Debt/Credit Score/Budgeting

[paranoidmexican]

Hey Bikeguide, I thought we could discuss the one thing that plagues us all.....debt. Maybe we can give each other tricks and tips?

I'm about $1200 in debt via credit cards. I really want to pay them off ASAP, but with bills I'm lucky to pay off $100 here and there. Is getting a personal loan to pay all my cards off in one sweep worth it? Will this negatively affect my credit? Or help it? Or would you say I'm better off chugging along slowly but surely as I am now? I make about $2600 a month and pay about $2300 in rent, car notes, etc...

My wife makes about the same as I do, but her credit score is in the lower 600's. We're using her paychecks for the baby (due Oct 15, woo) and food/groceries/gas.

As is we're making ends meets but living check to check. This is one thing I REALLY want to get out of.

My credit score is in the mid 600 range and my goal by 2018 is to have as close as perfect score as possible and buy a house. (I was trying to buy a house this year but my credit was short a few points and I couldn't make the down payment)

[Prodigal Son]

Assuming you're not adding to your $1200 debt besides the cumulative interest, you really aren't that bad. Make more of an effort to pay it down. Since you have multiple cards(?) pay off what is gathering the most interest as fast as possible. If you're living paycheck to paycheck now, make shit tighter. Cut your cable bill, raise your thermostat. Do what it takes.

[Narcoleptic Insomniac]

Adjust spending so that you can save a third or at least a quarter of your monthly income. Invest that into an index fund or whatever you're into. I prefer this over owning a house. Over 25 years it should be worth about the same minus all the hassle of home ownership and even more so if you decide to move to another city or even within the same city because selling a home is expensive.

[andreas]

my current and future income for the next year is close to zero, i have 7k debt, how can i wipe this out? thanks /r/finance

[sokoloka]

Budget.  Budget.  Budget.  Do some forensic accounting - narrow down where every penny has gone so far in 2016.  See where you can eliminate any waste or excessive spending moving forward.  Only you can break the cycle of living paycheck to paycheck.

You have another life you're bringing into this world in just a few short months.  NOW is the time to develop a plan and the financial habits that afford you and yours the financial security you need.

Regarding your credit card debt and your credit score; how does the balance you're carrying compare to your total overall credit limit?  If you're serious about improving your credit score quickly you need to drop your balance down to under 30% of your total revolving credit limit ASAP.

Do you have any savings?  Where was this down payment going to come from?  What sort of car notes are you carrying?  Buy or lease?

[PabstBlueRibbon]

shit $1200 in debt. Sign me up. Between school loans, mechanics tools, harley note, credit cards, and the house. I might kill you if I give you the number.

[ginger]

If you have a baby coming and only have $300 a month left over, you're gonna struggle. If you are renting, downsize immediately.

As for the credit card, sometimes you can get a deal on a new account that will have 0% interest on balance transfers. Open one of those, transfer all your other debt to that single card and then pay it off before the 0% interest offer expires. Then close the account and never get another credit card ever again. If you can't manage $1,200, you should not have a credit card.

[paranoidmexican]

Thanks for the sound advice guys. I ended up staying in my current apartment, the only things cheaper in the area are super shitty/ghetto. If I was single I would live in the hood and not be bothered.

What I might do is try and get a part time job since my full time job is barely alive (as some of you may know, I work in the Oilfield and business is not very good). That's really why I'm struggling a bit now, this year I took about a $20,000 pay cut and it hurts.

I'm planning on refinancing my wife's car pretty soon. Back in 14 when I was making damn good money I bought her car and my truck. I was stupid and went with the first deal I got. Both vehicles had almost 20% APR!! I refinanced my truck and got it down to 8% significantly lowering the payment. That's the plan with her car.

My wife and I were talking about our budget last night. Our biggest fault is eating out. She works for AT&T installing Internet  (I think this is a man job, pregnant women don't need to work outdoors) and when she gets home is too tired to cook, and I'm kind of a piece of shit and can't cook. As a result, we end up getting some shit fast food. My goal this month is to read some cooking for dummys stuff online and do some learning. This will also help with my current health issues too. Yay diabeetus.

[14thStbikes]

If you want an easy/tasty/cheap meal to cook and like fish give this a try:

Roll out a piece of foil or parchment paper about 18-24" long.
Slice tomato, onion, lemon into thin slices and layer on foil/parchment (I also toss in basil, up to you though)
Season the veggies with salt/pepper to taste and hit it with some olive oil or a few slices of butter
Lay fish ( I usually use a cheap whitefish but up to you) on top of the veggies, season both sides of fish with salt/pepper
Toss some more lemon and olive oil/butter on top of fish
Roll foil/paper into a sealed pouch and put in baking pan in a 350* oven for 20-30 minutes

You can serve this with some plain rice or pasta as there will be a nice broth/sauce in the pouch.
This will serve 2-4 people depending on how much fish for just a few bucks and is quick, simple and cheap.

I have plenty of other cheap/easy meals but this is probably the easiest to prep and clean up for only a couple dollars.

[paranoidmexican]

If you want an easy/tasty/cheap meal to cook and like fish give this a try:

Roll out a piece of foil or parchment paper about 18-24" long.
Slice tomato, onion, lemon into thin slices and layer on foil/parchment (I also toss in basil, up to you though)
Season the veggies with salt/pepper to taste and hit it with some olive oil or a few slices of butter
Lay fish ( I usually use a cheap whitefish but up to you) on top of the veggies, season both sides of fish with salt/pepper
Toss some more lemon and olive oil/butter on top of fish
Roll foil/paper into a sealed pouch and put in baking pan in a 350* oven for 20-30 minutes

You can serve this with some plain rice or pasta as there will be a nice broth/sauce in the pouch.
This will serve 2-4 people depending on how much fish for just a few bucks and is quick, simple and cheap.

I have plenty of other cheap/easy meals but this is probably the easiest to prep and clean up for only a couple dollars.

that sounds really good, and easy. If you want to send me more recipes like that I'm all ears...err eyes. adambmx1990@yahoo.com

[Stoked]

Buy a slow cooker.  Cooks all day, you basically come home to a meal.  Pork, chicken, chili, stews....

[Narcoleptic Insomniac]

If at all possible where you live, think about getting rid of your car and just bike everywhere.

[MEAT]

Sell both your cars and buy something cheaper/older, it probably doesnt even have to be something shit or boring, just a bit less new.

My missus is a coupon dork, she saves a fucking fortune, ie many grand per year. Quite a lot of work mind...

Sell your ass.

[paranoidmexican]

If at all possible where you live, think about getting rid of your car and just bike everywhere.

this is suicide in Houston....lol. I wish though, maybe if people didn't constantly try to run over bikers here.

[paranoidmexican]

Sell both your cars and buy something cheaper/older, it probably doesnt even have to be something shit or boring, just a bit less new.

My missus is a coupon dork, she saves a fucking fortune, ie many grand per year. Quite a lot of work mind...

Sell your ass.

You looking for a good time sailor? we've never really tried coupons, but I think we're going to try that now. My mom does it and her garage is a damn warehouse almost haha