mizzoumoney
Member
Cash: $ 2.05
Posts: 10
Joined: 07 Apr 2011
Location: Columbia, MO
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| Still struggling |
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OK folks I still seem to be struggling lately. The past 2 months I have had to spend the last 10 days of the month doing NOTHING. I mean that literally. Turning down offers from friends and co-workers to go see movies, go out for a drink, grab a lunch or dinner, go to local clubs, go on day trips to museums, even pass on dates of all things! During those last 10 days or so I find myself so thin on available income that I cannot afford more then gas money by then.
I am only putting 100 a month into my fidelity 403b but even that small amount seems to be sapping my income too far. With 400 a month in student loans alongside that its easy to see where my money goes. Rent at 635 is the only other large expense I have to really worry about each month.
I honestly feel its time to consider getting a 2nd side job to support some added buffer income so I am not so darn strapped come the last 3rd of every month like this.
My catch is that I work a very nontraditional work week of Sat-Wed, both some nights and some days. This makes holding another job hard since I have no 2 days of the week the same accept my days off.
I am a pretty resourceful person but right now I am stuck looking for alternative options as to how to get out of this rut that's killing my social life big time!
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Sun May 29, 2011 2:48 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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It seems that the social life you feel you're missing out on mostly involves spending money. I'd suggest finding some things to do that don't involve spending money. And then YOU make the invitation to the friends you want to spend the time with: picnics in a public park, tennis on public or school courts, walking trails, bicycling; maybe just hanging out in the back yard and having a good time talking about stuff.....solving all the world's problems and so forth.
There's lots of things to do that will cost you very little or nothing at all. If the crowd you hang out with isn't into any of this stuff, it's up to you to introduce them to it.
Have a great summer. 
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Sun May 29, 2011 5:05 pm |
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oldguy
Senior Member
Cash: $ 309.30
Posts: 1481
Joined: 21 May 2006
Location: arizona
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Again I ask - what is the hurry? If you pay the $44,900 at $310/m it will take 222 months (at 5%). If you pay $400/m it will take 152 months. Why not take the full 222 months?
Importantly - the $100/m in the 403b is probably doing much more for your future - in 222 months that should be about $75,000 (at 11%/yr). And you are getting about a $300/yr tax break because of it. Ie, it is way more effective for you than directing income to prepaying loans.
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Sun May 29, 2011 5:23 pm |
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mizzoumoney
Member
Cash: $ 2.05
Posts: 10
Joined: 07 Apr 2011
Location: Columbia, MO
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| Good Points |
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You both make good points there!
Looking at it that way it does not make much since to try and save on those additional months of loan repayment. Unless I start making considerably more income to put towards those loans to knock down the total months of repayment to 125 or less, its not worth trying to speed that up.
I plan to keep my retirement going just as is until I can put more into that as well down the road.
I guess I just feel bad always turning down co-workers when they ask me to go out and do things with them. Its mostly people at work who extend the invites to do those things I spoke of. I only know a few people outside of work since moving to town last May. Sad yes, reality....also yes!
I just find it so odd that single co-workers making what I make seem to have more money to play with then I do? They must little to no student loan debt or something less to pay out every month to go out every weekend and spend like they do while I maintain such frugality by the middle of the month every month.
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Mon May 30, 2011 2:38 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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Yes, and maybe when they're old they'll be living in cardboard boxes under a bridge, and you'll be sitting pretty in the house on the hill.
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Tue May 31, 2011 4:51 am |
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mizzoumoney
Member
Cash: $ 2.05
Posts: 10
Joined: 07 Apr 2011
Location: Columbia, MO
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At this point I have made the call to pull the contributions to my 403b I started in March. The $125 I was losing from my check to put towards that has been making it hard to make ends meet this summer so far. I really need to get that money coming back in so I had to make the choice to delay what I thought was a smart move to start my retirement while I am younger.
Finding myself with just $75 by the 17th of the month when your paid once a month is a not so fun situation to be in. More so when its a normal month for financial flow. Imagine if I needed car work done, had to travel back home, got asked on a date, etc. I would be running on fums!
I dont see this changing unless I make more or have less expenses. The 2 items I can control are the 403b and my rent. My contract expires on August 1st so I am hoping I can move to the smaller sized apartment right where I live now. That will get me $75 extra per month as well. That with my 403b, looking at $200 more to work with per month.
I am still looking at trying to get a 2nd job but I cant find squat that would take me over a student who has more open time considering my very non-traditional work week hours. Its been much harder then I thought it would be.
Personal training was a natural option as I had done that as a contract basis before moving to Missouri. Good pay, flexible hours, fun work. However it cost $175 to purchase professional liability insurance which I had up till Jan this year when I let it expire since I was not training anyone nor had the time to do so with my primary job. Spending money in that amount to make more money later on is not something I have the option to do right now so that's on hold.
These damn student loans at 310 a month (even on a reduced IRB plan) are kicking my ass I feel. My co-workers piss and moan about paying 100-150 month for theirs.....? They need to shut the hell up and get real!
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Sat Jun 18, 2011 1:13 pm |
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kate032
Preferred Member
Cash: $ 22.35
Posts: 111
Joined: 25 Feb 2011
Location: Michigan
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| Re: What I found was... |
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quote:
Originally posted by mizzoumoney
I had every intention of getting a GA spot in graduate school to offset the tuition costs and then also make a nice stipend at the same time to offset living expenses for the 2 years of schooling my program had.......Safe to say IMO I did my homework and then extra credit as well!
Unfortunately not. There are almost always more applicants than stipends available for doctoral students (maybe you were just going for a master's, though I'm not personally familiar with any program that would pay its grad students). You chose a field where it sounds like an undergrad degree is not worth much. I'm sorry you had to learn the hard way, but it's usually helpful to think of worst-case scenario in these situations.
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Sat Jul 16, 2011 5:35 am |
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kate032
Preferred Member
Cash: $ 22.35
Posts: 111
Joined: 25 Feb 2011
Location: Michigan
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| Re: Good Points |
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quote:
Originally posted by mizzoumoney
I just find it so odd that single co-workers making what I make seem to have more money to play with then I do?
They may have a lot of credit card debit or else live paycheck-to-paycheck. Just from my experiences in life, those with the fanciest "toys" and those who seem to have an endless stream of cash usually find out the true cost just a short time later.
Very few people in their 20s really have the income to have lots of disposable income while at the same time living below their means and accumulating real wealth.
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Sat Jul 16, 2011 5:42 am |
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cccfree
Full Member
Cash: $ 7.80
Posts: 51
Joined: 08 Mar 2011
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Compared to the rest of the world you are doing good! i'm not sure what your cost of living is where you are at but I would focus on generating more income...2nd job, P/T job, get into internet marketing or something but other than that you are ahead of most people your age!
Congrats!
Debt Settlement Scam | Credit Counselors
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Wed Jul 27, 2011 12:19 am |
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