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(MSN)   How I dug out of $80,000 in debt. Step #1: Start by saving even just $5 a month somehow   (money.msn.com) divider line 221
    More: Interesting, Married... with Children, SmartMoney, young professional  
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15063 clicks; posted to Main » on 13 Jun 2013 at 6:01 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-13 05:01:13 PM
Let me guess:

1. Cut rent as much as possible, either by moving in with parents or with 8 roommates
2. Don't eat out, and eat rice and beans at home
3. Work 80 hours a week, probably including nights and weekends
4. Don't have a car payment, cell phone contract, or any other big ticket expenses
5. Kiss all entertainment and new purchases goodbye
6. Oh...and one of those 2-3 jobs will need to pay significantly more than minimum wage

/ at the end of the day, it's really just about #6
 
2013-06-13 05:01:45 PM
Working two jobs helped out a bit
 
2013-06-13 05:05:59 PM
1. Pay your bills.
 
2013-06-13 05:08:03 PM
Step 2: Find $80,000 in cash on the street.
 
2013-06-13 05:13:30 PM
Some mod just lost their job.


Don't worry Drew, you'll still get my 5 bucks
 
2013-06-13 05:53:56 PM

whistleridge: Let me guess:

1. Cut rent as much as possible, either by moving in with parents or with 8 roommates
2. Don't eat out, and eat rice and beans at home
3. Work 80 hours a week, probably including nights and weekends
4. Don't have a car payment, cell phone contract, or any other big ticket expenses
5. Kiss all entertainment and new purchases goodbye
6. Oh...and
one of those 2-3 jobs will need to pay significantly more than minimum wage


FTFY
 
2013-06-13 05:55:23 PM
I had a month where I couldn't make the minimum (of about $1,500 a month) anymore.

He could make $1500 a month payments right out of college?
 
2013-06-13 06:06:10 PM
How much of the 80 grand was student loan and how much was CC debt?

There are few finer feelings than paying off your credit cards, even though you realize you don't have extra money in your wallet for fun things just yet, but now that money that was going to pay off the cards can go to paying off your student loans, or a car, or the house that little bit faster.
 
2013-06-13 06:06:25 PM
Get rid of wife that would rather buy a new Coach handbag then pay bills that are due
 
2013-06-13 06:06:47 PM

whistleridge: Let me guess:

1. Cut rent as much as possible, either by moving in with parents or with 8 roommates
2. Don't eat out, and eat rice and beans at home
3. Work 80 hours a week, probably including nights and weekends
4. Don't have a car payment, cell phone contract, or any other big ticket expenses
5. Kiss all entertainment and new purchases goodbye
6. Oh...and one of those 2-3 jobs will need to pay significantly more than minimum wage

/ at the end of the day, it's really just about #6


You don't need a brand new car (with the attached car payment). Get a good used car
You don't need the unlimited everything iPhone 5 plan. Get a Tracfone
You don't need the cable package with every premium channel on the planet. Get an antenna

Those three alone will save you at least $500 a month.
 
2013-06-13 06:07:25 PM
Yeah! $5 a month after a year is $60! And after 10 years, with compound interest at 2 percent, it's almost $1,000!

/Don't see how this is touching that $80k. Especially if it's accruing interest.
 
2013-06-13 06:08:47 PM
Subby, you tag it as interesting.
I tag it as bullshiat.
 
2013-06-13 06:09:42 PM
#1 lie
#2 cheat
#3 steal
 
2013-06-13 06:10:09 PM

doglover: I had a month where I couldn't make the minimum (of about $1,500 a month) anymore.

He could make $1500 a month payments right out of college?


I could technically make $1500 payments right out of college.

Of course, I had a roommate in a cheap apartment, and I'm a software dev in the 2nd or 3rd highest COL area in the country.

And I'd be paycheck to paycheck while I was doing it, and doing things like "getting a bed" and "clothes" would be pretty far down the priority list.

/And when shiat does happen (like blowing $4K on an unplanned move and then another $1K on the deductible due to 2 accidents in 3 days to my car (1 my fault, 1 not)), I'd be totally farked instead of merely screwed.
 
2013-06-13 06:10:52 PM
YAY! It's this thread again!

I used to like reading the personal finance threads when I first joined Fark and started caring about my monthly income and expenses. Now I just find them repetitive.
 
2013-06-13 06:11:30 PM
Step #1: Start by saving even just $5 a month along with your $5,000 a month pay, somehow..
 
2013-06-13 06:12:02 PM
No, no, dig UP, stupid!
 
2013-06-13 06:12:23 PM
I think I'll stick to gambling and prostitution thank you very much.
 
2013-06-13 06:13:11 PM
1. Eschew earth money
2. Transcend financial dependence
3. ?
4. Profit
 
2013-06-13 06:13:19 PM
That's why I let other Farkers buy me TF subscriptions. Saving up for a Ferrari.
 
