An odd title, but an important question that I never thought much about.
So way, way back in 2011 I wrote about debt & controlling mothers... By the end of that summer we got into another argument and this time she said "fine! then you can do it!". I haven't grabbed anything so fast in my life. ((Small recap, my mom wanted to be, and was in total control of my finances because blah blah blah and I was lazy & trying to do too much at once.))
After all was said and done I know have savings. Mostly because I finished paying off my card. I would have more if I have done my credit card balance transfer a hell of a lot sooner.
I transferred two credit card balances into one credit card bill. I had two bills that my mom had insisted on paying more then the min on. $275 each was what she had been doing before I got control of it. After? I'm paying $200 because that is the amount that works and is slightly over my minimum.
Unfortunately I chose to do a little math and looked into what was the minimum I would have to make per hour if I wanted to get a new job. I'm using really bad math but it makes for a nice cushion when planning.
Example:
$11 hr x 40 hr = $440 x 52 wk = $22,880 - 40% = $13,738
I played with my pay check and found that 40% was pretty close to representing taxes and health and 401k crap. I should have just gone with 50% and made my life a tad easier.
My old job? didn't pay anywhere near that. In fact, my bills were $3,000 over what I was making. Not counting the trips my mom encouraged me to go on and starting a jewelry thing. All the while saying I could afford it.
I was very lucky that I am so boring or it could have been much, much worse.
From a financial point, this was a very bad situation. Emotionally? Nah, I'm good. Yes we argue and such but it's a 'normal' thing. She has stopped asking if I want her help because I was mean and laughed evil.
Personaly I would be much better off if I could move out. But that is slowly in the works (p.s. the first time home buyers club is evil) but I don't know if I can scrounge up the closing costs. Closing costs are the devil.
Showing posts with label Paying Debt. Show all posts
Showing posts with label Paying Debt. Show all posts
Tuesday, March 28, 2017
Thursday, December 8, 2016
Debt, Life and dear god! An update!
Were to start?
The debt has been slowly taken care of. If I was to trust the little blurb in the corner of my bill I will be free of it in 3 years. I did not take out a loan and that would have been a very bad idea. I did merge two credit cards onto one card. This let me set up one monthly automatic payment.
The ordeal was a pain in the butt. The first transfer had to be done one the phone with a live person. Even though two other people told me I could just do it online. Frustrating but then I just did both with the wonderful woman on that call. So it worked out.
The weirdest part was that each separate card had been a min due of $250 - $300 EACH. Or rather I was paying out $500 to $600 each month.
The new one is $225-ish.
Let that sink in a bit. Because I flipped when I got the first bill. I have been able to save so much money. The new problem seems to be I can't save past a particular amount. This is a pain because of the BRAND NEW THING!
Which is I joined a First Time Home Buyer thing. It is total crap but should help me to ACTUALLY buy a house in two years. So there is now $188 a month going to a special account so that the government will give me a grant of $7,500.
Fact: I still don't have enught for closing costs. Which is the real killer in buying a house.
On the job side of life, after five years with my current job I have finally taken steps to look for a new one. I calle dthe temp agency that got me hired here and I will be sendign them my resume to get going again. The woman that answered my call was very nice when I started fumbling to discribe why I was leaving. I wanted to say that the enviroment wasn't what it was and was moving into mor toxic then I would like.
What I said was a jumble of starting and stopping and toxic and many 'it's just'. She said don't worry about it and started looking at my file. She was wonderful.
That is were the blog stands right now. Yeay?
The debt has been slowly taken care of. If I was to trust the little blurb in the corner of my bill I will be free of it in 3 years. I did not take out a loan and that would have been a very bad idea. I did merge two credit cards onto one card. This let me set up one monthly automatic payment.
The ordeal was a pain in the butt. The first transfer had to be done one the phone with a live person. Even though two other people told me I could just do it online. Frustrating but then I just did both with the wonderful woman on that call. So it worked out.
The weirdest part was that each separate card had been a min due of $250 - $300 EACH. Or rather I was paying out $500 to $600 each month.
The new one is $225-ish.
Let that sink in a bit. Because I flipped when I got the first bill. I have been able to save so much money. The new problem seems to be I can't save past a particular amount. This is a pain because of the BRAND NEW THING!
Which is I joined a First Time Home Buyer thing. It is total crap but should help me to ACTUALLY buy a house in two years. So there is now $188 a month going to a special account so that the government will give me a grant of $7,500.
Fact: I still don't have enught for closing costs. Which is the real killer in buying a house.
On the job side of life, after five years with my current job I have finally taken steps to look for a new one. I calle dthe temp agency that got me hired here and I will be sendign them my resume to get going again. The woman that answered my call was very nice when I started fumbling to discribe why I was leaving. I wanted to say that the enviroment wasn't what it was and was moving into mor toxic then I would like.
What I said was a jumble of starting and stopping and toxic and many 'it's just'. She said don't worry about it and started looking at my file. She was wonderful.
That is were the blog stands right now. Yeay?
Thursday, January 6, 2011
Should I get a Loan to pay off Debt
So... I had an idea. I could get a loan and pay less to pay it back then I am currently paying right now. Right now I am doing this with the assumption that i am paying $550 - $650 for my current credit card and car payments each month.
I am going to be talking about an obscenely large amount of money.
For the loan I am taking a rough guess as to what I still owe totally and a little extra for emergencies for the $30,000. For the $50,000 I was adding in college as well.
