I need help!!! How can I recover from this financial mess I got into?? - Page 3

I worked payday loans for a few years and I was too honest with my customers. Honestly, pay them down if you can ASAP. If you are at $300 then drop the next one down as far as you can. What will cost more, your late fee for rent or the interest on an additional payday loan?

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Originally Posted by momof2divas 

Last night I created a spreadsheet of all the biils, amount and due date, plus the payday loans and interest. Honestly the late fee for my rent is less than the interest for me to extend on the loans. So I may pay one of the loans off first ( i will speak with my leasing office of course if that is what i decide to do). I have three paychecks in August so I took the average of each paycheck. It will be tight but I think I have those two loans down and done with by end of August. I will check to see if overtime is available at work for some extra hours, and I have a meeting with an Avon rep Friday to see about getting started with them. 

 

I also took my new income and the average cost of all my monthly bills (once all is caught up) and it will be tight but we will be able to make it. I just have to learn how to budget and manage my money better.

 Set goals for yourself, write them down and post them somewhere you look often (mirror, fridge, computer desk). If you VISUALLY have a reminder of your goals then you will strive to accomplish them!! Take small steps, pay 1 payday loan off, then work your way up!

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Originally Posted by momof2divas 

 I have a meeting with an Avon rep Friday to see about getting started with them. 

 

 

Ok, I don't think this is a wise idea. 1. It takes money to get started, which you don't have. 2. It takes time to build up an independent business, you are looking at months before you see any real earnings. 3. It takes time to manage and run that business, which you work full time and have two kids. 4. The market is flooded for those types of reps (Mary Kay, Avon, 31, Tupperware, etc). I just don't see it getting you to your goals. I've been an Usborne rep (which I was for the discount) and am currently an Independent Team Beachbody Coach. It takes time and effort to successfully run a business. I joined Beachbody for the discount too, and am actually making money off of it, but it takes time and dedication and it doesn't sound like you have that to spare. 

What I would do (b/c this is what I do for quick cash) is start selling everything you can. Craigslist or local Facebook groups are a great place to start. Then, start babysitting or pet sitting. Both are no cash investment and always in demand. That will give you quick cash. Get those payday loans paid off first, then focus on the other bills. You will get through this!!! Hugs! 

Quote:

Originally Posted by momof2divas 

Last night I created a spreadsheet of all the biils, amount and due date, plus the payday loans and interest. Honestly the late fee for my rent is less than the interest for me to extend on the loans. So I may pay one of the loans off first ( i will speak with my leasing office of course if that is what i decide to do). I have three paychecks in August so I took the average of each paycheck. It will be tight but I think I have those two loans down and done with by end of August. I will check to see if overtime is available at work for some extra hours, and I have a meeting with an Avon rep Friday to see about getting started with them. 

 

I also took my new income and the average cost of all my monthly bills (once all is caught up) and it will be tight but we will be able to make it. I just have to learn how to budget and manage my money better.

That will be awesome if you can do it!  Pin this goal to your refrigerator to keep reminding you not to spend any extra money.

You may wish to talk to the payday loan people about stretching out your payments. Here if you cannot pay it back when do you can ask them to extend payments and they do so without any additional interest. I dont' know how much they can stretch it but I know here they can. I have never had to do that but my friend always took out the max and gets stuck. Often I have had to go and make a payment for her (she gives me the money. I live in town and she doesn't) in this instance. Another thought is that if you have internet cancel cable and get netflix instead for a while. If you are a new customer you can get a month free. After that it is only $8 a month which is a far cry better than cable. They have quite a few tv shows on there as well as movies for the whole family. What about going to a food bank for a little bit so you can save on groceries? Have you seen the trustee yet? Did you know they can help you with basic utility bills and/or rent once a year? My other advice is to live by cash and cash only. Do not use your debit card or checks. Too easy to overspend that way. Also, don't cut yourself so much that you don't have any money in your pocket for a cup of coffee. That is where I get the most caught as does DH. We give ourselves a few bucks ($10 a week maybe) just so we aren't flat broke. I often save that up and dh uses his. It really sucks when you don't even have a dollar to spend on a hot day fro a pop when you are out running errands!

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Originally Posted by momof2divas 

Thank you ladies, my main focus is to try and pay one loan off at a time. I did speak with the avon rep and you are right they do charge to start up, so i have canceled that appt for down a little later down the road. I have about 5 bags of old clothes the girls have grown out of that I am gonna take to a consignment shop to sell. I have called and extended my due dates for my power and gas bill, thank goodness. And I will definelty print out this spreadsheet and pin it next to my calendar in my room. The cash only idea is great too!!!! I am not feeling as stressed as I was before, although still stressed I think I will be able to get out of this mess.

THAT'S THE RIGHT KIND OF ATTITUDE!!! Keep your head up and just focus on your goals!!!

I am trying to teach DH to live on a budget. He and his ex wife, well didn't. And there is credit card debt to prove her lifestyle. He had no control as he was in the Navy and out at sea. Anyway, our mess to clean up now. We have gone to a cash only budget for food, entertainment, etc.

One thing I did, and I think is good advice for you, is I set a budget for Christmas, Thanksgiving (we host any and all sailors who wish to come), clothing and medical copays. I added up all that money then divided it by 26 since he is paid every two weeks. We put that amount in the savings account so it is there when we need it and won't need to put it on a credit card. I would suggest you try this but you need to add in summer daycare/camp expenses so you don't get caught in this again next summer.

I wish you luck. I have been there. It sucks but you CAN get yourself out. I would suggest reading the $5 or less dinners thread for cheap meals. Though you need to remember nutrition is very important too. Some of those meals, while sounding yummy, are not very healthy.