2013-06-13 06:14:29 PM
I married a rich wife...
 
2013-06-13 06:15:23 PM
dustman81:You don't need a brand new car (with the attached car payment). Get a good used car
You don't need the unlimited everything iPhone 5 plan. Get a Tracfone
You don't need the cable package with every premium channel on the planet. Get an antenna

Those three alone will save you at least $500 a month.


Doing these in reverse.

#3) Maybe.  Dad did the antenna thing for a bit, got annoyed at not getting certain channels (like ABC and Fox), and picked up super-basic cable for $30/month.
#2) Yup.  Also, if you must have a smartphone, see if you can mooch off family. Picking up $60 to add an extra line to the family plan is WAY cheaper than $120 for your own plan.  (Or heck, if work requires a smartphone, see if you can get them to pay for it or at least make it tax-deductible)
#1) Maybe.  I did the math once, and having a new car with sweet warranty was about $300/month more (including fark-you 20-year old new car insurance) than the used car IF nothing broke.  It may be worth $300/month to have the certainty of never going "Whoops, I blew a head seal and now I'm out 5 grand."
 
2013-06-13 06:15:33 PM
Don't carry a balance on your credit cards.
 
2013-06-13 06:17:09 PM
The majority of people I know in my age group (sans a few outliers) who are more or less debt-free at this point followed one or more of these paths ...

1) Made sure to have wealthy parents, who could pay (or help pay) the bills for large expenses, such as cars, college, credit cards and down payments on homes.
2) Filed bankruptcy before the laws became more restrictive.
3) Own very little and either didn't go to college or stuck with some kind of low-cost/free vocational training.

I listed wealthy parents first, because that seems to be the most common reason why the people in my age group are debt free.  I suspect as I and my peer group get older, this list can and will change quite a bit.
 
2013-06-13 06:17:57 PM

dustman81: Those three alone will save you at least $500 a month.


...which will just about keep you even on the interest on a debt like that.

I notice that these stories of bootstrappy debt recovery are usually sponsored by some credit card company or CNBC or some other finance-related entity. Ostensibly, they're supposed to encourage sound fiscal behavior, but I always feel like there's a strong undercurrent of  see? you CAN (and should) work like a dog for 3 - 5 years straight to repay your debt to that multibillion dollar corporation, and not default!

Which is ironic, because those are the self-same companies that get massive low-interest bailout loans when THEY get in trouble. I wonder how AIG would be doing these days if they had been hit with the 22% penalty rate a lot of companies charge you if you miss a payment or two...
 
2013-06-13 06:19:25 PM

fat boy: Get rid of wife that would rather buy a new Coach handbag then pay bills that are due


If she is able to buy a fancy purse and then still pay the bills, why get rid of her?
 
2013-06-13 06:19:25 PM
FTFA:
<i>We can drive ourselves crazy trying to cut out a lot (of small expenses), like trying to bring our lunch to work. If you're really good about it every single day, that might add up to $50 or $100 at the end of the month.</i>

Because we all live in places where we can get lunch for $2.50 to $5.00 per meal. I am sure that is especially true in New York City.

Eating out is the #1 money waster for most people. You go out to eat with your spouse almost any place that isn't Wendy's or Sonic, and you are looking at about $20-$25 minimum.

The exception is having children. You just dropped a minimum of $50,000 for the first 5 years of that little crying poop-machine. Don't have kids. Ever. And that's not just because of cost. Children suck. Why would you do that to yourself EVEN IF RICH?

Finally, a pointer to almost all who will read this. If you don't have at least $80,000 lying around when you graduate high school, then you aren't college material. The only way you would NOT have at least $80,000 lying around is if BOTH of your parents are total losers. And since you are their kid, you are therefore homozygous for loserness. People with a double dose of the lazy stupid loser gene should abandon college fantasy and not spend that money, since nobody is hiring a journalism major with a 2.6 GPA anyway. You losers would be best mowing lawns and the like.
 
2013-06-13 06:19:52 PM
whistleridge: Let me guess  Zul's Divorce Aftermath:

1. Cut rent as much as possible, either by moving in with parents or with 8 roommates
2. Don't eat out, and eat rice and beans at home
3. Work 80 hours a week, probably including nights and weekends
4. Don't have a car payment, cell phone contract, or any other big ticket expenses
5. Kiss all entertainment and new purchases goodbye
6. Oh...and one of those 2-3 jobs will need to pay significantly more than minimum wage

Ain't life grand?
 
2013-06-13 06:21:19 PM

SevenizGud: FTFA:
<i>We can drive ourselves crazy trying to cut out a lot (of small expenses), like trying to bring our lunch to work. If you're really good about it every single day, that might add up to $50 or $100 at the end of the month.</i>

Because we all live in places where we can get lunch for $2.50 to $5.00 per meal. I am sure that is especially true in New York City.

