's paycheck than they used to. Hang in there, and good luck! Quote Link to comment Share on other sites More sharing options...
Free For All Posted March 26, 2005 Report Share Posted March 26, 2005 And remember, you can't spell R-A-M-E-N without M-A-R-E-N!! Quote Link to comment Share on other sites More sharing options...
Big Wheel Posted March 26, 2005 Report Share Posted March 26, 2005 Is it too late/unfeasible to fight your ticket in court? Many officers never show up to these proceedings to contest your claim, or so I have heard. That could save you a quick $140 if you can afford to take time off work. If there's only a short gap between your rent being due and next payday, can you talk to the landlord/management company to see if you can wait a week or so? If you are a good tenant maybe they will be OK about it. Quote Link to comment Share on other sites More sharing options...
maren Posted March 26, 2005 Report Share Posted March 26, 2005 And remember, you can't spell R-A-M-E-N without M-A-R-E-N!! Quote Link to comment Share on other sites More sharing options...
maren Posted March 26, 2005 Report Share Posted March 26, 2005 If there's only a short gap between your rent being due and next payday, can you talk to the landlord/management company to see if you can wait a week or so? If you are a good tenant maybe they will be OK about it. This may be even be true of the car insurance and student loan payment. Especially if your paycheck is direct deposit, and you know how much money you will have in your bank account on your next payday, some creditors will agree to take a check number (and your bank routing number/account number) over the phone to be electronically processed on the date you specify. I've done this with credit card and utilities payments. I was nervous the first time I did this, but now I do this "telephone check" thing a lot -- I just specify that it's one-time-only, and that they not retain the information. So far, so good. Otherwise, maybe someone could loan you the smallest amount you need to fill the gap? Quote Link to comment Share on other sites More sharing options...
Big Wheel Posted March 26, 2005 Report Share Posted March 26, 2005 The other thing I would recommend, if you haven't already done so: stop using credit cards entirely...cut them up if you have to. This will keep your debts from accumulating further. Use a debit card only--this means that you will never be buying stuff that your bank account cannot cover. You don't need credit card debt and 18% interest payments on top of your current headaches. If your bank doesn't offer ATM cards that can be used as credit cards, find one that does. Quote Link to comment Share on other sites More sharing options...
Free For All Posted March 26, 2005 Report Share Posted March 26, 2005 If there's only a short gap between your rent being due and next payday, can you talk to the landlord/management company to see if you can wait a week or so? If you are a good tenant maybe they will be OK about it. Maybe you could convince the landlord to take half the amount, until your paycheck comes? Quote Link to comment Share on other sites More sharing options...
catesta Posted March 27, 2005 Report Share Posted March 27, 2005 I wouldn't sweat the traffic ticket too much. If you go to court, tell the clerk or the judge you need time to pay it. They will give the time, it's a standard practice. On the student loans, Free For All is 100% correct. Offer to pay the interest only or see if they can grant an extension by taking the payment due and putting it at the end of the term. Quote Link to comment Share on other sites More sharing options...
Brad Posted March 27, 2005 Report Share Posted March 27, 2005 The only thing I can say is (and it probably doesn't help much) that you're still relatively young and things will get better. I wasn't in great shape at 27 but am better off now. I know this is not too helpful but things will change. Quote Link to comment Share on other sites More sharing options...
Jazzmoose Posted March 27, 2005 Report Share Posted March 27, 2005 Oh man, have I been there before! The only advice I can offer is the advice that's hardest to take: you have got to build that 'cushion'. No matter how hard it is, you simply have to put aside a set amount each payday for savings until you DO have a cushion, even if it does mean the ramen route, no CDs, etc. If you don't have an emergency fund, you just aren't in control of your own life. Although if I'm totally honest with myself, the best economic move I ever made was finding a woman with better 'money sense' than I have... Quote Link to comment Share on other sites More sharing options...
Use3D Posted March 27, 2005 Report Share Posted March 27, 2005 Eating is so overrated. Quote Link to comment Share on other sites More sharing options...
rostasi Posted March 27, 2005 Report Share Posted March 27, 2005 You've got a great buncha folks here giving you great advice that I can't really add much to because they've covered so much area. It seems hopeless right now, but I can relate to the ramen noodles, beans, and rice diet. The hardest time for me was at the age of 26 and it really put me in severe depression, but things really do turn around! Remember, when that tax check does come in, hide some of it somewhere - anywhere that's not a temptation. best to you (and keep us all up to date) Quote Link to comment Share on other sites More sharing options...
