What makes more sense?

iVillage Member
Registered: 10-11-2004
What makes more sense?
8
Mon, 10-18-2004 - 12:05am
I seem to be having alot of trouble lately by cutting myself a little too short every two weeks when I get paid. I have it now so I STRICTLY have to pay a certain number of bills in a certain amount every time I get a paycheck. And while this is helping alot toward cutting down debt I also am finding myself lately always strapped for cash and having to foot alot of the ulitity, cable, phone, ect. bills over to my live-in boyfriend.

He has NO problem paying the majority of them because he knows my situation and it's the type of thing where we both know once I'm out of debt I will be more then willing to be a big help for him when it comes to saving up for a car for his use ( his broke back in april ). But from experience, do you guys think it's better to pay the debt off quick and easy - even if it means not having ANY spending cash EVER? ( and I don't mean LOADS of it, just for simple things like.. to chip in for groceries or go to a movie once a month, ect ) OR to extend my system for an extra month or two and leave myself with a little more money in my wallet for the time being? ESPECIALLY with holidays coming up.

Ahhh, I'm so confused! :(

iVillage Member
Registered: 04-21-2004
Mon, 10-18-2004 - 7:06am
Although I definitly believe in doing everything you can to pay off your debt... you only have one life... enjoy it a little. I don't mean go beserk on a shopping spree, but set some money aside to do things you really like to do. If that means a movie night with your bf, then do it! Life is too short. Another option is to maybe sell some things on ebay? Maybe have a yard sale? find a way to make a little extra money and use that for a little fun. I am currently selling things on ebay to be able to pay for christmas. It's working great, and not putting a big dent in my budget! good luck!

kel

iVillage Member
Registered: 07-23-2004
Mon, 10-18-2004 - 7:54am
IMHO, I feel that it is better to leave yourself enogh money for groceries, and any other necessary item, otherwise what tends to happen to me is I end up running short, spending money earmarked for another necessary bill, and feeling guilty after. As the previous poster said, life is too short. But I would try to keep it at the bare minimum that keeps you satisfied.

 

iVillage Member
Registered: 10-19-2004
Tue, 10-19-2004 - 12:51am
I have spent all morning looking up different budgets etc, and all of them have mentioned the idea of 'paying yourself first' so that you don't end up short. So put aside what you *need* for the week before you allocate money for bills, and then you won't be left short. I am like you. My pay days are on Thursday, however I NEVER have any money left by Tuesday of the following week. *hehe*

Avatar for cowboy4me
iVillage Member
Registered: 03-25-2003
Tue, 10-19-2004 - 8:03am
Meghan, I agree with everyone else. Personally, I would split the utilities, phone, etc. in half. I would bf like a roommate. you wouldn't put some of your half on your roommate would you.

"Love knows hidden paths."~~German Proverb

Jenny

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 10-19-2004 - 12:25pm
I agree with Kel completely.

All my best,
Danni

iVillage Member
Registered: 07-26-1999
Tue, 10-19-2004 - 2:34pm
I think you should factor in the money for regular living expenses like utilities and food into your debt repayment plan. I think you should do it WITHOUT the help of your live-in boyfriend since if he were not there you would still have those expenses and a plan to get out of debt, in my opinion, should be based on what your regular expenses are. I don't consider those things "spending money"; I consider them regular living expenses that you should count on having to pay.

I also think you should factor in a bit of pocket money for "fun money" so you don't end up feeling so deprived you go out on a spending spree.

That's my 2 cents.

iVillage Member
Registered: 05-06-2004
Tue, 10-19-2004 - 9:17pm
I had loose change in a couple of cups under the kitchen sink. Rolled them. Got $240. which to me was great! I thought I might get $75. or less. donna
iVillage Member
Registered: 05-30-2003
Tue, 10-19-2004 - 11:22pm
Here's my 2 cents...And, yes, I have lived the "dang-we've still got 5 days 'til payday' thing MANY a time, lol.

Take care of the most important stuff FIRST. Like, rent, food, car payment, gas, utilities. THEN divide up the money for other bills, like the credit cards, etc. I know that this sounds so backwards from what we're used to hearing, but if you take care of the basics, then you are better prepared to deal with life. A book that addresses this is the Jerrold Mundis book, "How to Get Out of Debt, Stay Out of Debt, and Live Prosperously." Or, "Financial Peace Revisted" by Dave Ramsey.

I'm not saying to duck your other bills, I definitely think they should be paid. It may have to be that they won't get as big a payment. Will they yell? Oh, most defintely! If, after taking care of all the essentials first,& dividing up the remainder evenly, and paying them what you can you still find yourself way short, it may be time to consider a part-time job.

I would also recommend putting some money aside for an emergency fund-it doesn't have to be a HUGE one, maybe even $500. That would help ease the unexpected things that pop up from time to time.

~Lisa