I need serious financial advice...

[phorsenuf]

Originally posted by lil mermaid
I don't think that moving to New Hampshire will really save you much money. Sure your car insurance would go down some, but your commute would then be longer. You still have to pay Mass income tax if you work there.

Well, actually it would help in the long run. Yes, you would still pay MA income tax, but since she would then be a non-resident she would be able to get a portion of that back every year at tax time. We do it every year when my DH has to work in states with income tax. We still have to do it every year for MA because he still works there occaisonally and we live in NH.


(edited to fix the quote)

 

[lil mermaid]

Originally posted by phorsenuf
Well, actually it would help in the long run. Yes, you would still pay MA income tax, but since she would then be a non-resident she would be able to get a portion of that back every year at tax time. We do it every year when my DH has to work in states with income tax. We still have to do it every year for MA because he still works there occaisonally and we live in NH.


(edited to fix the quote)

It really wouldn't save much, if anything...I lived in NH and worked in Mass. exclusively for 12 years.

She also wouldn't be able to take the Massachusetts rental deduction any more because it can only be taken on Massachusetts rent.

 

[phorsenuf]

Check this out. It is a cost of living comparison calculator.

I put in Andover, MA (don't know where exactly near the NH border she is) and Salem NH.

It came up that if she made $30K living in Andover then she would need to make $20,800. living in Salem.

Lawrence, MA to Nashua, Nh is $30,000 - $24,500.

Seems like a good savings to me. here's a link to the calculator if you want to play! LOL


http://www.homefair.com/homefair/calc/salcalc.html

 

[cynsaun]

I just wanted to let you know that it isn't a good idea to cancel your credit cards once you have paid them off. This is what builds your credit, and cancelling them really hurts your credit history. It used to be that creditors would look at how much credit an individual had as a bad sign, but now it serves as a positive sign.

You can also try to call the credit card company and ask for a lower rate. If they won't budge, you can go online and take a look at some other credit card companies that are offering better--if not 0% rates for an introductory rate. You will save yourself hundreds, if not thousands over that same period of time with your current credit card company!!

If you are interested in going back to school but don't have the time, you can take online courses to get your degree.

I hope this helps. It can be very disheartening when you feel you are being smothered by debt, but you will get through it with determination!

Good luck!

 

[vettechick99]

hi!

i feel for you...its a tough situation. i left my first marriage with debt that I can't seem to get rid of.

i didnt read the other responses, so sorry if i repeat. but the first thing is to get as low an APR on your CC as you can. Negotiate or if you have to, consolidate and move balances to a 12-month 0%. I see AT&T Universal card is now offering that for new customers. they were my first card when i was 18. Second, download the first file thru here

Snowball Calculator

You put in your debts and APRs and how much you can afford to pay each month towards total debt. It calculates how much you need to put towards each debt til you are free and clear. And you can figure out the best way to pay off without paying more interest than you have to.

The calculator helps you see the light at the end of the tunnel. You'll realize its not as helpless as it seems. I make a little more than you, but I have more credit card debt (plus student loans and a higher car payment). And if I stick to what the snowball tells me to do, I will be CC debt free in around two years. yeah!!!

Good luck and PM or email me if you need help figuring it out. Its not fun, but you can do this!!!

 

[Lynn CC]

Do you ever watch the Suze Orman Show? It's on every Saturday evening at 8pm EST. She gives some great advice, you may even want to E-Mail her on her website suzeorman.com
I hear her saying to people who are in the same situation as you over and over again, pay off the highest interest rate cards first and work you way down.
Another question she often asks is do you spend any money each day on little necessities? Such as treat yourself to a Starbucks coffee or a pack of ciggaretts or a weekly manicure etc. Stop buying those little extras and put that money toward that credit card and you will have it paid off a lot faster.
I think it's some great advice.
Here's a {HUG} for you, you can do this! You'll feel so great after you get those cards paid off!
About your BF using your car, I understand that you don't want him to pitch in on the payment, but I hope he atleast,fills up the tank, and pays for an oil change once in a while for you. I think that would be fair.

 

[4cruisin]

vettechick99,

That snowball calculator is a great site. Thanks for the link.

Nancy

 

[EsmeraldaX]

Hi all.

I had to sign off on Friday afternoon when I first posted here as I got swamped with work projects. I just wanted to thank you all for the great advice, PMs, book suggestions, links and support. I really appreciate it.

I am going to pay off and close my store credit cards first . Actually, I am probably going to keep the Target card open and just lock it away but hang on to it in case of emergency (Target has medicine and other things that might be needed in case of emergency).

This next payday, I am going to wipe out Target and lock it away. I think within a few months I can wipe out Best Buy (DBF is helping). Though Best Buy has it's advantages (discounts etc.) I don't see anything I will really need there and I think I will cancel it.

I also found on my credit report some older store cards from literally about 10 years ago that I am going to cancel. I might stagger the cancelations so it doesn't look like I'm canceling them all at once.

I also discovered on my credit report a card with a 22K debt on it? I had no idea what this was, later come to find out that this is some card my parents have (22K debt is like one months salary for them ) but because I am on the account, this affects my credit. They have agreed to talk to their credit card company to have my name removed from the account. I think they put me on it to help me build credit when I was younger, but now when creditors look at my report, they see this huge debt figure it's all mine or at least partially mine.

My MBNA card is going to take me a while to pay off. The good news is, I'm not using it. The only time I even look at it is when I am making payments. I'm going to continue to make as big of payments as I can.

