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

[waystinthyme]

Originally Posted by Mr Anleu

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?

you have to think of student loans as an investment, not a debt. yes, you'll have to pay them back, but considering how much less money you'd be making had you not gone to school, they'll pay for themselves in the long run.

when making decisions on where you want to go to grad school, be sure to factor in cost, but on the same token i wouldn't suggest not going to grad school due to your fear of 'racking up' more student loans. look at the big picture and you'll realize you're coming out ahead in the end...

-waystinthyme
  

 

[chicagos finest 23]

Also Costco membership for food saves some money.

 

[exclusivo]

I like this thread! this is the motivation I need!

 

[exclusivo]

I like this thread! this is the motivation I need!

 

[waystinthyme]

Originally Posted by Chicagos Finest 23

Also Costco membership for food saves some money.

yep, costco and sam's club are great for buying food that you eat often (i.e. buying food in bulk). i'm not sure about costco, but i know at sam's club you can be an 'associate member' on any member's account at no cost to you. so if your mom/dad/aunt/uncle or whatever is a member, ask them if anyone else is already an associate member on their account. if not, get on and become a member for free...

-waystinthyme
  

 

[BANLEU]

Originally Posted by waystinthyme

Originally Posted by Mr Anleu

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?

you have to think of student loans as an investment, not a debt. yes, you'll have to pay them back, but considering how much less money you'd be making had you not gone to school, they'll pay for themselves in the long run.

when making decisions on where you want to go to grad school, be sure to factor in cost, but on the same token i wouldn't suggest not going to grad school due to your fear of 'racking up' more student loans. look at the big picture and you'll realize you're coming out ahead in the end...

-waystinthyme
  

Trust me I know what you mean, but an education isn't what it used to be. It isn't unheard of for people to go to grad school only to come out to find no work or at least not what they were expecting to find. Almost all fields outside of the medical field are like this because the recession has touched everyone. Even the medical field is becoming hard to justify considering how long and hard you have to work to get into it. And believe me hospitals and clinics aren't hiring like they used to. So in the end I don't want to rack up a mountain of debt only to be spending 1/3 of my income on paying it back.

  

 

[itsgettinhot]

Originally Posted by eLNiNo4530

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

That sounds stupid enough to work.

How you gonna turn the quarters back though?  I always take my spare change to coinstar.

 

[danikerhino]

Originally Posted by Dirtylicious

...automatic monthly deposit into ING Sterling Savings

 

[Majorbread]

Does paying the minimum on your CC statement hurt your Credit score?

 

[waystinthyme]

Originally Posted by Mr Anleu

Originally Posted by waystinthyme

Originally Posted by Mr Anleu

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?

you have to think of student loans as an investment, not a debt. yes, you'll have to pay them back, but considering how much less money you'd be making had you not gone to school, they'll pay for themselves in the long run.

when making decisions on where you want to go to grad school, be sure to factor in cost, but on the same token i wouldn't suggest not going to grad school due to your fear of 'racking up' more student loans. look at the big picture and you'll realize you're coming out ahead in the end...

-waystinthyme
  

Trust me I know what you mean, but an education isn't what it used to be. It isn't unheard of for people to go to grad school only to come out to find no work or at least not what they were expecting to find. Almost all fields outside of the medical field are like this because the recession has touched everyone. Even the medical field is becoming hard to justify considering how long and hard you have to work to get into it. And believe me hospitals and clinics aren't hiring like they used to. So in the end I don't want to rack up a mountain of debt only to be spending 1/3 of my income on paying it back.

  

so if people are coming out of grad school without finding decent jobs, think about the plight you'll face coming out of undergrad trying to find a decent job...i think in the future an undergraduate degree will be looked at how a high school diploma is looked at today--in other words the value of the undergraduate degree is declining as more and more people return to school because of the dismal job market/economy.

also, a lot of times people come out of school with unrealistic expectations...you're not going to come out of school with no experience and be hired as the CEO of a fortune 500 company making 8 figures a year. too often people are unwilling to work their way up to the position that they ultimately want to be in--it's important to note that in some companies how far you can eventually go up may be limited by the amount of education you've obtained.

-waystinthyme

  

 

[waystinthyme]

Originally Posted by 40inchBoost

Does paying the minimum on your CC statement hurt your Credit score?

this is kind of a double-edged sword...

on one hand, paying the minimum on your CC each month will not hurt your credit score, as it shows you're a good credit risk...but on the other hand, if you pay the minimum each month you'll presumably have a higher 'debt to credit' ratio than if you paid your card off in full each month. this can hurt your score depending on how large your balance is on the card and how much total available credit your have.

read more about raising your score here: http://biz.yahoo.com/pfg/e35score/art021.html

-waystinthyme
  

 

[k2theablam]

Excellent post DC, will return to later. That blog has been bookmarked too.

 

[sjsneakerheadiii]

Once my car is paid off next year, the CC's will be gone in the quickness.

Buying a new car was the biggest mistake I have ever made.

 

[ricekrispies420]

great thread

i really need to bring food to school and stop eating out...

 

[wawaweewa]

Many people aren't willing to make the necessary sacrifices. Many of the things that we think of as needs are actually wants. Having "wants" is OK but not while you're in debt.

 

[retroflashbacks]

I'm still paying off that $35K i owe from student loans...

 

[regal black]

not in a huge debt, I still about $8K left on my student loans. I'm planning to go back to school this Fall and hopefully my current job can help pay for it. I totally agree with everyone saying to bring you own lunch. Ever since I done that I was really saving up. Some days you get tempted to go out and grab something to eat. Only times I eat out is on Fridays and maybe Saturdays.

good thread

 

[BANLEU]

Originally Posted by waystinthyme

Originally Posted by Mr Anleu

Originally Posted by waystinthyme

Originally Posted by Mr Anleu

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?

you have to think of student loans as an investment, not a debt. yes, you'll have to pay them back, but considering how much less money you'd be making had you not gone to school, they'll pay for themselves in the long run.

when making decisions on where you want to go to grad school, be sure to factor in cost, but on the same token i wouldn't suggest not going to grad school due to your fear of 'racking up' more student loans. look at the big picture and you'll realize you're coming out ahead in the end...

