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Shifting Debt no longer working

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Frequent Contributor

Re: Shifting Debt no longer working

I was going to ask if the 'lots of Amazon' was to save money or to buy things...

 

One stategy for Amazon is to put everything in your wish list

then wait at least one day before actually ordering it

 

that may alleviate some spend.  Amazon knows what they are doing, they make it TOO easy

 

good luck.  

July 31/2019. EX-712. EQ-704. TU-726
Oct 25 2019. EX-715 EQ-712 TU-734
Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 17/2020 EX. 725. EQ. 720. TU 748
Feb 16\2020 EX. 726 EQ. 729 TU 752
Message 21 of 41
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Valued Contributor

Re: Shifting Debt no longer working

The pets are medical reasons, I have 7 rescues and several of them have chronic health problems requiring medications.  I also just boarding them to go see my elderly father for Christmas and that was over 1000. Life is expensive but I dont have to keep eating steak , I guess!!

Message 22 of 41
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Established Contributor

Re: Shifting Debt no longer working

My suggestion would be to pay down, outline a budget of spending needs and save the rest. Resist temptation. It will take discipline and determination, but you can do it! Good luck!





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myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 23 of 41
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Member

Re: Shifting Debt no longer working


@Sbrooks1 wrote:

The pets are medical reasons, I have 7 rescues and several of them have chronic health problems requiring medications.  I also just boarding them to go see my elderly father for Christmas and that was over 1000. Life is expensive but I dont have to keep eating steak , I guess!!


I'm so sorry to say this. It may sound harsh, but 7 pets is too much.  It's heartbreaking, but you have to let some go. Woman Sad

 

You've said the recent spending is $4K on the pets. So the cumulative spending on pets  might account for 6K? 8K?   Then there is the neverending food, vet, medicine, boarding bills--your projected spend this year may be another $3-4K. So by the end of this year that's $9K-12K on the pets if you do nothing.  Go back and add it up over the past 2-3 years and see what you've been charging to your cards all along just for the pets to get a good idea of wht the true costs are.

 

Can you reach out to friends, family, or the rescue organizations to see if they can help rehome some of these animals?

It makes no sense to do all the cuts others have suggested--- if your animal bills are just compounding.

 

Also, does your HO insurance rate reflect 7 animals? Pemco asked about my dog when I switched insurance recently.

If I sound harsh, I'm sorry. You obviously have a good heart, but  your stress level shows you shouldn't be robbing your retirement for this.

 

Message 24 of 41
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Member

Re: Shifting Debt no longer working


@Sbrooks1 wrote:

Pretty much, I am looking for another job as I have major resposibilities and my salary is 74000. ....


CAUTION!!!! Be very careful here and read up more on this. 

 

If you've borrowed from a 401K and you switch jobs, the 401k administrator at your old job may give you only 2 months to repay loan in full plus any interest. Otherwise, the loan is taxable and you'll owe a 10% penalty on top of the taxes, and that loan amt is a distribution which can never be put back into the retirement fund if you were to free up money later on.

Message 25 of 41
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Valued Contributor

Re: Shifting Debt no longer working


@Club500 wrote:

@Sbrooks1 wrote:

Pretty much, I am looking for another job as I have major resposibilities and my salary is 74000. ....


CAUTION!!!! Be very careful here and read up more on this. 

 

If you've borrowed from a 401K and you switch jobs, the 401k administrator at your old job may give you only 2 months to repay loan in full plus any interest. Otherwise, the loan is taxable and you'll owe a 10% penalty on top of the taxes, and that loan amt is a distribution which can never be put back into the retirement fund if you were to free up money later on.


I was just about to post something very similar to this, at least with my current job's 401k administrator, any 401k loans have to be repaid practically immediately if I was to leave my current employer. 

Scores hover around 800
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Message 26 of 41
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Frequent Contributor

Re: Shifting Debt no longer working

OP,  you said that you are working 60 hour weeks as a dept head?!? Are you doing five 12's?

 

If this were me, I would:

1. Curb my spending to literally nothing.

2. Step down to a float pool nurse. Float pool without PTO or benefits, if possible.

3. Pick up as many hours as I am awake.

4. Pay off $50K in roughly 18 months or less.

    EQ=841        TU=822         EX=822      INQ=0/0/0     UTIL=1%        AZEO
Message 27 of 41
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Valued Contributor

Re: Shifting Debt no longer working

The OP said they buy things they do not need. In light of that I do not think the drastic measures were too much. They need to be done. The OP needs a total lifestyle (spending change). Making more money is just going to eventually make them spend more money unless they change the underlying issues. I hate to say it but the 7 pets are an extension of that. You are rescuing animals when you are the one who needs rescuing. Find a good home for them. You really cannot afford 7 pets. Good luck.

Message 28 of 41
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Valued Contributor

Re: Shifting Debt no longer working

My heart just gets the better of my senses, but I know I can't rescue any more. On a sad note one of my cats is 18 and my dog Kiki is 14 , so their getting close to the end of their life and I will not be getting another pet. 

Message 29 of 41
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Frequent Contributor

Re: Shifting Debt no longer working


@Morpho wrote:

The OP needs a total lifestyle (spending change). Making more money is just going to eventually make them spend more money unless they change the underlying issues.


 

Depends.

 

For someone like the OP, she needs to immerse herself in something other than just sitting at home and surfing the home shopping network and her local humane society website. Yes, along with self-evaluating her spending habits (counseling?), she also needs to be getting that income up and working A LOT more where she doesn't even have time to spend money.

    EQ=841        TU=822         EX=822      INQ=0/0/0     UTIL=1%        AZEO
Message 30 of 41
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