I have decided to keep the car. DBF and I discussed it and there is no way I'm going to get a better deal on a good car. I could probably buy another clunker, but reliable transportation is important and will cost less in the long run.

For now, I'm holding off on canceling the trip. I have until mid October to cancel and unfortunately I already got tix to MVMCP which are non refundable. DBF said he will pay for more of the trip since he will be getting promoted and making more $$.

I am still looking for another job. If I find one, and it seems stable, I will take it.

We also discussed moving to NH. Right now, we are going sto stay where we are for at least another year or two. But we're keeping our eyes open and if something really grabs us, we wouldn't hesitate to move. However, because our families are here, we want to stay in the MA / NH area. (Although if things ever went sour between us, I could see myself moving to another state).

Going back to school is just too expensive for me right now. I am going to meet up with our benefits deptartment today after lunch to find out if there are any education benefits I can use.

This may sound silly - but at my parent's encouraging, I have also decided to start submitting two children's stories I wrote to publishers (starting with the one I work for). I know it's a long shot, but there are some publishers who will take manuscripts from people without agents, so I am going to give it a shot . (My parents and family think they're good, but I know...what parents are going to tell their kid their story is horrible, right?).

Started some Ebay listings to go up tonight. Parents got me a good digital camera last year for Christmas, I am going to start using it. Last time I did Ebay sales, I made about $700 in two weeks (of course, I had better stuff to sell then). I have a handful of Disney stuff I can part with, as well some other random stuff that I think would fetch a little money.

Also , we're going to have a yard sale.

I'm looking for a part time job. But it's hard because some nights I don't get home from my full time job till after 6:30.

So that is where I stand right now.

Words cannot express how grateful I am for all the advice and support. You guys are the best. Really!

Thank you all.

Sheri

 

[The Mystery Machine]

Wow! Sounds like you are off and running. Good Luck to you!

 

[Carl]

Originally posted by phorsenuf
If he drives the car too (at least half of the time) then he should be paying more than $50 a month in my opinion. If you hadn't bought the car, what would he be doing for transportation? That's another $280 a month out of your pocket! I think that needs to be reworked.
Don't worry about him having claim to the car if you should break up. If its only in your name he has no legal right to it whether he paid 1/2 or not.
Watch Jude Judy sometime and see what she has to say about those type of car situations! LOL
Seriously, he would have no claim to it!

\
If you watch Judge Judy, you will also notice that she repeatedly says that the courts are not there to work out problems between BF and GF. They are only there to work out settlements with MARRIED people.

 

[Dan Murphy]

Wow, Sheri, looks like you really did some great homework and goal setting here. Super!!! Hope things go well,I am sure they will, you are determined, and have a plan, more than half the battle. My best.

 

[Kristi1357]

Sheri,

I live in Nashua and the rents here are outrageous! Your $800 a month is great.

If you are seriously looking for a PT temporary job, I might know of something - PM me if interested, ok?

Kristi

 

[Disney Doll]

Here are the things I would do first:
1. Get a second job, even if it's for minimum wage....any extra money can be put toward CC payments. If you got a job at a WalMart or someplace like that, youd also get an employee discount which could help with purchases of certain necessities.
2. Have BF kick in a little more toward the car. He's using it. If he had to buy his own car, it would cost him a heck of a lot more than $50/month.
3. Consolidate the CCs to one card or get a debt consolidation loan, cut up or lock away the cards, and just pay off the loan. Alternatively, you can transfer all balances to one low interest card and pay it off that way.
4. Your e-bay and tag sales are a good way to make a little extra money to go toward payments.
5. Cancel the WDW trip. Will you really enjoy it knowing that it's putting your further into debt? Either that or loosen up a little on your "split everything 50/50 rule" and let BF pay for more of it.

I am curious as to how much less than $30K/year you make, because when I figure out your expenses based on what you've told us, and add in another $1000/month for extraneous items such as food, electric etc, I come up with about $24K in expenses. When DH and I were first married, I made about $40K/year, and he was a realtor and made whatever he made(which some years was under $10K after expenses) and we both lived pretty well in Fairfield County CT(about an hour north of NYC and the 3rd most expensive county in the USA to live), paying rent, bought cars etc., and saved for a house at the same time.

It may not be something you can afford to do now, but once this debt thing is under control, if your education is not adequate to get you a better paying job, then you need to do something to make yourself more marketable. It doesn't necessarily have to be more college, but perhaps look into certification in something, data processing, there's a lot fo stuf in the medical field where you can get a quick certification and earn some good money(meidcal transcriptionist comes to mind quickly).

Watch your BF too, since you say his money handling skills aren't great. You're probably wise not to do anything "legally" with him (such as put both names on the car or whatever) since you could be left with the same issues if you and BF break up as you were pos-divorce.

Good luck. It's not easy to pay down debt, but it can be done with some hard work and sacrifice.

 

[missypie]

Maybe a move to a different area would help...sometimes we get caught up in what eveyone else around us has and does. I know some "two teacher income" families who make about what you and your boyfriend make, and they live very nice middle class lives and don't seem to be in need or even in want.

Also, as far as your earning potential: I just returned from attending my sister's college graduation. She is 48 years old and it took her 6 years and lot of student loans to do it, but she did it! And she wasn't the oldest one in her class! So you certainly aren't too old to change your career path.

 

[shatzjsl]

Sheri,

It looks like you now have a firm handle on what you need to do. Remember, keep your eye on the goal and don't get side tracked by a great sale! Good luck and keep us updated.

Susie