ldegoth (ldegoth) wrote in lwym,

good day all

intro post here .i have already declared bankruptry..so we won't go into that.
right now i'm 1192 in current debt, 2 credit cards and one bill me later thing. (which needs to be done and gone by 1/1/09) now minimum payments on cc's are 30 i've been paying 45. but with our monthly expenses i haven't been able to add in anything over that. now here's the kicker, i have 162 supposedly left over after bills. where the heck is the money going? i honestly have no clue. and i'm very annoyed at myself by this.
i'm wishing i didn't have to pick up the p/t job since i'm looking towards going back to school. but since i'm pretty sure i won't be able(i think i missed the deadline) till winter..it's appearing to be a good idea right now.
so i joined this community to help be a little more accountable to what i'm doing with our money.
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Most financial advisors recommend, for one month, saving all your receipts for everything you buy. If you do something that doesn't have a receipt (say, buy a coke or snack from a vending machines), write it down on the nearest receipt. Keep all the receipts together in an envelope or shoebox.

At the end of the month, sit down and see exactly where your money goes. It's a heck of an eye-opener. And it's an excellent way to see just what your spending habits are, and see how much you spend on what (food, going out, movies, CDs/DVDs, clothes) so that you can make a smart budget and determine what areas you can more easily trim money from.

Like me, my bad habit was always coffees. I never knew where my cash went, and then at the end of the receipt month, I realizes I was spending nearly $50/month just on Starbucks, because I liked a particular drink of theres (the white chocolate peppermint mocha)...so instead I started buying my own coffee, making a small pot, and I bought a bottle of peppermint syrup ($5, bought it over 6 months ago and I still have half a bottle)...I mix some milk, hot cocoa mix, and a little bit of the syrup into my coffee, and it tastes exactly the same. I can even add a little whipped cream to the top if I feel like it ($2 at grocery store)

bag of coffee - $5 (makes about 11 pots [4 c per pot])
bottle of syrup - $5 (makes 25 1oz uses)
hot cocoa mix - $2/box (makes 16 servings (use 1/2 packet)
milk - $4/gallon

Anyway, yeah...I ramble...but it's way cheaper making it at home, and that's $50/month more I was able to put towards my debt.


Also, as far as your credit cards--it's good that you pay more than the minimum, but you might want to consider just paying the minimum on the larger one (or the one with the lower interest rate) and then putting that extra $15 towards the other one, so you can pay it off faster. The whole "divide and conquer" concept doesn't work well when it comes to credit cards--because of the interest rates, the closer you pay to the minimum, the longer they stick around. If you throw all the excess money at one, it will disappear faster, and you'll feel a big sense of accomplishment from having one of them gone, and then you'll be able to put all of that $90 towards the other one and get it gone quickly too.

Best of luck!!! (from someone who's been there) :)
i have been paying off the one that charges me 50$ a year, it is also the one that has the lowest balance now. (go me!) they both run the same interest rate. so it's the one that charges me extra for the priviledge of using it. yeah. bye bye. and i'm going to try the save the receipt thing. it's just so much clutter thou. i really hate doing it, i know i need to thou.