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anyone in fear about debt?

Posted: Jun 8, 2010

I have been a transcriptionist for 16 years and am back in school full time to get a degree in social work. I'm shooting for an MSW. My husband makes roughly 2400 a month. I have just over 4000 in savings to supplement. Individually, we are each 25k in debt. This doesn't include the school loans I will be accumulating in the next few years to achieve my degree. We also have roughly 1600 dollars a month living expenses (utilities, mortgage, phone, sewage, groceries) Both cars are paid off, only have one credit card (balance is 9k), school and hospital bills (which we do not pay). Taking out loans for school scares me, but I can no longer make a living as a transcriptionist. Thoughts? Advice? Tips on saving and paying off debt? (Husband never worries, wish I had his peace of mind lol). Thank you ladies.

;

Debt/Saving - NO DEBT

[ In Reply To ..]
The best advise: http://www.daveramsey.com

was hoping for personal testimonies - sm

[ In Reply To ..]
Not an advertisement for the purchase of something. Thanks anyways.

she's right about Dave Ramsey - see below

[ In Reply To ..]
he has helped thousands through his Financial Peace University. The classes are offered at my church once a year. It is not rocket science. He recommends paying off credit cards first. He also gets hard core about ANY unnecessary expenses such as eating out, Starbucks coffee, convenience store purchases, magazines, etc., basically anything you don't really need. Need vs. want. If necessary, he says to eat beans and rice for every meal. That is just one example. How bad do you want to get out of your debt?

He talks about getting second jobs and doing whatever it takes to get yourself out of debt asap. It is a great program but will require much discipline. His show is shown in the evenings on FBN if you have that channel.

How secure is DH's job? That's something to take into consideration. - Backwards Typist

[ In Reply To ..]
First, you should sit down and write up a budget for a month. Write down every nickel you spend. You'd be surprised how much you spend on little items. Then start cutting out those little items. It'll hurt, but only for a little while.

Also, you should have at least 8 months savings to cover your living expenses should something happen (loss of job, injuries, etc.) and you should work on paying off that credit card ASAP.

Use CASH only for any purchases, including food. If you don't have it on you or in your pocket, you can't spend it.

Use coupons and cash for groceries IF and only IF, it's a product you always use...and check how much you spend on groceries each month, then cut it in 1/3 to 1/2. I've done this and was surprised how much I didn't miss buying. Take so much money with you and don't go over that...take a calculator with you to add the prices as you go along.

Throw all your change in a can or some other place and don't touch it for a couple months. Put that extra cash on a bill or use as a treat (dinner out). I would throw my change in the bottom of my purse and when it got too heavy to carry, I'd empty it into a can. I was surprised to count out over $25 in cash from one purse cleanout. LOL

Try to cut down to using 1 car; i.e., have hubby stop at the store if he's on his way home from work instead of you driving to the store. Combine trips at all times if possible and make sure every place you want to go is on the way. Don't go out of your way for an item or two.

Eat out once in a while, but not every week or more than once a week (make it a treat for yourselves if you're sticking to the budget). If you go to the movies, stop. It's cheaper to get the DVDs when they come out.

That's all I can think of right now. Hope this helps.

thank you very very much - :) nm

[ In Reply To ..]
nm

Getting rid of all credit cards is a sure-fire way - to stop adding to debt. (sm)

[ In Reply To ..]
As for school loans, what about something less expensive, like small community colleges or night schools?

Buy only your fresh produce at the supermarket (unless you're lucky enough to have a local farmer's market), and buy everything else at Walmart, Costco, Dollar stores, etc.

NEVER buy new clothes. (Except underwear, of course!) Secondhand stores often have lots of great things, for pennies on the dollar.

Dump all the gimicky gizmos on the cell phone, and just keep the calling feature. Who REALLY needs to text, or download movies with their phone, if they have a computer?

Turn off your pilot light in the heater during the summer. House will stay cooler, bill will stay lower.

Check your car's tire pressure monthly. Underinflated tires eat up gas. Get the oil changed regularly, it will prolong the life of the engine.

