Anonymous
03/24/2014 22:20
Subject: I need to cash out my 401k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:OP back- Yes, I think I am disciplined enough not to use the CC ever again. I can't reduce my living expenses though. I work in Tysons, so I need a 2 bedroom in an area commutable there. These are my major costs:
-My rent currently is $1600. I don't think I can reduce that unless I live way out and then I would have to pay more in gas, tolls ect, so is it even worth it?
-Daycare: 1300
-Cellphone: $70
-Internet & Cable: $75 ( its basic cable, cheapest I could find)
-Car Ins: $150 ( i have 3 accidents)
-Car Payment: $350
-Credit Cards: about $400/month
-Utilities: $250
-Gas:$200
-Food: Varies
So these are my main expenses. Thanks
get a cheaper cell phone plan..you can get a prepaid for $35-$45 a month.
get rid of cable and use a converter box and an antenna.
that would at least cut $35-40 that can be used in a pinch instead of pulling out the credit cards and if not in a pinch can start your emergency fund.
I looked into cutting cable but internet only without cable was $50/month, so i felt like the extra $25 wasn't really killing me. I will shop around for the phone. Thank you
I understand. I had my internet reduce-actually I have a credit that reduces my bill to $22.99. I told my company that I was cancelling to go with a cheaper company and was offered the credit.
$25 adds up. That is $25 more that you can use to start an emergency fund. $25 x 12 months is $300 more in savings than what you currently have. Now if you use a pre paid phone that will be an additional $30 a month or $360 a year. That alone is $600 .
Makes sense. I will look into it. Thanks
Anonymous
03/24/2014 22:18
Subject: I need to cash out my 401k
Anonymous wrote:OP, what's your take-home pay each month? What does the $400 in credit card expenses go to? (Is that where you're accounting for clothes, health care, entertainment, toys?)
Your utilities seem high to me for a 2-bedroom apartment. Could you change the thermostat temperature to lower those bills? For food, search DCUM for tips on lowering your bills, you'll find some good ideas.
The thermostat is set at 72 degrees. I pay for electricity and gas and yes it is high. The $400 in credit card expenses is what I pay monthly to decrease the $7k balance ( not extra spending)
Anonymous
03/24/2014 22:18
Subject: I need to cash out my 401k
You should be overpaying your CCs before you overpay your 3.3% car loan.
Can you move the $5k to another 0% card?
Do that if possible and cut up the first card so you no longer have access to it (but dont close it). Alternatively, call your CC company and ask them to lower you interest rate for 18 months. Threaten to move the balance and close the card (you must threaten to close - that's the tipping point that gets you to a person who can actually work with you - the first person you talk to will probably say no until you threaten to close the card). They may not permanently lower the rate, but they may move it to 3-5% for 12-18 months.
Can you move the $5k to another 0% card?
Do that if possible and cut up the first card so you no longer have access to it (but dont close it). Alternatively, call your CC company and ask them to lower you interest rate for 18 months. Threaten to move the balance and close the card (you must threaten to close - that's the tipping point that gets you to a person who can actually work with you - the first person you talk to will probably say no until you threaten to close the card). They may not permanently lower the rate, but they may move it to 3-5% for 12-18 months.
Anonymous
03/24/2014 22:18
Subject: I need to cash out my 401k
Anonymous wrote:Anonymous wrote:Anonymous wrote:OP back- Yes, I think I am disciplined enough not to use the CC ever again. I can't reduce my living expenses though. I work in Tysons, so I need a 2 bedroom in an area commutable there. These are my major costs:
-My rent currently is $1600. I don't think I can reduce that unless I live way out and then I would have to pay more in gas, tolls ect, so is it even worth it?
-Daycare: 1300
-Cellphone: $70
-Internet & Cable: $75 ( its basic cable, cheapest I could find)
-Car Ins: $150 ( i have 3 accidents)
-Car Payment: $350
-Credit Cards: about $400/month
-Utilities: $250
-Gas:$200
-Food: Varies
So these are my main expenses. Thanks
get a cheaper cell phone plan..you can get a prepaid for $35-$45 a month.
get rid of cable and use a converter box and an antenna.
that would at least cut $35-40 that can be used in a pinch instead of pulling out the credit cards and if not in a pinch can start your emergency fund.
I looked into cutting cable but internet only without cable was $50/month, so i felt like the extra $25 wasn't really killing me. I will shop around for the phone. Thank you
I understand. I had my internet reduce-actually I have a credit that reduces my bill to $22.99. I told my company that I was cancelling to go with a cheaper company and was offered the credit.
$25 adds up. That is $25 more that you can use to start an emergency fund. $25 x 12 months is $300 more in savings than what you currently have. Now if you use a pre paid phone that will be an additional $30 a month or $360 a year. That alone is $600 .
Anonymous
03/24/2014 22:13
Subject: I need to cash out my 401k
Anonymous wrote:don't give up. I worked thru my credit card which was similar to yours and expenses-before I made cuts-similar to yours as a single mother with 2 kids (3years and a baby). I wanted to make sure I never got into the situation again so I worked thru my debt without pulling out my 401K or getting into more credit card debt.
It started out slow but then it started getting easier when I lived on less and stuck to my wants and not my needs/desires.
You can do it, don't give up..work thru it on your income and not a quick fix.
