TOTW Archive: Getting by on the minimum
Date: Fri, 09/30/2005 - 06:53
As all of us know, when you're in debt, you have very little money left over after paying "atleast the minimum" on your outstanding bills. Sometimes you're left with nearly nothing.
So, how DO you get by? First, you should always follow the "Pay YOurself First" rule...meaning, when you get that paycheck, make sure YOU are taken care of first! Do you have food? Essentials that are NEEDED? Gas? Budget some money for the above and only use what you will NEED.
As far as food goes, consider only purchasing store-name brands. I, for example, shop at Weis---where if you buy THEIR products, you earn points, which you can then exchange in for up to 20% off your grocery total!
Also, by things in bulk, like from Costco or BJ's, or something similar. In the long run, you'll save.
Calculate how much gas you really use in 2 weeks and only budget what you will NEED, plus a bit more, just in case.
After you've taken care of yourself, the rest of the money should be spread evenly to whatever bills are due. In no time, they'll be paid off!
Also, it's OK to treat yourself here and there to a movie, dinner, etc. Just because you're in debt, doesnt mean you have to suffer! BUT don't do it often. Make the money count...and before you know it, you're debt free! (Or atleast your credit score has increased dramatically!) :D
I always fill my gas tank first and buy bread,milk and a few nee
I always fill my gas tank first and buy bread,milk and a few needed foods.After the payday loan sharks take thier fees,theres not much if anything left.I pay my rent before the fees come out,so I always end up with overdraft fees on my account,so when my next pay comes,its always less.This week I am short about $400 to pay everything and not incur service fees.But I dont have an extra $400 laying around,so I will end up with more service fees again.Its a cycle I cant seem to get out of.Sometimes Im tempted to get another payday loan,but then I realize that would just make matters worse.A movie would be nice,but is not going to be in my budget anytime soon.I am just so close but yet so far away of being caught up.Thats all I want right now ,is to be caught up.People spend $400 everyday on clothes and silly things,and I just think that small amount to them would mean the world to me.Maybe one day my fairy godmother will come visit me and take this dark cloud from over my head.
If and when the day comes that I am caught up,I will make sure I dont do this to myself again.I cant wait for the day that I can take my kids to see a movie.Just to be able to give them the money to go see a movie with thier friends would be wonderful.
I would highly reccommend getting foods from the grocery store t
I would highly reccommend getting foods from the grocery store that are cheap and filling (ie. pastas). They are relatively cheap and will fill your belly --and are pretty healthy. Fruits and veggies are pretty healthy and cheap, too. No fast food - as tempting as it is. That is not healthy and the food-to-cost ratio is horrible. Budget your money to pay for the house over your head, then food.
Every family has different needs. Some are living on their own, while some have 4 kids to feed. So everyone's situation will be a bit different.
As for finding money to spoil yourself every once and awhile -- if it's been over 2 weeks and you haven't bought yourself something nice (like some fast food, a movie, etc) -- budget that in on your next paycheck and tell the loan sharks to screw themselves. There will always be time to make payments -- but there's never enough time to take care of yourself and your needs --it would appear.
Budgeting your finance properly, prepare a 'trial balance' for t
Budgeting your finance properly, prepare a 'trial balance' for the month just like business enterprises do.
All the sources of income can be listed in the left column and overall expenditure can be put in the right column. Some of us may find the expenses more than the income and the rest will find the vice versa.
The advantage of this record is that we will be practically evaluating our financial position each month. We will be anxious to increase our savings in the income column rather than increasing the debt in the expenditure column.
Learning things through practical experiences teaches you more than anything else.
One of my senior told me some time back...
"What you can learn in college in three years, you can learn that same thing or more than that in three days when you work."
I guess, it's so true.. Practical experience is more powerful than theoretical and things get implemented if proper planning is done on it.
Roxette
As twokidtwocat stated, I always fill my gas tank. I even hide m
As twokidtwocat stated, I always fill my gas tank. I even hide money in my wallet. There have been times when I have forgotten about it and was glad when I found it. Everyone has mentioned the obvious, to buy in bulks and buy store brand items. I also get money orders. That way I dont have cash on me and I wont be able to use my debit card since the money isnt in the bank. This has worked for me quite a few times.
I always make sure to have the necessities taken care of, such as food, gas,rent and day care. Everything else, I make sure that I pay at least a minimal payment.
As for going to a movie or treating myself or my kids, I take turns with one of my friends. Every other week we take each others kids out to do something, so our kids are not affected my our financial situation.
Tintin again
"Every Morning a Gazelle wakes up in Africa
It Knows it must run faster than fastest lion to survive
Every Morning a lion wakes up in Africa
It knows it must run faster than slowest gazelle to survive"
It doesn't matter if you are a lion or gazelle
When the sun comes out , you better be running. I believe that applies for everyones life, survival has no definition or limitation. You survive if you run faster than your debts. Every morning get up and plan for the day and run till you achieve it, be careful , budget properly .. blah blah. Live your life the way you want but think twice before your play with debt once.
Quote:
ways to climb out of debt |
Run and Run :) Look at my avatar, it says all
Tintin
LOL! I havent seen the "Adventures of TinTin" since...forever! I
LOL! I havent seen the "Adventures of TinTin" since...forever! It used to be on Nickelodeon. :D Old show! I remember his little dog too 8)
I usually buy gas first too. I usually buy gas before I go food
I usually buy gas first too. I usually buy gas before I go food shopping because I know I have to get to work or I won't have ANY money lol. Plus if I at least have gas, I can always go to my moms or my girlfriends moms house for dinner. Hey, I'm 25 I can still do that :wink: So it is gas...then food...then rent. All the other stuff can wait...you need to have food & shelter and then the other stuff can be payed.
