I am so over my head
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Anonymous
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I am in my mid-20's and am completely over my head with finances, bills, etc. I was living in Virginia as a live-in nanny for a year and moved back to my home state in June. From June-September I had no job and was living off everything I saved while being in Virginia. Well that pretty much screwed me over. I now have two part-time jobs (averaging 30 hours a week total) and make less then what my bills come to every month by about $500. My parent's have been helping me out every month but as a 25 year old, I don't want to have to rely on "mommy and daddy's money". I am just so over my head and at this point, don't know how to fix everything. From not having a job all through the summer and then only finding part-time work, I have become 1 month behind on EVERY bill I have (except car insurance because that is automatically taken from my account every month). I just got a repo letter from the bank I finance my car through because I am two months behind on my car payment. They are telling me that I have until January 8th to make two payments (about $760) or they have the right to sue me or repo my car. I sent out half of that today even though it's going to make my account go in the negatives and my parents have offered to pay the other half but I am just so overwhelmed with everything and don't want to keep having my parents "bail me out".
I unfortunately only have a certificate in child development from college and I really want to go back to school but I don't have the money to even do that right now. I sit here every night and try to apply to jobs but I'm obviously 1 of many people applying for these same jobs. I guess I am just looking for advice from anyone who has been in my shoes or who might have some helpful advice. |
Anonymous
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Have you worked out a budget? Start out by writing out all your expenses. Then work out what you can reduce or live without. Are you living with your parents? Having them help isn't the end of the word (and you are lucky that you have that option), many of us needed that extra help in our 20s.
Breath. It won't last forever. Things will get better. If you haven't already started putting together a budget nd working out exactly what your shortfall is, it will definitely help you feel more in control of the situation. |
Anonymous
| Please cut your expenses to the bone immediately and sell your car, find a job near your parents and live with them while you get a degree in a field that has a good future. I remember in my 20s everything seemed so huge and the present mattered more than anything. You will find out that life is LONG. There IS time to think, plan for the future, set yourself on a path that may be not that pleasant now but rewards you later. |
Anonymous
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OP I am in my mid-20's as well and have often felt in over my head. I am also a nanny. I am currently making good $ and am all caught up on bills and have finally started saving.
A few questions- What city are you living in (or closest to)? Can you ditch the car? Do you have credit car debt / student loans? (What are your monthly expenses)? It sucks having your parents bail you out, but I would let them get you out of your current jam (if they truly don't mind and can afford it). Many of us have been there. You could tell them it will be your Christmas present and make sure you really show you're appreciation with a heartfelt gesture or letter. I will try and give you some more advice based on more information. |
Anonymous
OP here: unfortunately, I am in no position to sell my car. I have. 2009 Mazda CX-7 that I got 2 1/2 years ago (when I could easily afford it) and am in a 5 year loan. With everything that has happened, my credit has gone to hell and I don't qualify to get another car because my credit is so bad. I live 5 minutes from my parents and work 15 minutes away however, I am in a rental agreement with my condo until June. Also, my mom and I do not get along when we live together and it's better to not be living there. |
Anonymous
Here is the thing. You got very good advice and you like NO I can't sell my car. SELL you car! Figure out hiw to use the bus. Grow up. At 20 I did not own a car. I ate Mac and cheese or oodles of noodles every single day. |
Anonymous
| I agree with the PP - you need to suck it up and move in with your parents or sell your car. You got yourself into this mess and you can get yourself out, but its not always easy. I've had relatives who have had to move in with their parents for a couple years - it wasn't great, but they built up savings, got better jobs, and moved out, and now everyone is happier. |
Anonymous
OP Here: I live in Rhode Island about 45 minutes from Providence and about an hour and a half from Boston. As I stated in the above post, I really am not in a position to sell my car as I need it to get around and because I can't qualify for a new, cheaper one. I have $600 in credit card debt that is slowly rising with fees, etc because I can't even begin to work on that. Here is a breakdown of my bills: Rent: $625 (my half) Car: $351.67 Car Insurance: $130 Cellphone: $95 Cable/Internet: $117 (roommate pays heat/electric & I pay cable/Internet because they pretty much even out) Gym: $35 Plus I have gas and groceries that really only happens when I have an extra $10-$20 to spare. |
Anonymous
Can you get a roomate in your condo? Document all your expenses, and you have to either find a way to cut the expenses, or a way to increase the money you are taking in. |
Anonymous
OP HEre: trust me, I TRIED to sell my car. My dad went with me and he said the same thing. I NEED a car to get around. I don't live in a big city like DC or whatever. I tried to sell my car and get a cheaper one but it wasn't working so it made more sense for me to just keep mine. |
Anonymous
OP here: I have one. Our rent is $1,250 and we both pay $625. |
Anonymous
| Get a roommate to share your bedroom and housing expenses. Drop premium channels or higher-speed access from cable/internet. Drop the gym. Drop the cell phone and get one that has a lower monthly fee. Seriously, I have a smartphone and have a lower monthly fee (a smartphone is not a gift from God, you need to be able to afford it). Get a basic phone without email, stop texting, and watch your minutes. Act like a grown-up. |
Anonymous
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Your cell phone bill is high. If you're not in a contract, switch to a cheap plan like Virgin Mobile or AT&T pre-paid. You should not be spending money on cable. Talk to your roommate and see if you can switch to basic internet, no cable. If your roommate wants cable, she can pay for it. Then you can pay half of the other utilities. You should be able to pick up some babysitting with your background.
Do you owe more on the car than it's worth? |
Anonymous
| I agree with previous posters. I think you need to recognize that at least part of your problems originate from very bad decisions you made. A 2009 Mazda CX-7 ? that's an expensive car. if you absolutely needed a car (and as a live in nanny I am not sure you needed it), you should have settled for a good used car of a much less fancy model. there are plenty of entry level models that cost, new, less than $15K, even less if used a couple of years. based on cCarmax a car like your could sell for about $17K. if that would cover the car loan, sell it, if there is something left, pay your debts and you need a car look for a dirty cheap one. find a home you can share with other people, you would pay less than having your own condo. ditch any unnecessary stuff (i-phone, expensive phone plans, gym membership, whatever you have that you may do without. I work as an attorney for a big firm in DC, and frankly lived years without a car, commuting by bike and public transportation (still do) and when we needed a car, we bought an inexpensive one (and I was 39 when I bought my first and only car). |
Anonymous
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Omg she has a cell phone. I missed that.
If you sold your car, moved home and got on a friends and family plan you would be able to save $15,000 in one year. It sucks. You're mom is a pain. It feels like a step backwards. If you don't you will be in the same or worse situation in 5 years. Go to a community college and talk to a counselor and make a 5 yr plan. Yr1: move home, save money, life sucks Yr2: go back to school to get credits and apply to 4 yr college. Yr3 and 4 and maybe 5 : go to college |