Author Topic: Need help getting back on track  (Read 1922 times)

JordanOfGilead

  • Bristles
  • ***
  • Posts: 428
Need help getting back on track
« on: January 30, 2017, 08:17:25 AM »
2016 was a pretty volatile year in the JoG household. There was an unpleasant divorce, followed by me totaling my 6-month old car (with just over 6000 miles). A lot of mental health problems as a result of both, followed by some pretty crazy purchases. A new, custom ordered 2016 Subaru Impreza, financed (~20k) at 3.5%, a lot of careless credit card spending that I have been on and off trying to take care of (currently carrying a balance of about 2k at 14%), still not paid off the car I totaled in April (insurance didn't cover the 6k that I was underwater from rolling over negative equity from a more expensive car, both purchases were pre-mmm discovery), and then I bought a motorcycle in December on financing at 12%.

Now that my life has started to stabilize some, I'm looking at the aftermath of the last year and I'm kind of scared. I make decent money for only being 3 years out of college (as an engineer), but I'm still living paycheck to paycheck trying to keep up with my horrible spending habits.

Things I have done:
- Reduced eating out to occasional (once every week or two) "date nights" with current girlfriend.
- Started cooking for the week on weekends
- Started going home for lunch instead of going out to eat (I need to start bringing my lunch with me, but I'm forgetful)

Things I know I need to do:
- Pay off the totaled car (2k left) to free up $480/month in cashflow
- Pay off credit cards ASAP
- Pay off bike ASAP
- Pay off student loans, car, and house. In that order

Things I should do, but don't want to:
- Sell the bike (I'm a new rider but it's currently my best form of stress release)
- Sell the car and replace it with something used and reliable (I plan on  keeping this car until the wheels fall off. It's relatively fuel efficient and, so far, reliable)


With all of that being said, what are some things I could do to increase income/reduce spending? I have considered a temporary second job, but finding a place that will hire an engineer to work weekends part time isn't the easiest thing to do, and I travel too much to do anything during the week. I'm pretty well aware of the level of shit I am in, so please keep comments productive as I already know how disastrous my choices were.

ToTheMoon

  • Pencil Stache
  • ****
  • Posts: 509
  • Location: BC
Re: Need help getting back on track
« Reply #1 on: January 30, 2017, 08:35:06 AM »
First of all, I hope that 2017 is a much better year for you!

Second, its okay that you made these mistakes.  Learn from them.  Obviously stress is a trigger for big irrational spending, and next time you feel your stress level rising, you will hopefully be more aware and will stop yourself before signing on the dotted line, or swiping that credit card.

Third, you are already aware of the damage, and are taking steps to mitigate it.  Congratulations, you are already on your way to being okay again.

I don't have any advice above and beyond what you will find with a quick scan of these boards, but I am glad you are facing this head-on, and that you will find yourself back on track in a very short amount of time.  Keep it up!

(PS - a weekend second job doesn't have to be in engineering - do something a little more fun, that will still earn you some money towards making headway on these debts!)

plog

  • Stubble
  • **
  • Posts: 212
Re: Need help getting back on track
« Reply #2 on: January 30, 2017, 08:38:06 AM »
Here's what I heard:  "I accidentally shot myself in the mid-section while pointing a loaded gun at my stomach.  Now, I don't want to go to the hospital, but I'm bleeding out and I can see my innards.  Does anyone have advice on to what I should do--short of doing what I need to by going to the hospital--to alleviate this pain?  Like should I take 3 aspirins?"   

Your post basically came down to this--tell what easy things I can/and will want to do to get better financially--keeping in mind that I don't want to do the big painful things that will actually move the needle.

What really makes no sense is you posting on this forum to begin with.  You obviously know what the right things are to do (you told us already you don't want to do them) and then you post on this forum which is famous for giving good, unpolite advice?  Really what are you looking for exactly?  This a troll? MOD NOTE: RULE #1 When someone comes and genuinely asks for help and shows self-awareness, even if they may be a little resistant, they belong here. Not everything with money can be made black and white and logical, especially when emotions and life are tied up in it. Show some compassion.