Peter Johnson Posted March 27, 2005 Report Share Posted March 27, 2005 Hey Bill-- One possibility is to put your student loan on a temporary forebearance. Don't do it for a long time, because the interest accrues, but it can take a little temporary pressure off. Hang in there, keep your head up, I've DEFINITELY been there, and it WILL get better. Quote Link to comment Share on other sites More sharing options...
medjuck Posted March 27, 2005 Report Share Posted March 27, 2005 Hey Bill-- One possibility is to put your student loan on a temporary forebearance. Don't do it for a long time, because the interest accrues, but it can take a little temporary pressure off. I've read that you can redo your student loan to the newer, lower, interest rates. Sorry to be so vague but I'm pretty sure I read about this recently in the LA Times Sunday business section in an advice column called "Your Money" or something like that. Quote Link to comment Share on other sites More sharing options...
tonym Posted March 27, 2005 Report Share Posted March 27, 2005 Hang in there mate. It does get better. We live in such a consumer-driven society where you are bombarded with must-have's every day. Take pleasure (when you can) in the simple things; the odd coffee with friends and a long chat, enjoy the neglected part of your book or record collection (not the ones you're about to hock, exercise and ahem...sex. But not the paid kind. Terribly expensive . Mid 20's eh?!!!! Bitch of a time when you should be having a great time. Quote Link to comment Share on other sites More sharing options...
Templejazz Posted March 27, 2005 Author Report Share Posted March 27, 2005 Hang in there mate. It does get better. We live in such a consumer-driven society where you are bombarded with must-have's every day. Take pleasure (when you can) in the simple things; the odd coffee with friends and a long chat, enjoy the neglected part of your book or record collection (not the ones you're about to hock, exercise and ahem...sex. But not the paid kind. Terribly expensive . Mid 20's eh?!!!! Bitch of a time when you should be having a great time. I'm doing my best to enjoy everything that good. Working out is something I've gotten back into over the past couple weeks and I am behind on a little reading. Sex? Hmm...Let's just say that itch hasn't been scratched in ...ahem...several years (whole other can of worms ENTIRELY!) I don't honestly think I can offer any woman anything right now with all these other problems on my back burner. Well my pops offered to pay the traffic ticket, which takes a bit of pressure off, and the school loan garbage is "in the process" of being worked out. I guess everything just builds up and builds up and I've never been good at handling stress of any kind. Every corner I turn I'm expecting to see the proverbial light at the end of tunnel but it's another blasted part of the maze. One good thing is I don't have any credit cards. I was venting a couple nights ago to an ex who lives in NY. She said she doesn't honestly know how I've survived WITHOUT any credit cards. Heh...She's got expensive taste though. Thank you for the words and advice folks. I'll keep my chin up. Best regards, Bill Quote Link to comment Share on other sites More sharing options...
rostasi Posted March 27, 2005 Report Share Posted March 27, 2005 Great Bill! Glad to hear there's some progress. It works that way, you know? - a little bit better - little by little - then something happens that seems to give you a big boost - emotionally or financially or both! I don't know how much of our lives could parallel yours, but many of us are (or were) in the music business and that's definitely difficult! things turn around tho... Quote Link to comment Share on other sites More sharing options...
PHILLYQ Posted March 27, 2005 Report Share Posted March 27, 2005 If you don't know how to cook,learn! When I was 25/26 and broke as hell, my cooking ability made that last $5 for food last a few days and taste decent to boot. If you can cook, it helps stretch the food budget greatly. Can you do any tutoring work on the side? This may help to increase your income somewhat. Above all, HANG IN THERE and keep in mind that your present situation is not permanent- it will improve. Quote Link to comment Share on other sites More sharing options...
rostasi Posted March 27, 2005 Report Share Posted March 27, 2005 If you don't know how to cook,learn! When I was 25/26 and broke as hell, my cooking ability made that last $5 for food last a few days and taste decent to boot. If you can cook, it helps stretch the food budget greatly. Maaaaaaaaaaan! I forgot! Macaroni and cheese!!! (how could I forget? ) Quote Link to comment Share on other sites More sharing options...
Chuck Nessa Posted March 27, 2005 Report Share Posted March 27, 2005 Maaaaaaaaaaan! I forgot! Macaroni and cheese!!! (how could I forget? ) Been there, but it was better than the month I lived off a box of pancake mix. Ever made pancakes without milk and eggs. Quote Link to comment Share on other sites More sharing options...
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