Advice on bills/life

General Off Topic
1

Guys and gals, I wanted to ask some of you some personal life advice. I’m 26 years old next month, I work six days a week, 10 hours a day give or take, and my bills/finances are seriously stressing me the hell out. I’m not frivolous with my spending by any means, it just seems like I can not get ahead a bit to save my life. I had my compressor go out in my air conditioner at my house fall of last year, and thankfully found a good deal on a used unit, but that put me back another $800. An unexpected emergency room visit was another unexpected expense last summer I had, that I’m still paying dearly for. Just wanted to see if any of my CF family had any suggestions or tips for someone who is to say the least…money stressed. I know it’s tough for a lot of people out there it’s not just me. But at this point I feel like I’m going to have gray hair by the time im 35! Thanks for the advice guys and gals.

Tyler

2

You will have your ups and downs. As far as the emergency visit bills go, look into financial aid the hospital may offer. I had to make a trip to the ER last June and was still looking at ~$3000 in bills after insurance, which I did not have. Looked into financial aid and ended up paying around ~$300 out of pocket and the hospital covered the rest.

3

I have no idea of you bills vs what you make but just some things to keep in mind.
Do I really need a new or newer car payment, do I need a boat payment, if I moved further out from my current residence could that cut my rent / mortgage payment, property taxes, drop cable bill, or cut back on teh pachage you have on it or cell phone, ext…
Yes we work to have all these things but what good are they all if we do not have the little extra $$$ in our pocket to really enjoy them.
My wife works in the medical field & what fishcrazy said is a good idea. Alos near the end of the year they will be willing to take a LOT less payoff if you can pay in full.

4
  1. Stay at home with your parents until they kick you out. A house payment/rent is the single biggest expense you can have. While you are there, save every penny you can.
  2. Get an education. Even a technical degree is better than nothing. Go ahead and take your lumps while you’re still young. I went back to school when I was 25 and got a 2 year technical degree and it was the best thing I ever did.
  3. Apply yourself in everything you do. This alone will get you as far as you want to go. When people see you putting forth the effort they tend to take notice.

I know this may not apply for you any more, but its the best advice I know to give.

'06 Mckee Craft
184 Marathon
DF140 Suzuki

5

All good advice…if you are able to deploy to somewhere like Afghanistan, Dubai, etc…you can quadruple your money. Might just be the ticket to getting yourself financially stable. It’s not for everyone, but there are companies that are hiring.

John

Pathfinder 23 HPS

6

It sure isn’t easy being your age today. The job market isn’t great and the cost of everything is through the roof. Times are tough and almost everybody is struggling.

The best advice I can give you on bills is avoid debt at all cost. A house is about the only thing you should ever finance. Save $500 and buy a $500 car. Save $500 more, sell the car and buy a $1,000 car. Save another thousand, sell the car and buy a $2000 car. Work slow and work up. Pay cash.

Boats are toys, unless you make your living with them never finance a boat. Buy a $200 canoe and carry it on the roof of your $500 car, save a few more hundred, sell the canoe and buy a $1,000 boat. Cash only. Work up. 26 is young. At 26 I was working 2 jobs and going to night school.

Unexpected expenses will arise regular enough to become expected. Keep some money in the bank. Live on 2/3 what you make and save the rest.

As to life… follow your dreams, do what makes you the happiest and what you have the aptitude for and learn how to do it better than anyone else. The money will follow the dream. Have patience grasshopper :smiley:

Capt. Larry Teuton
Cracker Built Custom Boats

“Ships are the nearest things to dreams that hands have ever made.” -Robert N. Rose

7

Chin up, and hang in there!!

John Wayne said… “Life’s hard, it’s harded if you’re stupid.” Don’t be stupid! Educate yourself, and with every decision life throws at you, take time to consider the costs/benefits. The bigger the decision the more important it is to know as much as you can about it.

Avoid extravagance, you don’t have to be a Cheapskate and you don’t have to sponge off others, but know your resource limits and be up front with your friends. There is nothing wrong with being frugal, in fact we all should use the resources we have wisely.

These next two comments may seem counter-intuitive or even impossible in you current situation, trust me they are not impossible!

You have to make yourself live on even less than you are currently, you have to save some for those emergencies. Set a budget. I’m not a stong proponent of Dave Remsey’s envelop system but I know some who are, it works if you make it work!. Whatever budget you set, make yourself stick to it. Look for some free personal finance management workshops (…again educate yourself).

Lastly, this next comment may stir up some discussion but I’m going to throw it out there anyway… Are you a religious person (rhetorical, you don’t need to tell me or any one else)? Many peple feel this is a path to finaicial security…

Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,? says the Lord Almighty, ?and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.
Malachi 3:9-11 (in Context) Malachi 3 (Whole Chapter)

We’re not rich, but we are comfortable, we are blessed. We are also a good bit older than you, and have had more time to get to where we are.