-waystinthyme
  

Trust me I know what you mean, but an education isn't what it used to be. It isn't unheard of for people to go to grad school only to come out to find no work or at least not what they were expecting to find. Almost all fields outside of the medical field are like this because the recession has touched everyone. Even the medical field is becoming hard to justify considering how long and hard you have to work to get into it. And believe me hospitals and clinics aren't hiring like they used to. So in the end I don't want to rack up a mountain of debt only to be spending 1/3 of my income on paying it back.

  

so if people are coming out of grad school without finding decent jobs, think about the plight you'll face coming out of undergrad trying to find a decent job...i think in the future an undergraduate degree will be looked at how a high school diploma is looked at today--in other words the value of the undergraduate degree is declining as more and more people return to school because of the dismal job market/economy.

also, a lot of times people come out of school with unrealistic expectations...you're not going to come out of school with no experience and be hired as the CEO of a fortune 500 company making 8 figures a year. too often people are unwilling to work their way up to the position that they ultimately want to be in--it's important to note that in some companies how far you can eventually go up may be limited by the amount of education you've obtained.

-waystinthyme

  

I agree with people having unrealistic expectations as well as a bachelors being looked as a high school diploma. However, I've done a lot of networking at my job and through friends so I think I'll be ok as far as finding a good job. Hell my job is good now and I don't have my bachelors yet so when I do I know I could move up in my company. Of course thats not what I want because I don't like the field that I'm working in. The point is the way I see it you should either be very financially stable or have a way of getting there before you go into a debt like grad school because you never know how much damage its going to do.

  

 

[noskey]

Originally Posted by ItsGettinHot

Originally Posted by eLNiNo4530

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

That sounds stupid enough to work.

How you gonna turn the quarters back though?  I always take my spare change to coinstar.

Stop doing that. You can just go into any bank and ask them for coin rollers/rolls/wraps/whatever they're called. Yeah you have to roll the change yourself, but imo it's worth saving the 13% or however much Coinstar robs you for. Speaking of which, I need to roll my change up before Saturday.

 

[jonathanchingy]

Take a good percentage of your paycheck and put it aside every month.
This way, this money is never spent and is instead, saved.

 

[youngtriz]

my money is all messed up right now.... i just bought a house and now trying to figure out the average cost of my utilities... i went from paying $750 for a apartment, now a $1,600 mortage, and i have CC's.... about to pay off a some CC's with the 8g's from the first time home buyers credit....

 

[me4u2night]

Originally Posted by YoUNg bR3aD

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...

I easily saved $200 a month bringing my own lunch and breakfast.
Manhattan is too expensive to eat out everyday 

 

[waystinthyme]

Originally Posted by Mr Anleu

I agree with people having unrealistic expectations as well as a bachelors being looked as a high school diploma. However, I've done a lot of networking at my job and through friends so I think I'll be ok as far as finding a good job. Hell my job is good now and I don't have my bachelors yet so when I do I know I could move up in my company. Of course thats not what I want because I don't like the field that I'm working in. The point is the way I see it you should either be very financially stable or have a way of getting there before you go into a debt like grad school because you never know how much damage its going to do.

  

if you don't like the field you're currently working in, the stuff you wrote before it about networking and moving up in the company doesn't really matter, unless you plan to continue working in a job that you don't like for the rest of your life or the connection through your friends leads to a job that you'll enjoy...

i agree to a certain extent about being financially stable or having a way to get there before school, but the problem with that philosophy is once you start working, get in a serious relationship, get married, have a kid, buy a house, etc. oftentimes you won't have the desire to return to school or it will at least be much harder than when you had no obligations (i know you mentioned you already have a kid, but i'm assuming the rest don't apply to you yet). going back to school early, even though you take on additional debt, allows you to do it when it'd be easiest to complete with the least amount of responsibilities and gives you more years to potentially pay it back. 

also, depending on what field you would like to go into, 99% of people won't ever be 'financially stable' to the extent that they can comfortably pay for graduate school. for example, total expenses for 4 years of medical school will be at least 150-200k. once you spread your student loans over a 20-30 year period they won't seem that daunting (although, you'll hopefully be able to pay them off sooner once you get out and find a decent job). i guess you could compare this to buying your first house...you want to have a decent down payment before buying the house, but most people aren't going to their closing with a briefcase full of money ready to buy the house outright, they go there realizing that they'll pay for it over the next 15-30 years but that it's an investment that's worth making for their future, i see graduate school as a similar investment.

-waystinthyme

  

 

[im not you]

Originally Posted by YoungTriz

my money is all messed up right now.... i just bought a house and now trying to figure out the average cost of my utilities... i went from paying $750 for a apartment, now a $1,600 mortage, and i have CC's.... about to pay off a some CC's with the 8g's from the first time home buyers credit....

That ain't good. Don't %*%@ your money up when you dealing with a mortgage. 
...I pay 1600 for %@%$%+# rent. 

 got damn shame.

 

[stixx]

1600 for rent?? you could be paying for a house

DC- thread is on point, will check back in regularly... I have been bringing my lunch to work for a long while. I also try to cook more to avoid eating ar restaurants.

I haven't exactly gotten saving down but I'm making efforts.

Regarding student loans, I've always heard them being referred to as "good debt", anyone wanna clear this up???

RL Treyce/SP2K8