NT Get Out Of Debt/Frugality/Financial Thread (Will Be Updated Regularly)

128,127
89,682
Joined Oct 13, 2001
Maybe this has been done already but I haven't seen any threads on helping folks to get out of debt. Many of us are young, recent grads, that are having issues getting out of debt. Whether it is CC debt or student loans, I am sure many of us have personal issues we are dealing with. So in this thread we can just help eachother out.

I will start things off

Get Rich Slowly Blog: Supposedly the #1 $ related blog on the net. Dude was in debt 35K and has turned his life around. He gives pointers, articles, and things he has dealt with to educate us. Definitely a must click: http://www.getrichslowly.org/blog/
 
2,447
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Joined Feb 6, 2008
Good idea...
I gotta pay this little bit of money off from when I had to withdraw from college...
They keep taking my Maryland state taxes from me...
I haven't filed my State Taxes this year yet...
I was thinking about trying to set up a payment plan for it so they won't snatch my state taxes again...
 
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Joined Jul 2, 2002
I don't really carry cash, use all CC's and when I get home I put the money aside for when the statement comes.

I am in about $1,000 debt to my overdraft protection at National City (this is the total of being in school 4 years without a job so it's not too bad) but now that I work, I take about 40% of my check and get it in quarters. Put them in a large jar so I can't spend them, and when it gets full it'll be about $1,000. I know if I have it in the bank, I'll spend it.

I got pretty lucky with student loans, about $30k for 5 years. I don't know how I'm gonna pay it off but I will
 
2,447
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Joined Feb 6, 2008
Originally Posted by Diego

Bringing lunch to work has made a nice difference.

I need to start doing this...
Especially because I have another car payment to pay now so I have to be wiser with my money...
 
128,127
89,682
Joined Oct 13, 2001
Bringing your own lunch is the way to go. I have a friend that refuses to bring his own lunch to work. Easily $100+ a month. Seems like nothing but all $ is something. He says he doesn't mind paying for the convenience of good food. I understand but I am too cheap to do that. Plus I work out at lunch so I can't leave the building.

[hr][/hr]
I can tell my story about student loans. I probably came out of school owing about $12K. People always told me, "Damn thats good." I didn't think it was good, I think it should have been 0. So I practically spent $1000 per month until I paid it off. It took just about a year. I didn't want the interest to continue to build up so I said, "forget this, I am paying this off ASAP."

So I paid that off in March of 09. I just hate the feeling of knowing the check you get each 2 weeks from your job is going to someone else. I never want to live that way again.

I have had a Target Credit Card since the day 2K7 came out. I used it to get like 30% off of an XBOX 360. I knew I wanted a CC, but I didn't know the right time. I think that was a great time. It has a Visa logo so it is taken everywhere.

I use my card from time to time and I pay the bill at the end of each month. No late fees. On time since I opened the card.

I am looking for a REAL CC that gives me rewards. I am looking at this at the moment - http://consumers.creditne..._Back/Amex_Blue_Cash.php

5% cash back for each use.

Here is another article on some credit cards - http://www.askmrcreditcar.../thebestcreditcards.html
 
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Joined Mar 1, 2009
The hardest thing is living below your means. Giving $800 of each paycheck to pay off my cards and student loans hurts a lot, but I know it'll be worth it when it's all gone.
 
942
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Joined Aug 7, 2006
great post/discussion...
  • bring your lunch to work
  • cook at home often (limit eating out to 1-2x each week)
  • only buy necessities, luxuries should be given more thought before being purchased
  • have a certain % of your check taken out and deposited directly into a savings account each pay period
  • track your spending (make a monthly budget)--see where you are spending money frivously and try to lessen or eliminate those unncessary expenses
  • pay off your credit cards or any other debts aggressivesly--don't make minimum payments, pay as much as you can as often as you can until they are paid off, then you can begin saving and won't be affected by the high interest rates
  • buy used cars, never new--the depreciation on cars is horrible, always a bad investment
  • when you go out, only carry cash and only the maximum amount you're willing to spend--a lot of people tend to get wreckless with their credit cards and open tabs once they get a few drinks in them...
this is just a start, i'll try to think of more and add later...

-waystinthyme
 
3,046
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Joined Mar 4, 2003
I just need a $7000 lick and I'd be out of debt

I'd LOVE to be able to set money aside, but this living check to check life just wont allow for that.
I have done small stuff like cutting the morning trips to Starbucks(thats like $150 a month) and I try to buy food staples in bulk and catch other stuff I like on sale and stock up on it then. But all thats nickel and diming. I would love to be able to put away like $500 a month minimum
 
942
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Joined Aug 7, 2006
Originally Posted by emmanuelabor

I just need a $7000 lick and I'd be out of debt

I'd LOVE to be able to set money aside, but this living check to check life just wont allow for that.
I have done small stuff like cutting the morning trips to Starbucks(thats like $150 a month) and I try to buy food staples in bulk and catch other stuff I like on sale and stock up on it then. But all thats nickel and diming. I would love to be able to put away like $500 a month minimum
do you have a roommate? if not, get one and cut your rent in half...

buying food in bulk is a good idea, can definetely save you a lot of money if you do it often. 

also, make a budget so you can see where all of your money is going every month, then you should be able to cut out other unnecessary things (like starbucks) and eventually the 'small things' will begin to add up...

-waystinthyme

  
 
543
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Joined Mar 28, 2009
I've been currently selling most if not all of my shoes to pay off my debt and I also bring a lunch to work so it saves alot of money. But great thread DC and great Ideas in here guys.
 
11,315
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Joined Dec 29, 2004
Originally Posted by Diego

Bringing lunch to work has made a nice difference.
YUP.. my coworkers and I put money in a "sandwich kit" 
.. basically money to buy bread, turkey, ham, etc.. $20-25 can supply 3 people with sandwiches for almost 2 weeks.. 
now compare that to when we all used to go out every single day to places like Chipotle, Panda Express, PF Chang's, Sushi, etc... i was spending damn near $50 a week to myself. 
 
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Joined May 7, 2007
I'm a junior in college and so far I got about $5,500 in student loans. I think I'll rack up another $10,000 by the time I'm done because since having a kid I haven't been taking as many classes as I should. The problem is after undergrad I'm thinking about going to grad school so who knows how much student loan debt I'll end up with. I'm hoping I get more grants these next couple of years because I have a son, but who knows?
 
1,882
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Joined May 21, 2008
Originally Posted by proper english

Originally Posted by Diego

Bringing lunch to work has made a nice difference.
YUP.. my coworkers and I put money in a "sandwich kit" 
.. basically money to buy bread, turkey, ham, etc.. $20-25 can supply 3 people with sandwiches for almost 2 weeks.. 
now compare that to when we all used to go out every single day to places like Chipotle, Panda Express, PF Chang's, Sushi, etc... i was spending damn near $50 a week to myself. 
yeah i started this at work too, when i looked at how much i spent eating out i got sick. cooking at home or bringing your own lunch is a great start 
 
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