I finally got my hands on the book by Dave Ramsey "Total Money MakeOver" I rented it from the library. I have been reading different financial expert's websites and tv shows, really trying to get a grip on handling my MONEY. I am pretty much rock bottom and not within my income means. I am way out of budget. I am filing for chapter 13 in order to get this Tiger Kim Academy to stop garnishing my paychecks, for classes that my son never took. I now am paying an attorney trying to get the courts to look at my case again and decide if Tiger Kim is grossly taking advantage of me. I still get by with the help of my parent's giving me cash for gas, food, medicine for my son, pet food. I still have my Aveo, which was hit by a bicyclist, and has a huge dent in one door. I'm torn about what to do with the car. If I keep the car, it could be a good investment. I owe $8000. I'm serious about recording every penny I spend and asking for receipts for everything, I am trying to live frugal, beginning a new year, and hopefully a new mind set. I really need to realize who I am and face the truth about my life style and what I expect versus what I can afford. Any Advice?
I am changing my perspective
January 5th, 2009 at 05:29 pm
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Income = 1825.56
Shortfall = 145.94
What is bonded and Adv. Amer? They are eating up 290 of your budget. I also think the that the lawsuit is eating up a bit too. Hopefully, you can resolve this quickly.
I think if you were able to get the car fixed and sell it and pick up a beater, so that you didn't have a car payment, you would be able to stop the bleeding. In fact, you would be in the black by over $155.
I also think you have an income issue. You need to get that income up. I would continue towards the degree if an only if it means that I would be earning more then I am now.
For your budget, I would prioritze your spending. That means rent, food, utilities, transportation. When the money runs out, it runs out.
Could you ebay some things to help? Partime job? Maybe evening babysitting where people drop off kids at your house? Just something to help get some wiggle room.
Good luck
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There are some good debt-consolidation places, though I'm not sure the best source for ensuring they're reputable. It looks like you put a lot toward debt--could a consolidation lower your monthly payment and give you a bit of relief that way?
Could you get creative with living arrangements--is there someone you could move in with and pay them less than $625?
Have you tried reducing your energy usage to lower that Xcel bill?
Do you actually have any tax liability at the end of the year? If you usually get a refund, you could reduce your withholding.
Is there room for advancement at your current job? If not, is there time in your week to pick up some part-time work anywhere?
Hope this helps somewhat...
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