Eating out is the #1 money waster for most people. You go out to eat with your spouse almost any place that isn't Wendy's or Sonic, and you are looking at about $20-$25 minimum.

The exception is having children. You just dropped a minimum of $50,000 for the first 5 years of that little crying poop-machine. Don't have kids. Ever. And that's not just because of cost. Children suck. Why would you do that to yourself EVEN IF RICH?

Finally, a pointer to almost all who will read this. If you don't have at least $80,000 lying around when you graduate high school, then you aren't college material. The only way you would NOT have at least $80,000 lying around is if BOTH of your parents are total losers. And since you are their kid, you are therefore homozygous for loserness. People with a double dose of the lazy stupid loser gene should abandon college fantasy and not spend that money, since nobody is hiring a journalism major with a 2.6 GPA anyway. You losers would be best mowing lawns and the like.


Stupid gene like typing detected.
 
2013-06-13 06:26:25 PM

Zul the Magnificent: whistleridge: Let me guess  Zul's Divorce Aftermath:

1. Cut rent as much as possible, either by moving in with parents or with 8 roommates
2. Don't eat out, and eat rice and beans at home
3. Work 80 hours a week, probably including nights and weekends
4. Don't have a car payment, cell phone contract, or any other big ticket expenses
5. Kiss all entertainment and new purchases goodbye
6. Oh...and one of those 2-3 jobs will need to pay significantly more than minimum wage

Ain't life grand?


Have you maybe considered NOT being an asshole ex husband, and becoming a miserable deadbeat sonofabiatch asshole ex husband instead? Either way you suck, but at least with one of them you get to keep your money...
 
2013-06-13 06:27:31 PM

SevenizGud: Eating out is the #1 money waster for most people.


You fuggin come to my house and cook for me then mr judgemental.

I have two 8am-11pm days and work Saturday mornings. There's usually not enough time in the day and energy in my body left to cook anything worth eating at home and clean up the mess. So I eat out.

Also, don't know the last time you went grocery shopping, but most of my good meals come out to the same price as something cheap from take out as well.

So the real choice is between paying $10 for lunch with clean up or $10.50 for lunch with no cleanup.
 
2013-06-13 06:32:16 PM

meyerkev: dustman81:You don't need a brand new car (with the attached car payment). Get a good used car
You don't need the unlimited everything iPhone 5 plan. Get a Tracfone
You don't need the cable package with every premium channel on the planet. Get an antenna

Those three alone will save you at least $500 a month.

Doing these in reverse.

#3) Maybe.  Dad did the antenna thing for a bit, got annoyed at not getting certain channels (like ABC and Fox), and picked up super-basic cable for $30/month.
#2) Yup.  Also, if you must have a smartphone, see if you can mooch off family. Picking up $60 to add an extra line to the family plan is WAY cheaper than $120 for your own plan.  (Or heck, if work requires a smartphone, see if you can get them to pay for it or at least make it tax-deductible)
#1) Maybe.  I did the math once, and having a new car with sweet warranty was about $300/month more (including fark-you 20-year old new car insurance) than the used car IF nothing broke.  It may be worth $300/month to have the certainty of never going "Whoops, I blew a head seal and now I'm out 5 grand."


your math sucks then. I payed my truck off over 5 years ago and we bought my wifes car around the same time with cash. In the past 5 years we have spent $3100 on repairs between both vehicles. That 3100 also includes oil changes for 5 years. that averages out to only $51 a month for TWO vehicles and included general maintenance. Not to mention our car insurance is significantly cheaper with 2 vehicles that are both over 10 years old vs a new car. The cost of a new car vs used it way more than the $300 a month you claim it is. Not to mention all the money i am saving on those payments is going into my kids college fund and our retirement.
 
2013-06-13 06:32:46 PM
Save $5 a month... then in 1333 years you'll be debt free!
ಠ_ಠ
 
2013-06-13 06:32:55 PM
Saving is like any habit.  You have to build it up and then it becomes natural.  You have to start somewhere.

Anyways, the best way to get out of $80k in debt is to not go $80k in debt.

Sometimes it really is that simple.
 
2013-06-13 06:34:05 PM
somebody got off cheap
 
2013-06-13 06:37:59 PM

whistleridge: Have you maybe considered NOT being an asshole ex husband, and becoming a miserable deadbeat sonofabiatch asshole ex husband instead? Either way you suck, but at least with one of them you get to keep your money...


I have thought about it.  Haven't completely ruled it out, either...
 
2013-06-13 06:38:48 PM

SevenizGud: FTFA:
<i>We can drive ourselves crazy trying to cut out a lot (of small expenses), like trying to bring our lunch to work. If you're really good about it every single day, that might add up to $50 or $100 at the end of the month.</i>

Because we all live in places where we can get lunch for $2.50 to $5.00 per meal. I am sure that is especially true in New York City.

