Fun Stuff > CHATTER

Making ends meet

<< < (8/22) > >>

Jimmy the Squid:
I'd like to point out that I'll be getting my first full paycheque from my new job next week. I owe Riz something in the $1000 mark and I owe my girlfriend around $200ish. I also have a leftover phone bill to pay and there will probably be other stuff that comes with moving house over the weekend.

All that said, I really want this leather jacket I saw the other day. It's awesome but it's also $250. Fuuuuuck.

Katherine:
Elysiana use your tax refund to pay down your credit card right now.  That is less interest that you will have to pay back over time than if you just increase your monthly payments.

Another thing I thought of which is small but small adds up - you can totally make your own re-usable dryer sheets instead of buying the boxed kind (assuming you use dryer sheets and don't add fabric softener to the wash cycle.)

There are tutorials online if you Google, but it is something like: mix some liquid softener with water, soak an old washcloth in that and let air dry.  Then use the washcloth as a dryer sheet. Works for like 10 washes then just repeat.  I have yet to try it as I am using up the last of my boxed sheets but people swear by it and you can make a bottle of liquid softener last for years this way.

Verergoca:
Well, once you have figured out your budgetting, you should also make agreements with your significant other about which account is used to pay which budgetpart. (For example, i send money to my lady for the rent, which she pays, while we have a combined account for groceries). With your situation, one for emergency's and one for normal use might be an idea.
Spreadsheets win for this btw.

Also, you say that a savingsaccount isnt as easy to access, but that depends a lot on the kind of account you pick. There are a bazzillion types of savingsaccounts, one of those will have accesability, combined with a wee bit higher interest. (Not sure if your bank is as handy as mine, but i can start a new account from home (huzzah internets!)).

Oh, and with the baby on its way, id recommend in starting a savingsaccount now, for when he/she becomes an adult and wants to study. (That one should be locked down for maxx interests over about 16-17ish years) (My parents did it for me and my brothers, and while it helped me study, they also got a nice new car because my brother decided not to study.)

The Seldom Killer:
With regards to the saving account, at the moment it would appear that savings are pretty much worthless in as much as the interest that they pay is typically less than the rate of inflation so don't get a savings account for the interest. However, a seperate account into which you can put surplus and access it quickly will be beneficial. When I was last in Canada my bank was a supermarket because it was free and like most Brits, I take exception to paying a bank to hold on to my money. I also got loyalty points for spending at the supermarket which resulted in money off and coupons. As with any cushion, put it where the dog won't piss on it.

Pay off your credit card. Paying monthly just means that you are paying more interest for longer when it could be in your pocket. Once you have good credit, it pretty much sits with you until you do something stupid or do so little that you get considered dormant, which is almost impossible these days as credit agencies are a bunch of sticky beaked fuckers who want in on every shit you flush down the toilet. All you're doing now is handing over money to the lender for what amounts to no good reason at all. Pay off what you can now and with anything else it's time to be a rate tart. Find the next lender prepared to offer you free balance transfers and get a credit card from them. Once you've transferred the balance then cut up the old credit card and cancel it if this won't piss off your financial institution. Now pay off that card as quick as you can. The best advice is always to find the debt with the most interest and pay that fastest while servicing the other debts. A free balance transfer period on a credit card is the only exception to this because when that interest kicks in, it will always be worst. If you need to do it again, keep jumping lenders until that credit card is payed off (terms and conditions may apply, always read the small print). I know someone with eight cut up credit cards through doing this because they're too shy to cancel anything, the damn fool. Once credit card debt free, the only reason to keep one is if it offers you benefits such as airmiles, extended purchase protection etc. Even then, only use it when you have the hard cash to pay it off before the next bill lands.

Rationalise - is sharing that cell plan really working for you. If not you may have to hang your mum out to dry on that one. If you're broke and proping up someone that needs it less than you then that basically isn't fair. I'm sure your mum is a lovely person so look at the options and talk to her about it. See also about web-based texting services for costs as they may be cheaper. I presume that you're claiming a portion of the costs of the phone use against tax as a legitimate company expense along with travel costs and any other costs that you might reasonably incur such as venues, subsistence etc. See if one of your banks will offer a bit of free business advice to maximise income generated or perhaps a state advisor. That is, of course, presuming that the company makes a profit. If not, sell it on or wind it up now (selling may be a viable option even if the company is profitable in order to bring in a lump sum and mitigate debts and free up some important paternal time when the baby is born).

Try keeping track of spending without changing anything first. A free copy of Open Office and use of spreadsheets will allow this. I or a more local forumite will probably be able to offer support with this if needed. Speadsheets are a great source of joy and delight when used in your personal life.

Katherine:
Actually you can kinda fuck up your credit score by canceling credit accounts.  Your credit score is based in part on the length of time you have had credit and the ratio of your outstanding credit versus your credit limit(s).  Pay them off but don't cancel them right away unless they are relatively young accounts or they charge you a monthly fee.  If you want to prevent yourself from using your credit cards impulsively, stick 'em in ziploc baggies with water and freeze them.  Then you have to work to get at them to use them (don't use the microwave!) so you have time to think about your purchase while they are thawing and possibly change your mind.

Navigation

[0] Message Index

[#] Next page

[*] Previous page