07-17-2008 10:22 AM
07-17-2008 10:36 AM
This may have already been said, and may not even be helpful, but here goes anyway:
One thing I HAD to do when I started my debt pay-down extravaganza was to REALLY SCRUTINIZE where my money was going.
Back in March of 2008, I owed $20k+ in personal and CC debt. I have since added $2.5k to that debt to cover some legal fees.
I was living paycheck-to-paycheck, absolutely overwhelmed by the idea of paying down debt - feeling hopeless.
The first thing i did was track my spending IN DETAIL for one month. I called every single one of my regular bills (car insurance, cable/Internet provider, etc.) and asked them how THEY could lower my bills. That saved me over $100 a month in discounts and promotions I never would have figured out on my own.
I cut out many non-essentials - canceled Netflix, stopped paying for my dead-beat friend's cell phone bill, etc. Those measures saved me over $200 a month.
I looked at my spending CAREFULLY. I spent a lot more than I realized on NOTHING. A pop here, a FF meal there, taking the check when out to lunch with a friend, etc. I estimated how much I could live on in terms of pocket money so I didn't always FEEL broke.
These things seem simple - elementary even. The result? Since March 2008, even with adding $2.5k to CC debt - I've completely paid off personal debt, and my CC debt is down to $10k. That will be paid off by the end of 2008.
Deciding to be disciplined, knowing where I actually stand with my finances, asking my creditors to find me some cost savings, and paying my bills before I make any purchases has made a huge difference in how well I sleep at night.
07-17-2008 10:37 AM
07-17-2008 10:43 AM
07-17-2008 10:55 AM
07-17-2008 11:01 AM
problem with Quicken store all it does for you is show you where your money went after the fact, I use http://enjoy.finicity.com
smoothjk wrote: Wow, that's pretty inspiring man. I've definitely started keeping track of EVERYthing (thanks, Quicken software), and I'm gonna feel broke for a while...but it's totally worth it. Buying unnecessary stuff now comes with too much guilt to fully enjoy.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.