Comments on: Fighting a losing fight? http://www.penny-saved.com/2006/06/07/am-i-fighting-a-losing-fight/ Personal Finance and Wealth by the Penny Tue, 14 Oct 2008 05:56:48 +0000 http://wordpress.org/?v=2.6.2 By: Mike http://www.penny-saved.com/2006/06/07/am-i-fighting-a-losing-fight/#comment-123 Mike Sun, 11 Jun 2006 15:08:17 +0000 http://www.penny-saved.com/2006/06/07/am-i-fighting-a-losing-fight/#comment-123 I was in this situation right after college. I had student loans and credit cards to pay. I had a tiny $465/month one bedroom apartment and a full time job. I kept food down to about $100/month, no tv, never went out except for walks in the park, used free wireless internet with my one laptop. No car, rode the bus or walked to work. Conserved electricity to the point my bill was less than $20/month. My dad ended up taking pity and sending me $200 every two weeks out of his paycheck for six months until I landed a real job. That was enough to put me over the edge, be able to buy a six pack of beer once a month and a hamburger or second run movie once in a while. Fortunately I've now learned to be very frugal and live well below my means so when I do start the 60k/year job in November I'll maintain the lifestyle of someone burdened with $600/month debt payments making only $14k/year. I was in this situation right after college. I had student loans and credit cards to pay. I had a tiny $465/month one bedroom apartment and a full time job. I kept food down to about $100/month, no tv, never went out except for walks in the park, used free wireless internet with my one laptop. No car, rode the bus or walked to work. Conserved electricity to the point my bill was less than $20/month.

My dad ended up taking pity and sending me $200 every two weeks out of his paycheck for six months until I landed a real job. That was enough to put me over the edge, be able to buy a six pack of beer once a month and a hamburger or second run movie once in a while.

Fortunately I’ve now learned to be very frugal and live well below my means so when I do start the 60k/year job in November I’ll maintain the lifestyle of someone burdened with $600/month debt payments making only $14k/year.

]]> By: Jason http://www.penny-saved.com/2006/06/07/am-i-fighting-a-losing-fight/#comment-122 Jason Thu, 08 Jun 2006 18:58:38 +0000 http://www.penny-saved.com/2006/06/07/am-i-fighting-a-losing-fight/#comment-122 I'm not sure of the specifics, but this sounds like a great case for credit counseling. Because of the long-term consequences of what you call the "Big B" I would do everything I could to avoid it. So try a debt consolidation service (the non-scamming kind) that will help you lower your monthly payment to a reasonable amount. You might even consider getting another part-time job for a few months until you can get everything under control. Hey, if you have to, beg for some $$$ from your parents... I’m not sure of the specifics, but this sounds like a great case for credit counseling. Because of the long-term consequences of what you call the “Big B” I would do everything I could to avoid it. So try a debt consolidation service (the non-scamming kind) that will help you lower your monthly payment to a reasonable amount. You might even consider getting another part-time job for a few months until you can get everything under control. Hey, if you have to, beg for some $$$ from your parents…

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