PS. by the time I was 35 I was already bald :stuck_out_tongue:

8
  1. Never finance toys.
  2. Don’t pay interest, earn interest.
  3. 10-10-80 income rule: Give away 10%, save 10%, live on the remaining 80%. Your life at 40 will be looking much better financially.

13ft Whaler with 25hp Johnson

If you’re lucky enough to be fishing, you’re lucky enough.

9

Surf brings up a very iportant point, you really have to be careful with credit cards, the CC interest will kill you. try your absolute hardest not to use them unless you can pay off the whole balance each month.

10

and if you have a mortgage or other payment …make yourself pay a little extra each month to knock it down faster. keep a journal on what you spend…you will be surprised at habits we tend to do that cost us without us thinking much about it.

miss’n fish’n

212 SEAHUNT CC
Sea Squirt 16

11

get a second job and save the income- it’s easy at your age but will really pay off when you’re older.

financial advisors agree the single worse thing a young person can do is have a car payment

12

And support the libertarian party. Vote no taxes!!!

Check out this guy. Follow his plan.
http://www.daveramsey.com/specials/welcome

Umm, you gonna eat that?

Thousands have died to save my freedom. Only one has died to save my soul!

13

Never Get Married:)

Welcome Grasshopper

Woodfloats?

14
quote:
Originally posted by penfishn

and if you have a mortgage or other payment …make yourself pay a little extra each month to knock it down faster. keep a journal on what you spend…you will be surprised at habits we tend to do that cost us without us thinking much about it.

Absolutely right. I have found when I started looking at all my transactions that it’s the little things that add up. The $100+ transactions weren’t the ones eating me up, it was the under-$20 ones that multiplied like crazy.

13ft Whaler with 25hp Johnson

If you’re lucky enough to be fishing, you’re lucky enough.

15

Lots of good advice. The key is to not get discouraged and go on a pity buying spree. Been there and done that. It only feels good for a minute, but you are left wading in debt for ages. You are still very young and have much time to see things settle down. As Larry said, these are tough times for everyone; at least for the working man and woman. Hang in there.

16

All excellent advice, especially about avoiding debt and getting an education (the best investment)
A 2 or especially a 4 year degree will open many, many doors.

2000 SeaPro 180CC w/ Yammy 115 2 stroke
1966 13’ Boston Whaler w/ Merc 25 4 stroke “Flatty”
www.ralphphillipsinshore.com | www.summervillesaltwateranglers.com
President, Summerville Saltwater Anglers

17

Write down your budget every month…it’s the only way to see where your money goes (is going). EVERY month. Your budget doesn’t stay the same month-to-month…do a new one every single month.

You’re working 20 hours overtime every week. Do you get paid for that or are you salary?

Hospital visits should take care of themselves in the future…unless you chose to pay the penalty in lieu of insurance.

18

Sell everything you don’t need to have the basics. Pay off your debt and if you aren’t married or tied down move to the Dakotas for a while and work in the oil fields. They are paying high wages for even burger flippers. You’re young, work your ass off, learn a trade, save money and go buy yourself an education. The biggest gift I was ever given was the chance to earn a degree.

Mark
Pioneer 222 Sportfish Yamaha F300
Yeah, but do you consider a dog to be a filthy animal? I wouldn’t go so far as to call a dog filthy but they’re definitely dirty. But, a dog’s got personality. Personality goes a long way.

“Life’s tough…It’s even tougher if you’re stupid” John Wayne

19
quote:
Originally posted by cape_fisherman

Write down your budget every month…it’s the only way to see where your money goes (is going). EVERY month. Your budget doesn’t stay the same month-to-month…do a new one every single month.

You’re working 20 hours overtime every week. Do you get paid for that or are you salary?

Hospital visits should take care of themselves in the future…unless you chose to pay the penalty in lieu of insurance.

How do you figure that? The cost of the “Affordable Care” is going to increase to levels that are higher than paying the penalty would be. There is going to be a large premium default on the cooked numbers when people refuse to pay and supplement the insurance pool.

Mark
Pioneer 222 Sportfish Yamaha F300
Yeah, but do you consider a dog to be a filthy animal? I wouldn’t go so far as to call a dog filthy but they’re definitely dirty. But, a dog’s got personality. Personality goes a long way.

“Life’s tough…It’s even tougher if you’re stupid” John Wayne

20

From personal experience,I have found that if you by lunch every day,it adds up real quick so I started bringing leftoves from the night before for lunch and only bought lunch one day a week.I would fill up my truck once a week and when it got down to a half a tank then fill it back up again.
These folks have given you great advice.

Double D.