My main goal was to find a loan payment that would still be covered by un-employment if i happened to loose my job. Thus I could still make payments and look for a job at the same time. Or if I got my Bachelors in two years I would be able to move to New York City to start looking for a better job and still be able to pay the loan and other bills.
So if i got a loan to pay off my debt right now at:
loan = $30,000
Years to pay = 10
interest rate = %6
monthly payment = $333.06
I could pay off my car and all my credit cards and still have a cushion left over. OR to use the left over to make a large pay back.
I would still be saving money.
I could actually pay you rent every month and still save up money.
a loan for $40,000 @ 10yr would be payments of $444.08 which I don't see as being all that great since it wouldn't cover school. now if i did $50,000 @ 15yrs to cover school, debt and emergency cash...
loan = $50,000
Years to pay = 15
interest rate = %6
monthly payment = $421.93
That I could still handle. I could pay for school and keep the rest in my HSBC hi-interest savings and make some money off it that I could put towards paying it off.
For school I wouldn't have to pay it all in one lump sum. Plus I would get money back from school in my taxes. Which I could turn around and put back into the loan or savings account.
Key Bank only offers personal loans for 5yrs which will not work at all for this.
HSBC doesn't do personal loans just mortgages which doesn't help my situation.
M&T does a general purpose secured loan for 10yrs.
Now, after i poked around on the M&T site i found their calculator to see what kind of intrest i could get. for a new york resident wanting a $50,000 loan the interest rate would be %5.49 Which is lower then what I did my base numbers on.
loan = $50,000
Years to pay = 10
interest rate = %5.49
monthly payment = $542.38
%6 isn't that much higher of a monthly payment at $555.10
loan = $30,000
Years to pay = 10
interest rate = %5.49
monthly payment = $325.43
At this point i would actually have to go in and talk with someone at M&T back to see what my options are. to see if I could really get that %.49 rate and if I could get $500,000 for a 10yr loan.
if I can't get a 10yr loan, regardless of the amount, there is no real point to me getting a loan.
These numbers are not counting large sum payments made after I get my tax return back. depending what I get back. This would be able to give me the chance to get the principle paid off faster and lessening my interest paid over time.
If I could get the loan, finish school and get into NYC I could have a better paying job in about 2 1/2 years. I would have no car payments and no credit card payments. I would have and emergency build up that I could use for paying back the loan if needed that would not take away for what ever current pay check i would be getting. It would also allow my to make larger payments and knock it down faster.
The sooner we discuss this the sooner I can start school and stop worrying about what I am doing with my life. I can't keep living how I am. If taking out this loan can allow my to make the changes that I need then this is what I need to do.
https://www.mtb.com/personal/
http://www.bankrate.com/
I am going to be talking about an obscenely large amount of money.
For the loan I am taking a rough guess as to what I still owe totally and a little extra for emergencies for the $30,000. For the $50,000 I was adding in college as well.
My main goal was to find a loan payment that would still be covered by un-employment if i happened to loose my job. Thus I could still make payments and look for a job at the same time. Or if I got my Bachelors in two years I would be able to move to New York City to start looking for a better job and still be able to pay the loan and other bills.
So if i got a loan to pay off my debt right now at:
loan = $30,000
Years to pay = 10
interest rate = %6
monthly payment = $333.06
I could pay off my car and all my credit cards and still have a cushion left over. OR to use the left over to make a large pay back.
I would still be saving money.
I could actually pay you rent every month and still save up money.
a loan for $40,000 @ 10yr would be payments of $444.08 which I don't see as being all that great since it wouldn't cover school. now if i did $50,000 @ 15yrs to cover school, debt and emergency cash...
loan = $50,000
Years to pay = 15
interest rate = %6
monthly payment = $421.93
That I could still handle. I could pay for school and keep the rest in my HSBC hi-interest savings and make some money off it that I could put towards paying it off.
For school I wouldn't have to pay it all in one lump sum. Plus I would get money back from school in my taxes. Which I could turn around and put back into the loan or savings account.
Key Bank only offers personal loans for 5yrs which will not work at all for this.
HSBC doesn't do personal loans just mortgages which doesn't help my situation.
M&T does a general purpose secured loan for 10yrs.
Now, after i poked around on the M&T site i found their calculator to see what kind of intrest i could get. for a new york resident wanting a $50,000 loan the interest rate would be %5.49 Which is lower then what I did my base numbers on.
loan = $50,000
Years to pay = 10
interest rate = %5.49
monthly payment = $542.38
%6 isn't that much higher of a monthly payment at $555.10
loan = $30,000
Years to pay = 10
interest rate = %5.49
monthly payment = $325.43
At this point i would actually have to go in and talk with someone at M&T back to see what my options are. to see if I could really get that %.49 rate and if I could get $500,000 for a 10yr loan.
if I can't get a 10yr loan, regardless of the amount, there is no real point to me getting a loan.
These numbers are not counting large sum payments made after I get my tax return back. depending what I get back. This would be able to give me the chance to get the principle paid off faster and lessening my interest paid over time.
If I could get the loan, finish school and get into NYC I could have a better paying job in about 2 1/2 years. I would have no car payments and no credit card payments. I would have and emergency build up that I could use for paying back the loan if needed that would not take away for what ever current pay check i would be getting. It would also allow my to make larger payments and knock it down faster.
The sooner we discuss this the sooner I can start school and stop worrying about what I am doing with my life. I can't keep living how I am. If taking out this loan can allow my to make the changes that I need then this is what I need to do.
https://www.mtb.com/personal/
http://www.bankrate.com/
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