I'm paying off debt on my Mastercard. Until it's totally paid off, I WILL NOT USE IT. Also, pay as much over the minimum each month as you can. You can always skimp somewhere else, like on groceries.

Cut dryer sheets in half. You don't really need the whole thing, anyway.
Cut up pieces of paper that only have print on one side (statements, notices, letters, etc.) into 4 small pieces, and staple them together. Now you have lots of scratch paper for things like notes to yourself, shopping lists, etc.

Barter. If you have a great veggie garden, get to know a neighbor with chickens (eggs).

Got stuff you don't need or use cluttering up the house? Sell it on Craigslist. And don't try to get back what you paid... sell it cheap, and people will buy it. When I had to move in a hurry a few years ago, I sold a LOT of furniture and other stuff very fast on CL, which gave me the cash to pay some guys with trucks to help me move the furniture I did keep. Once settled, I also found all my replacement furniture on CL. (Had to downsize, not only apartmentwise, but with respect to the size of my furniture, as well.) In one case, I even made a purchase and a sale on the same street! Sold a Dustbuster to a lady on that street for $15, then walked 1 block to another lady's apartment, where I bought a kitchen butcher-block table for $40. I also got my living room couch for free from some neighbors of mine in my old apartment building who were also moving, and didn't have room for it. I love it! It's one of my favorite pieces of furniture.

Anyway, you can do it. Just get creative! :)

thank you :) - nm

[ In Reply To ..]
nm

Gone past fear, because it all happened already! - StartrekMT

[ In Reply To ..]
Kept MTing as a single mom the only breadwinner in the house after being separated over a year ago. This year: Lost my car, got evicted, went to Salvation Army for food. Survived. Went back to get my Master's on-line, bought a car with cash, found another apartment near my son's grandma so she could help watch him so I could get a job while going to school, and now on a budget. All of this happened within the last year during an extremely painful and bitter divorce. My tip is: Don't let it get so far that you lose everything, but if it happens, well, life has a way of turning things around. It hasn't been easy, but my son never went hungry; without a roof over his head for a second, and though I have good and bad days for the struggles learning to understand simple things in life. Hang in there. And remember the loans have to be paid off some day but not now. Make good use of them, enjoy going back to school, and in the darkness of the storm remember there will be a rainbow. That's a promise. No practical advice here, just some advice from someone who has been there and back. Good luck to you!

gone past fear - sm

[ In Reply To ..]
Thank you for the advice. Congrats on getting your Master's degree, I'm a long way away from that, but I will keep my eye on that prize. It is bizarre going back to school full time at this age. But its a new experience that i'm enjoying. Sometimes I regret getting into the MT biz, but I made quite a bit at one point and we wouldn't have our house without it. I appreciate your input.

You will do well - StartrekMT

[ In Reply To ..]
You are welcome. And thank you for the congrats. I am entering my second year, and it was tough the first year getting used to deadlines and requirements for those thesis papers with all the footnotes and bibliographies! But after getting used to it, no problem now, grades went up. I bet you will have fun getting your new degree. Remember when people told us that going to college, etc. would be the best days of our lives? Well it isn't easy to study and have pressures even if we study on-line or in person. Especially after the warm stay at home world of MT in my jammies. But you are right. I too am a transcriptionist head to toe and always will be. And I don't think you should regret who you are. Just accept this new education as a gift and know that you will be able to do both careers too! Who knows, MTing might just be an "in thing" again. And you can counsel those who are having a hard time in their career and help others as you have been there yourself. Have fun in school by the way. It does get easier, I promise :). STMT

:) - sm

[ In Reply To ..]
Your words have helped a lot! Its nice to know someone else has gone through this, and that it does get easier. My first semester back was tough. I was on automatic all those years being a transcriptionist and these assignments in college, quizzes, papers...can be a bit overwhelming. I just have to remind myself this is the adjustment period, and not beat myself up so much if I get a lower score than I had hoped for. After all, its a "learning process" and if i'm in school, i'm learning. I'm also taking it all on line for as long as possible as i'm so used to being at home, not ready to give it up yet. Online courses seem tougher because you don't have the benefit of listening to lectures and other things. But again, your words have helped! I start a slew of new courses next week, good luck to us both!

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