How did you do it? Sometimes I just feel like giving up, I feel like I'm working for nothing. Went to school, got my masters and still living paycheck to paycheck
Anonymous
03/24/2014 22:13
Subject: I need to cash out my 401k
OP, what's your take-home pay each month? What does the $400 in credit card expenses go to? (Is that where you're accounting for clothes, health care, entertainment, toys?)
Your utilities seem high to me for a 2-bedroom apartment. Could you change the thermostat temperature to lower those bills? For food, search DCUM for tips on lowering your bills, you'll find some good ideas.
Your utilities seem high to me for a 2-bedroom apartment. Could you change the thermostat temperature to lower those bills? For food, search DCUM for tips on lowering your bills, you'll find some good ideas.
Anonymous
03/24/2014 22:11
Subject: I need to cash out my 401k
Anonymous wrote:Anonymous wrote:OP back- Yes, I think I am disciplined enough not to use the CC ever again. I can't reduce my living expenses though. I work in Tysons, so I need a 2 bedroom in an area commutable there. These are my major costs:
-My rent currently is $1600. I don't think I can reduce that unless I live way out and then I would have to pay more in gas, tolls ect, so is it even worth it?
-Daycare: 1300
-Cellphone: $70
-Internet & Cable: $75 ( its basic cable, cheapest I could find)
-Car Ins: $150 ( i have 3 accidents)
-Car Payment: $350
-Credit Cards: about $400/month
-Utilities: $250
-Gas:$200
-Food: Varies
So these are my main expenses. Thanks
get a cheaper cell phone plan..you can get a prepaid for $35-$45 a month.
get rid of cable and use a converter box and an antenna.
that would at least cut $35-40 that can be used in a pinch instead of pulling out the credit cards and if not in a pinch can start your emergency fund.
I looked into cutting cable but internet only without cable was $50/month, so i felt like the extra $25 wasn't really killing me. I will shop around for the phone. Thank you
Anonymous
03/24/2014 22:11
Subject: I need to cash out my 401k
don't give up. I worked thru my credit card which was similar to yours and expenses-before I made cuts-similar to yours as a single mother with 2 kids (3years and a baby). I wanted to make sure I never got into the situation again so I worked thru my debt without pulling out my 401K or getting into more credit card debt.
It started out slow but then it started getting easier when I lived on less and stuck to my wants and not my needs/desires.
You can do it, don't give up..work thru it on your income and not a quick fix.
It started out slow but then it started getting easier when I lived on less and stuck to my wants and not my needs/desires.
You can do it, don't give up..work thru it on your income and not a quick fix.
Anonymous
03/24/2014 22:07
Subject: I need to cash out my 401k
The good thing is, DC starts K in September so I will only have to pay for Before&After Care. The only way I can pay less rent is if I live further but then with extra commuting time and gas is it worth it? Job is in Tysons, so the only area I can think of that has good schools since DC starts school in september is Reston but then I'd have to get on the toll road, so extra $$$. $2K of the CC is in a 0% CC till December. So the $5k is what I am paying interest on. Should I take out $5k out of the 401k to pay that off? Or just keep doing what I'm doing?
Anonymous
03/24/2014 22:04
Subject: I need to cash out my 401k
Anonymous wrote:OP back- Yes, I think I am disciplined enough not to use the CC ever again. I can't reduce my living expenses though. I work in Tysons, so I need a 2 bedroom in an area commutable there. These are my major costs:
-My rent currently is $1600. I don't think I can reduce that unless I live way out and then I would have to pay more in gas, tolls ect, so is it even worth it?
-Daycare: 1300
-Cellphone: $70
-Internet & Cable: $75 ( its basic cable, cheapest I could find)
-Car Ins: $150 ( i have 3 accidents)
-Car Payment: $350
-Credit Cards: about $400/month
-Utilities: $250
-Gas:$200
-Food: Varies
So these are my main expenses. Thanks
get a cheaper cell phone plan..you can get a prepaid for $35-$45 a month.
get rid of cable and use a converter box and an antenna.
that would at least cut $35-40 that can be used in a pinch instead of pulling out the credit cards and if not in a pinch can start your emergency fund.
Anonymous
03/24/2014 22:03
Subject: I need to cash out my 401k
How long do you have on your phone? Go down to the min. on it and cancel our tv/cable. That should get you 110 a month. Shop the car insurance.
Anonymous
03/24/2014 22:01
Subject: I need to cash out my 401k
OP, I would do it. And then lock your credit cards into trunk and fling it into the ocean.
Best of luck to you!
Best of luck to you!
Anonymous
03/24/2014 22:00
Subject: I need to cash out my 401k
look into www.Daveramsey.com
Anonymous
03/24/2014 21:58
Subject: I need to cash out my 401k
I would look I to getting a personal loan to pay off the credit cards. Depending on credit rating it could have an interest rate lower than 25%.
Anonymous
03/24/2014 21:57
Subject: I need to cash out my 401k
With your car($700 a month), rent and daycare you are in a tight spot. Can you look at another place? Maybe a one bed room for a year or two. Daycare wil be hard to change if you are happy with it. How long do you have on the car? PS don't get down, your cc expensives are not a bad habit. Things happen and you have to pay when you a little depending on you.