Eating out is the #1 money waster for most people. You go out to eat with your spouse almost any place that isn't Wendy's or Sonic, and you are looking at about $20-$25 minimum.

The exception is having children. You just dropped a minimum of $50,000 for the first 5 years of that little crying poop-machine. Don't have kids. Ever. And that's not just because of cost. Children suck. Why would you do that to yourself EVEN IF RICH?


Hell, I was living very comfortably before I had a girlfriend. She cost me a lot of money.  So instead, just buy a fleshlight and watch free internet porn.
 
2013-06-13 06:38:55 PM

Zul the Magnificent: whistleridge: Have you maybe considered NOT being an asshole ex husband, and becoming a miserable deadbeat sonofabiatch asshole ex husband instead? Either way you suck, but at least with one of them you get to keep your money...

I have thought about it. Haven't completely ruled it out, either...


Need to study up on extradition treaties...
 
2013-06-13 06:39:00 PM
You just did that headline to make the Total*Fark joke, didn't you, submitter?
 
2013-06-13 06:40:48 PM

meyerkev: I blew a head seal


Are you sure it wasn't just ice cream?
 
2013-06-13 06:43:14 PM

2 Replies: Save $5 a month... then in 1333 years you'll be debt free!
ಠ_ಠ


And here we see the financial sense in low-cost, long term embalming techniques!  When the archaeologists of the future dig up your mummified corpse, you'll be completely free of debt!
 
2013-06-13 06:44:35 PM
Rmoney said to just get the money from your parents.  What are ya?  A 47% slacker?  Taker!
 
2013-06-13 06:44:42 PM
Just have a job that allows you not to live paycheck to paycheck. It's kind of hard to save anything when you entire paycheck goes to paying essentials and you're already broke again by noon on payday.
 
2013-06-13 06:45:32 PM
Saving $20 a week no matter what.  Even if you only get to eat once a day.

/skinny
 
2013-06-13 06:45:52 PM

Pray 4 Mojo: meyerkev: I blew a head seal

Are you sure it wasn't just ice cream?


That was Dad's car, but yes.

Car started smoking, we poured about 2 gallons of water into the radiator, got the heck out of Detroit, poured another 5 gallons of water in over the course of the drive home, and Dad got a nice $5000 repair bill after he took it up to the mechanic (or in his case, he said "Fark this noise", went up and dropped $9K on a nice used Camry pre-Cash for Clunkers)
 
2013-06-13 06:46:36 PM

dchurch0: YAY! It's this thread again!

I used to like reading the personal finance threads when I first joined Fark and started caring about my monthly income and expenses. Now I just find them repetitive.


you sound...like you got a raise
 
2013-06-13 06:49:11 PM

doglover: SevenizGud: Eating out is the #1 money waster for most people.

You fuggin come to my house and cook for me then mr judgemental.

I have two 8am-11pm days and work Saturday mornings. There's usually not enough time in the day and energy in my body left to cook anything worth eating at home and clean up the mess. So I eat out.

Also, don't know the last time you went grocery shopping, but most of my good meals come out to the same price as something cheap from take out as well.

So the real choice is between paying $10 for lunch with clean up or $10.50 for lunch with no cleanup.


Cook a bunch of food all at once. The time to cook 10 servings of pasta is only marginally more than 1 servings. Same thing for sauce; making 10 servings requires a larger pot than a single serving of sauce, and does take more time, but we're talking about maybe a quarter to half an hour.

When I used to work overnight as a security guard, I couldn't leave site to get food, not that there was any available. I had a microwave and a minifridge. Tortillas, guacamole, cheese, and chopped chicken (purchased at El Polo Loco in a single serving), spread it, nuke it, eat it; it's a full meal in of itself, and each instance of it cost like 2.50.

Unless food prices at national chains is omgwtf lower in suburban Southern California than other places, this isn't all that not doable.

/The tortillas could have been cheaper but I was using high-fiber-low-carb tortillas.
 
2013-06-13 06:49:37 PM
Sell weed
 
2013-06-13 06:51:35 PM
sign inMicrosoft account What's this?
 
2013-06-13 06:51:55 PM

meyerkev: Pray 4 Mojo: meyerkev: I blew a head seal

Are you sure it wasn't just ice cream?

That was Dad's car, but yes.

Car started smoking, we poured about 2 gallons of water into the radiator, got the heck out of Detroit, poured another 5 gallons of water in over the course of the drive home, and Dad got a nice $5000 repair bill after he took it up to the mechanic (or in his case, he said "Fark this noise", went up and dropped $9K on a nice used Camry pre-Cash for Clunkers)


I blew a seal once. I am never allowed back at the Denver Zoo.
 
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