Oh dear...unexpected expense

iVillage Member
Registered: 06-19-2013
Oh dear...unexpected expense
6
Thu, 07-04-2013 - 7:49pm

Big thumbs down.

So a little about me.  I'm 34, and have a ton of debt from school.  To add insult to injury, I'm not getting paid that much at my job.  The only positive is that I have a job, and in 6 months, I will be getting a raise.  

Anyways, I just found out from the bank today that I will be required to pay $300 a month for my one loan payback.  I'm already paying $300 a month for another loan.  I try and pay as much down on my credit card as I can, but I just found out I will be charging an unexpected expense to it.  

I really, REALLY have to be smarter about my money now more than ever, because of that unexpected expense.  Thankfully, I have enough in my savings to pay for about 80% of it.  That savings was supposed to be for the month I have off, when I'm transitioning between jobs.  But, I will just have to be extremely smart with my money.

Looking forward to tackling my debt with all of you!

L.

iVillage Member
Registered: 11-14-2008
Fri, 07-05-2013 - 9:21am

Welcome Spicy Beans, love your name!

Student loans are tough. $600 a month is a lot. Is there anyway to join the loans and lower the payment? Then you could possibly have more cash to put on principal?

I'm not sure what your situation is. Lots of people get a 2nd job to help pay off debts. Is that an option for you? 

Do you have a budget? Have you tracked your spending to attempt cutting other expenses that are variable such as groceries or entertainment?

Post often. Great to see you here.

iVillage Member
Registered: 04-08-2008
Sat, 07-06-2013 - 7:20pm
I like your nicname :) Welcome to the board. Being smart about money is a start but you probably do need a budget. We started ours by keeping every receipt and looking at how much we were spending. Then we made conscious decisions about where and how we spent our money instead of looking at it later and thinking it was a waste. When I do meal planning, I find my grocery bill drops. Right now, I'm in school FT and work FT so I don't have the time. Hopefully to get DH on that but we will see. There are many things we did to cut down that we still do. Like buying a rack for our BBQ and roasting our own chickens instead of buying the pre-cooked ones. It is cheaper for the chicken and the propane is cheaper than running the over. Keep us posted, Dee
iVillage Member
Registered: 04-08-2008
Sat, 07-06-2013 - 7:22pm
Grr...I did use paragraphs and they disappeared...
iVillage Member
Registered: 12-31-2010
Sun, 07-07-2013 - 9:55am
Spicybeans - Well you have found a group of very like minded people here. Many of us have been on this board for years, and others are newcomers like you. We have all struggled on some level. Key is getting the idea of spending and saving in check. One thing I always advocate is to stop using a debit card for a while and carry cash instead. This allows you to "feel" your money. Taking $50 to the grocery store and now debit card really makes you plan and stick to a list. What was your major in school? You have a degree, now you need to do all you can to parlay that degree into more income, while keeping spending down in order to catch up. I like the term SPENDING PLAN and not budget. It is like the difference between eating plan and DIET - I hate DIETs due to the word DIE in there. But a spending plan says this is what I am doing with the next paycheck. You seem like a smart girl, so post here often, get out your stresses, vent, and share your successes, we all do just that! -Marie
#Marie
iVillage Member
Registered: 07-24-2001
Sun, 07-07-2013 - 7:35pm

Hey Welcome to the Board!

I'm looking forward to hearing more from you and more about your debt journey.  Post often!  I think you are going to like it here.

Community Leader
Registered: 08-25-2006
Mon, 07-08-2013 - 7:47pm
Welcome! You will love the group of people here.
Serenity