Needing major financial advice ASAP!!!

lisopiso

Alrighty, so where do I begin?!?!?!

I'll start from the very top, and I'll work my way down.

~JUST GRADUATED (woo)
~a little more than $10,000 in student loans
~a little more than $500 on a credit card
~working part time at a retail store making only $8.24/hour -- attempting to get a position at the hospital (making ~$22.00/hr)
~living in a 1 bedroom basement apartment, $650/month inc. heat, lights, cable. internet ~$35 extra a month, cell phone ~$40 a month. (BY MYSELF)

So, basically... My debt is snowballing, the boyfriend is unwilling to move in (we haven't been dating long enough) and I'm frustrated beyond belief!!!

The money that I make goes directly to my rent, and whatever I barely have left over.. goes to the little bit of food that is actually in my fridge.

I need help, I'm so lost right now. I've been applying for fulltime jobs (anything) just so I can try to get ahead, but I'm scared that I'm too far behind.

azjh77

Do you have to pay your student loan back yet? Can you do a few more hours at your current job? How many hours are you doing now? Have you looked at the old school savers board? (Not sure if it's called that actually!) Loads of ways to make you money - and food ! go further. I'm feeding 6 on less than £40 a week thanks to tips I've picked up.

Someone in 'the know' will be awake soon to come and help you out! And don't worry, you have come to the right place.

lisopiso

I didn't realize this was a UK site, but I'm talking Canadian Dollars here...

Currently on the student loan, they're only asking for the interest (which is ~$100), and that's until September... But I haven't been able to make any payments. The late charges are killing me.

The shifts at work are very random and don't follow any sort of pattern. One week I may be working 10 hours, while the next I'm up to 24. They have actually been REALLY nice to me, as I explained my situation (some what) -- They have been calling me into work if someone calls in sick. Like today, I picked up a 7.5 hour shift.

As for food, right now I'm living off oatmeal, pasta, peanut butter sandwiches, and apples. I try to buy in bulk, and even though I'm young, I'm an excellent chef.. so I can make boring things interesting!

I'm considering downsizing in the apartment section, but I'm scared it will cost me more than I can afford, I also wouldn't be able to enjoy my free cable!

Penny-Pincher!!

Hi There

Would it be possible for you to take on a second job; maybe in a bar or serving food? This way you would eating a good meal daily! I know its probably not what you want to do just graduating but we all have to start off somewhere. Theres also housekeeping or laundry or dog walking

Good Luck.

PP
xx

lisopiso

I actually JUST tried the second job situation, although unfortunately the availabilities did not work out between the 2 jobs.

I'm considering selling some used workout equipment that I have just sitting here. -- ok, I've actually just posted the sale of a Tony Little's Gazelle for $63 OBO!! --- wowzers, within 6 minutes I had a reply with someone interested in buying!! who doesn't love the internet!!

On Friday I handed out resumes to local shops within walking distance, there is also a supervisor position at my current job that I will apply for, it would bump up my hourly wage and give me fulltime hours.

I often eat a nice healthy dinner at my boyfriend's house (2-3 times a week). His family is truly generous :A

hypno06

Hi Lisopiso, it doesn't really matter that you are the other side of the world, the desire to become debt free and the principals involved are all the same really, regardless of currency!

Don't worry about being too far behind with things at the moment. But what I would suggest is that if it is becoming a problem not being able to afford things, ring your loan providers and tell them - they are generally much happier if you go to them first when difficulties strike and are more likely to help you out with payment extensions etc.

Your fluctuating income is obviously the major issue here and I wish you all the very best in job hunting. Keep going, something will turn up.

Def get into selling unwanted stuff - you will be amazed what goes on ebay and the like and it will give you cash and quickly!

Keep posting and good luck xx

mattfiona

I'm sorry I don't have a lot of advice but just wanted to say I hope things get a bit easier for you soon - I know what it's like to have student debt, not fun at all! - good luck xx

Sus1e

Please can you post a full SOA on here so that people can help you find out exactly where the money is going and what you can cut back on - this may help you with your budgeting as well!

lisopiso

I can't try to make a SOA... Although, my income differs monthly due to the shifts that I'm working

Job #1 in May alone I made - $359.59
Job #2 in May alone I made - $445.55

Total - $805.14

The amount from job #2 is only from working one week, unfortunately things did not work out... but at the time I had been expecting it to, so I paid some bills off, leaving me short for rent.

Rent is $650 (I'm $150 short for this month)
I paid $60 twoards my cell phone bill - still $63 remaining.
I paid $30 towards the internet services - still probably around $120 remaining.
I paid $63.01 for gas in my car -- which I'm still driving off of
I paid $34.00 towards bus tickets (for job #2 I was busing to avoid paid outrageous gas prices and parking fees -- I still have $20 worth of tickets left)
I paid $57.29 towards groceries.
I paid $20.00 for clothing.
I paid $30 for entertainment.

So that works out to about $744.30 spent

So that should leave me almost $30... but I definitely don't have that in the bank. But I did take some money out of my bank and just spent cash... So it's probably about $30 towards misc.

I didn't pay a cent towards my credit card which is at $595.00 and my limit is $500 -- so I'm $95 over my limit. I also didn't pay anything towards my student loan which is at $10,052.00 -- $52 over my limit!!!

I have yet to refund the $20 worth of bus passes, and have about $5 in my wallet, random change in a bowl in the kitchen (I have no idea how much is in there)

My car is a neccessity, it gets me to and from work, I also have family that live about 45 mins away in almost each direction. I don't visit too often, but I'd say at least once or twice a month.

I've really put myself in a bind, since I'm short from my rent, I need to borrow the money from my next pay, which was suppose to go towards next month's rent... I NEED HELP!!!

lisopiso

I think I'm going to keep better track of my expenses -- use more cash, and whatever change is left from that, put it in my change bowl and roll it up at the end of the month and put it towards the debts.

lisopiso

UPDATE:

I'm getting myself on track, FINALLY!!

NEW SOA:

Monthly Income
$1500

Monthly Outgoings
Rent $450
Electricity $30
Internet $37.05
Cellphone $50
Groceries $75
Car $20 (which will be taking the insurance off as of November)

$644. 05 ($6 less than my old rent on half the income!! UNCANNY!!)

Current Debts
Student Line of Credit $9,927@ 7% interest - paying about $200 or more, which is matched by my dad!!!
"Value" Visa $466 @13.9% interest - $60 I should pay more on this.

From joining DFW I have successfully paid off well over $500 of old debts!!!

As it shows, I have about $600 left over which goes to entertainment, clothing, christmas savings, and normal savings!!