OP - I would highly suggest you do a "Case Study" so we have all the info and can help you get back on track: http://forum.mrmoneymustache.com/case-studies/how-to-write-a-'case-study'-topic/
« Last Edit: January 30, 2017, 08:48:06 AM by swick »

JordanOfGilead

  • Bristles
  • ***
  • Posts: 428
Re: Need help getting back on track
« Reply #3 on: January 30, 2017, 08:40:28 AM »

(PS - a weekend second job doesn't have to be in engineering - do something a little more fun, that will still earn you some money towards making headway on these debts!)

I was more referring to the fact that most employers of weekend employees will choose not to hire somebody that is overqualified. It's an issue I have run into in the past.

JordanOfGilead

  • Bristles
  • ***
  • Posts: 428
Re: Need help getting back on track
« Reply #4 on: January 30, 2017, 08:45:12 AM »
Here's what I heard:  "I accidentally shot myself in the mid-section while pointing a loaded gun at my stomach.  Now, I don't want to go to the hospital, but I'm bleeding out and I can see my innards.  Does anyone have advice on to what I should do--short of doing what I need to by going to the hospital--to alleviate this pain?  Like should I take 3 aspirins?"   

Your post basically came down to this--tell what easy things I can/and will want to do to get better financially--keeping in mind that I don't want to do the big painful things that will actually move the needle.

What really makes no sense is you posting on this forum to begin with.  You obviously know what the right things are to do (you told us already you don't want to do them) and then you post on this forum which is famous for giving good, unpolite advice?  Really what are you looking for exactly?  This a troll?
That's a pretty accurate summary. I guess I was just wondering if there was anything I have been overlooking that might allow me to not make the big changes that should be made, or if I absolutely have to pull the trigger and get rid of some things.

Reynolds531

  • Bristles
  • ***
  • Posts: 298
Re: Need help getting back on track
« Reply #5 on: January 30, 2017, 09:05:26 AM »
You should think about going to a divorced dad's forum. Even if you aren't a dad. You shouldn't date for at LEAST a year. If you do, don't get a rebound relationship pregnant.

I'm sorry I don't have a more polite way to say that. It is the greatest clear and present danger to your future.

JordanOfGilead

  • Bristles
  • ***
  • Posts: 428
Re: Need help getting back on track
« Reply #6 on: January 30, 2017, 09:17:39 AM »
You should think about going to a divorced dad's forum. Even if you aren't a dad. You shouldn't date for at LEAST a year. If you do, don't get a rebound relationship pregnant.

I'm sorry I don't have a more polite way to say that. It is the greatest clear and present danger to your future.
I appreciate the advice. The girlfriend is an old friend and we have been taking it slow, but I will definitely read into it.

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1368
Re: Need help getting back on track
« Reply #7 on: January 30, 2017, 09:19:29 AM »
Don't buy anything more on credit until you have dramatically reduced your debt. When you eliminate your credit card debt, always pay off the full balance every month.

Cooking at home is a great way to save money & eat more healthy choices. There are recipe blogs that can teach you how to prep meals that you freeze & then cook when you want them, which IMO results in better taste & less work. Also, plan to cook one meal that will produce servings for multiple meals including repurposing them into sandwiches, salads, soups, etc. An Instant Pot electric pressure cooker helps with great tasting, set it & forget it meals in far less time than a slow cooker (crock pot) yet can also be used as a slow cooker if you prefer.

A recent engineering grad friend of my son is bartending in his 'spare' time on weekends. DS has been getting good money tutoring; SAT/ACT prep teaching is also a possibility.


JordanOfGilead

  • Bristles
  • ***
  • Posts: 428
Re: Need help getting back on track
« Reply #8 on: January 30, 2017, 09:47:52 AM »
A recent engineering grad friend of my son is bartending in his 'spare' time on weekends. DS has been getting good money tutoring; SAT/ACT prep teaching is also a possibility.
That's something I hadn't considered. I have tutored in the past. I'm sure I could make decent money out of it again. Thanks!