Finances: Advice, Woes and all things Money!

[ComicChick]

here's a thread to discuss your finances.

Are you broke (like me)? and just want to vent to likeminded souls?

thinking of making some investments, purchases, etc and want advice?

looking for ways to save or better balance your money?

all that is welcome here.

 

[Anita18]

Just some tips, I guess.

If you're in college, minimize the student loans you take out. Apply for scholarships. Beg the financial aid department. And FFS, don't use your student loan money to buy alcohol or go clubbing or something stupid like that.

Speaking of which, I save a ton of dough by being a lightweight on alcohol and hating the way it tastes. Alcohol be expensive, yo. So are cigarettes. Just say no.

Credit cards. Get cards with rewards points. Treat it like a debit card. NEVER leave a balance on it, always pay in full, every month. If you can't pay it in full, don't spend that money. The credit limit means jack squat to you. The credit limit on one of my cards is about 30% of my yearly salary. Do I ever spend that much in one month? HELL NO. The only time the credit card companies made money off me was when I was drowning in schoolwork and wedding planning and forgot to pay my credit card bills one month. And I knocked about 75% of the fees off by calling the companies. Be proactive if this happens to you, don't just take it sitting down.

Get roommates. I've never lived alone after college and it saves me a lot of money. Unless you are crazy OCD, you can stand living with a roommate or two. Or in my case, four. Guys. With one of them being crazy OCD. It's not below your dignity to do so - one of my roommates in said crowded house was in his mid-30s and saving up for a house. Your long-term goals are not worth the self-worth you think you'll gain by living completely on your own. Even now, my husband and I are sharing a tiny studio and we could care less about having a separate bedroom right now to look all "proper married couple" and ****.

Remember, money is only a tool. It gives you more options. It will not buy you friends, or acceptance, or happiness. Before I got with my now-husband, he saved a ton of money despite getting paid pretty well at his original college-major-related job, learned a new skill on the side, then quit his job to cut his teeth freelancing at his new skill. He's actually done this more than once now. He would not have been able to do that had he blown his money on a big apartment or a fancy car. He would have been dependent on getting that paycheck every two weeks, trapped in a job he disliked just to keep up his lifestyle. If you want freedom, don't get caught up in the cycle.

Disclaimer, our parents paid for the majority of our college educations. I'm well-aware that many grads don't have the good fortune that we do. But you gotta work with what you have, and don't squander the opportunities that you do get. Have long-term goals, and don't forget them as you go about your day-to-day activities.

Good luck!

 

[ProjectPat2280]

So iv been hit with the phone calls from my student loan creditors. I'm not even technically graduated and they've already started. I'm beyond screwed haha. Lucky for me I was able to get some grants my last 2 yrs so my loans aren't too outrageous. I need a damn job haha.

 

[Anita18]

So iv been hit with the phone calls from my student loan creditors. I'm not even technically graduated and they've already started. I'm beyond screwed haha. Lucky for me I was able to get some grants my last 2 yrs so my loans aren't too outrageous. I need a damn job haha.

Wait, why? Who's in charge of your loans?

If you haven't graduated, you don't have to start paying them back yet. You aren't delinquent on anything. so they shouldn't be calling you. I was on automatic payments with Sallie Mae (until I paid them off all at once just a month ago), and they actually STOPPED taking money from me when I went to the community college more than half-time. I didn't even tell them, but I guess they got wind of it from the school.

I think if creditors are calling you before you've graduated, that might actually be illegal.

Well, unless you went less than half-time without having a job.

 

[ProjectPat2280]

Wait, why? Who's in charge of your loans?

If you haven't graduated, you don't have to start paying them back yet. You aren't delinquent on anything. so they shouldn't be calling you. I was on automatic payments with Sallie Mae (until I paid them off all at once just a month ago), and they actually STOPPED taking money from me when I went to the community college more than half-time. I didn't even tell them, but I guess they got wind of it from the school.

I think if creditors are calling you before you've graduated, that might actually be illegal.

Well, unless you went less than half-time without having a job.

Yea it's Sallie Mae and that's exactly what happened. I was part time these last 2 semesters.

 

[Anita18]

Yea it's Sallie Mae and that's exactly what happened. I was part time these last 2 semesters.

Did you call and explain the situation? Cause I have friends who took a year off in the middle of college to go travel and find themselves and all that, and obviously they wouldn't be expected to start repaying their loans then, because they didn't have a job.

Call Sallie Mae and talk to them directly. Don't talk to the people calling you. They're just hired guns whose only job is to torment people early in the morning. I started getting similar calls after I realized I forgot to pay my credit card bill (by then it was over a month late), and they didn't stop until my payment had gone through. Not even when I made the payment online 3 days before. After it had gone through with the banks. My husband had a field day telling them off, because I sleep through ringing phones when they're early enough. And he's a morning person who works right after he wakes up. And you don't want to bother that man when he is working.

The people you owe money to, want their money back, and want to help you do it. If you're broke and can't make your monthly payments, that doesn't help anybody. Just try talking to them.

 

[ProjectPat2280]

Did you call and explain the situation? Cause I have friends who took a year off in the middle of college to go travel and find themselves and all that, and obviously they wouldn't be expected to start repaying their loans then, because they didn't have a job.

