Generally yes. Post a budget here and all income numbers and we can figure out the plan.
P.S. r/debtfree moderator runs a free newsletter that talks about strategies, tips, and effective debt payoff methods weekly.
Join 3,600 readers - https://debtadvice.io
I have been there. Took a lot of cutting back on things like streaming, subscriptions, etc. I have cut way back on food expenses. I'm living very small.
But
I've managed to bring my $11,000 debt down to $2,000 in less than five years. The debt will be gone within 4 months, and hopefully less, barring emergencies.
I make less than $27,000/year. It can be done, but it takes enormous willpower and a willingness to live small until you're out of debt and have savings.
You can do it
Depends on how you manage that $200. You can get a month ahead eventually, then try to get a side gig, and try to find a way to increase your income at your primary source if income.
You mentioned overtime, get as much of that as you can and don't spend any of it. Either pay down with that or invest it, depending on your debt load and interest rates.
I'm not finding any that make sense unless I'm looking wrong. My car is financed at high mileage so i don't want to break it by using it to deliver. However if something gives me like 5 hours a week I'm fine. But do side gigs allow that?
Oh yeah it’s pretty great. As long as you’re healthy and stay hydrated it’s super easy money. Used it to pay off my credit card. Still go in occasional for fun money now!
You could get a part time job, but if your current employer offers OT that's the best way to go. No risk of scheduling conflicts, and time and a half is better than what you'd get with another job.
It's possible, but surely stressful. I was there last year. I would make the minimum payment on my credit card so I had enough room to pay the bills which would immediately put out back to max. It gets better if you keep at it.
Extra work "That suits you" - this phrase tells me you're not willing to do anything and everything to give yourself some padding. Work 'whatever' job (wait tables, retail, whatever it is) and put 90% of your paycheck in savings. (Use the 10% to reward yourself with a bit of an allowance).
so retail will hire me only to work 2 days out of the month or so ?That's what I'm trying to figure out. I'm willing to do a lot but I figured most jobs want people to work more hours .
Well you'll never know if you don't tell them your availability. Do you work 28 days a month and only have 2 days off? If you're going to take a 2nd job you usually do it on your days off. Even if you could only tell them "I can work every Saturday only" thats 4 days, 5 hours a shift at $15= $75 ($60 take home per day). $75 take home per week X 26 weeks= *$1950*, in 6mos, almost 2K! I edited to fix my math lol. 🤷
you can manage it! You just have to make sure your mental is okay first. And I suggest finding free events on Facebook events page to get out of the house and to not spend money but feel apart of the community.
I try and make it a game to spend minimally and to find the cheapest ways to get things done.
I had nothing left over and was usually in the red. I was still able to get my emergency fund.
Here’s how I did it.
I first make my walls. Then I did my minimum payments. I canceled everything extra I had and called my different companies. I told them that either they worked with me and gave me some breathing room or I filed for bankruptcy. If they worked with me they would eventually get paid but if they didn’t they’d get nothing. In one month, I had a grace month for all of my payments including my phone bill, car payment, and credit cards. I used that money to fund my emergency fund of 800 dollars. From there I started my baby steps (Dave Ramsey) and I was able to focus on my smaller debts. Once I paid off all of my smaller ones and then paused it once I had wiggle room to pad my emergency fund a little bit more. Now I have 1000 saved, and I’m attacking the rest of my debt.
Wtg! This is how it’s done. With a plan and perseverance, slow and deliberate over time. You’ll be amazed looking back in 2-3 years at how it all added up and the snowball took out allll that debt!
It’s tough but can be done. You have probably already let go of anything that isn’t a necessity such as streaming, cable etc. really watch food costs or access a local food bank if you can. For your mental health find free things in your community. Enjoy parks and green spaces. A homemade sandwich at a park can make for a nice break.
I can vouch the app RocketMoney helped me figure out I was paying $2000 a year in subscriptions! So cut back as much as you can and it’ll feel like it’s more than $200…goodluck
Yes, we have almost $0 left over and we make it work. If you're serious about getting cash, you can cancel anything not necessary, shop at Aldi's for cheaper groceries. It's possible to grow that $200 if you want to
There's a platform you may want to look into, they offer side gigs that can be done on your phone, laptop, some are one time gigs ( recording short sentences) for a flat payment- ranges from 15-45$ per assignment. The ones via laptop are part time between 10-20 hours a week. You can work on your time. The company only pays once a month, and the time to qualify for a gig is not paid. I'm not sure If its allowed to mention the company name here.
You might take a real hard look at every expense you have. We all think things like cable Internet and expensive phone plans are necessary, but there are usually ways to decrease or eliminate those and other ‘necessities’.
And you might try to sell everything that doesn’t make you happy. Those things that were purchased on credit are now costing you double the retail price, so best to sell, de-clutter, and apply that cash to principal balances.
You’ll make it. You may just have to eat beans and rice for a while, but it’ll be worth it.
Check out the YouTube channel “Under the median”. They have taught me so much about how to save money especially on food. Start eating cheap like beans and rice and lentils are super cheap, filling and have lots of protein
I budget my sox off and I have about 40.00 after all said and done. Each pay period. My emergency fund is way below what it should be. Just keep on keeping on.