Call Sallie Mae and talk to them directly. Don't talk to the people calling you. They're just hired guns whose only job is to torment people early in the morning. I started getting similar calls after I realized I forgot to pay my credit card bill (by then it was over a month late), and they didn't stop until my payment had gone through. Not even when I made the payment online 3 days before. After it had gone through with the banks. My husband had a field day telling them off, because I sleep through ringing phones when they're early enough. And he's a morning person who works right after he wakes up. And you don't want to bother that man when he is working.

The people you owe money to, want their money back, and want to help you do it. If you're broke and can't make your monthly payments, that doesn't help anybody. Just try talking to them.

No I haven't talked to them directly yet. I applied for an extension online.

 

[Octoberist]

Trust me, when you call them up, it's not that bad. And if that person doesn't work with you, hang up and call again. You'll get someone else on the other line, unless you're unlucky.

 

[Anita18]

Trust me, when you call them up, it's not that bad. And if that person doesn't work with you, hang up and call again. You'll get someone else on the other line, unless you're unlucky.

Agree. I have a stutter and I HATE the phone for that reason, but I'll call someone to save even $100.

 

[Midnyte_Sun]

Things everyone should do to save money:

1). Dont eat out. Buy your own, and make a habit of eating what you buy!

2). Maximize your savings by setting a budget of 25% on food, and other expenses. The other 75% should go to your savings. Buy in bulk school, office, and even food.

3) Stay consistent and like other posters said, don't spend what you don't have and/or don't need.

 

[Prison Mike]

It's been 3 years since I graduated from college and I am still paying back my student loans. I still have a long way to go. Luckily, over the past year, I managed to save some money and was able to open a Roth IRA. I also bought various stocks and I hope to invest more in the future.

 

[childeroland]

A question: After going ex-dividend, do most stocks go c u m-dividend again within a short period?

 

[Kable24]

No I haven't talked to them directly yet. I applied for an extension online.

Trust me, when you call them up, it's not that bad. And if that person doesn't work with you, hang up and call again. You'll get someone else on the other line, unless you're unlucky.

Definitely call them. My loan payment was almost $400 a month which was fine when I was married and we had two incomes. When I got divorced, I was struggling to make that monthly payment along with getting caught up with buying furniture for my new place. I filled out the online app to have my payment lowered and it was denied. I called them up and the lady on the phone got it lower to $177 for two years. Then it jumped to $239 which I can manage.

 

[Pink Ranger]

A question: After going ex-dividend, do most stocks go c u m-dividend again within a short period?

Hmmm, first, let me try something: "magna *** laude, summa *** laude."

Hey, it worked, it's not censored.

In short, the answer is "generally yes." The stock's ex dividend or *** dividend price is usually priced into the trading price, so really it all nets out in the end.

That stated, under most circumstances except in preferred share circumstances (which are generally not considered true equity investments in any case) dividends are not obligatory, and in cases of financial stress or other circumstances, a company can stop paying dividends at a given time.

 

[childeroland]

Thanks.

 

[Destructus86]

I've paid off my visa twice now. And now it's back up to 4k.

I even cut it up at one point. But things came up...like the need for groceries and medical bills and car maintenance that I didn't have money for so I had to put it on the visa...

Got out of control again. I'm doing $100 a month payments now but it's going to take a while to pay off. sigh....

 

[NickNitro]

here's a thread to discuss your finances.

Are you broke (like me)? and just want to vent to likeminded souls?

thinking of making some investments, purchases, etc and want advice?

looking for ways to save or better balance your money?

all that is welcome here.

You miss, have read my mind.

I am in crushing student loan debt that I don't think I'll ever climb out of, and I work at a job that pays me far too little for the work I do.

There's a funny statistic out there now, this is the first time ever that people are Nationally in more Student Loan Debt than Credit Card Debt. Just something to think about.

 

[MessiahDecoy123]

I'll be done paying off most my loans when Avengers 2 is released.

Yet another reason to look forward to the movie.

I used to distrust credit cards and loans but they'd saved bailed me out so many times I lost count.

You just have to make steady automatic payments on your loans and pay your monthly interest fees on your credit cards every month while being thrifty and keeping the cards themselves out of reach.

Or you can pay down one card to kind of save for an emergency while using your other card for small conveniences.

 

[Erzengel]

Car has been paid off for years.

School loan has been paid off.

Now we have a mortgage.

Oh and getting married.

 

[NickNitro]

Car has been paid off for years.

School loan has been paid off.

Now we have a mortgage.

Oh and getting married.

It never seems to stop does it Erz? Weddings can be extremely expensive, depending on what you go for.

 

[NickNitro]

I'll be done paying off most my loans when Avengers 2 is released.

I'll be done paying my student loans off when Marvel gets the rights back from Fox for all their characters

 

[MessiahDecoy123]

i'll be done paying my student loans off when marvel gets the rights back from fox for all their characters

2050?

 

[RetrogradeOrbit]

The only financial advice I can think of is: Don't spend money you don't have.

Don't get me wrong, I have been guilty of that in my younger years. Still paying for it at the moment. But in a few years that will be behind me. Thank God!

Never again will I allow myself to be put in that position. I would rather starve for several days. Seriously.

 

[NickNitro]

2050?

Sounds about right

 

[MessiahDecoy123]

Stick to credit cards with lower interest rates (obviously) and cash reward points.

The rewards point system is just free cash for using you credit card. Imagine getting 5 cents every time you use your credit card. Over time it adds up nicely. You just have to remember to cash in your points every once and a while or you'll lose the chance to cash all of it..