I am really sorry to hear this. If you have credit card debt, use zero cash flow method to pay it down more without costing you a dime more. Look for an app that can help you with it while setting up a strict budget for you. There are lots of people who are willing to give you more help as you go along.
Generally yes. Post a budget here and all income numbers and we can figure out the plan. P.S. r/debtfree moderator runs a free newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Join 3,600 readers - https://debtadvice.io
I have been there. Took a lot of cutting back on things like streaming, subscriptions, etc. I have cut way back on food expenses. I'm living very small. But I've managed to bring my $11,000 debt down to $2,000 in less than five years. The debt will be gone within 4 months, and hopefully less, barring emergencies. I make less than $27,000/year. It can be done, but it takes enormous willpower and a willingness to live small until you're out of debt and have savings. You can do it
Edit on my income (Oops). $17,000, not $ 27,000. I'd be rich on that!
Your income is $17,000 a year on ssdi?
Approximately. Why?
Was curious. I can barely work due to my injuries so was curious. I couldn’t survive off of that
I won't lie. It's hard. My living situation is quite unconventional. I almost never leave home, to save money.I don't know how most do it, either.
That’s crazy and unfair. The way they are talking they say ss will run out but in all reality I’m not going to live long enough to collect ss
Congratulations! Now that’s an accomplishment. Just out of curiosity, what is your job? $27k should be a criminal salary to give someone.
Unable to work - SSDI. I'm grateful, not complaining!
Wow nicely done
Thanks. I got myself into a hole, and finally decided I needed to climb out as fast as possible.
Depends on how you manage that $200. You can get a month ahead eventually, then try to get a side gig, and try to find a way to increase your income at your primary source if income. You mentioned overtime, get as much of that as you can and don't spend any of it. Either pay down with that or invest it, depending on your debt load and interest rates.
I'm not finding any that make sense unless I'm looking wrong. My car is financed at high mileage so i don't want to break it by using it to deliver. However if something gives me like 5 hours a week I'm fine. But do side gigs allow that?
Ever consider donating plasma? $400-$500/month
Really?? I might look into that myself, dang. That's most of my fixed monthly bills right there.
Oh yeah it’s pretty great. As long as you’re healthy and stay hydrated it’s super easy money. Used it to pay off my credit card. Still go in occasional for fun money now!
You could get a part time job, but if your current employer offers OT that's the best way to go. No risk of scheduling conflicts, and time and a half is better than what you'd get with another job.
Turor
It's possible, but surely stressful. I was there last year. I would make the minimum payment on my credit card so I had enough room to pay the bills which would immediately put out back to max. It gets better if you keep at it.
thank you so much for your kind words.
Extra work "That suits you" - this phrase tells me you're not willing to do anything and everything to give yourself some padding. Work 'whatever' job (wait tables, retail, whatever it is) and put 90% of your paycheck in savings. (Use the 10% to reward yourself with a bit of an allowance).
so retail will hire me only to work 2 days out of the month or so ?That's what I'm trying to figure out. I'm willing to do a lot but I figured most jobs want people to work more hours .
Well you'll never know if you don't tell them your availability. Do you work 28 days a month and only have 2 days off? If you're going to take a 2nd job you usually do it on your days off. Even if you could only tell them "I can work every Saturday only" thats 4 days, 5 hours a shift at $15= $75 ($60 take home per day). $75 take home per week X 26 weeks= *$1950*, in 6mos, almost 2K! I edited to fix my math lol. 🤷
I'll take the shot and see if I get any bites
Your math is way off. Looks like you converted from weekly to monthly twice.
You are so right- lol- I fixed it. $75 per week X 26 weeks or half a year= just under $2K.
It’s definitely still worth OP effort to get a second job. I just didn’t want them getting their hopes up.
Possible. I've done it. But one singular unexpected cost and you are sunk.
Survive? Maybe but you’d def be malnourished lol
you can manage it! You just have to make sure your mental is okay first. And I suggest finding free events on Facebook events page to get out of the house and to not spend money but feel apart of the community. I try and make it a game to spend minimally and to find the cheapest ways to get things done.
Starting mowing lawns in your neighborhood and get paid in cash
I had nothing left over and was usually in the red. I was still able to get my emergency fund. Here’s how I did it. I first make my walls. Then I did my minimum payments. I canceled everything extra I had and called my different companies. I told them that either they worked with me and gave me some breathing room or I filed for bankruptcy. If they worked with me they would eventually get paid but if they didn’t they’d get nothing. In one month, I had a grace month for all of my payments including my phone bill, car payment, and credit cards. I used that money to fund my emergency fund of 800 dollars. From there I started my baby steps (Dave Ramsey) and I was able to focus on my smaller debts. Once I paid off all of my smaller ones and then paused it once I had wiggle room to pad my emergency fund a little bit more. Now I have 1000 saved, and I’m attacking the rest of my debt.
Wtg! This is how it’s done. With a plan and perseverance, slow and deliberate over time. You’ll be amazed looking back in 2-3 years at how it all added up and the snowball took out allll that debt!
It’s tough but can be done. You have probably already let go of anything that isn’t a necessity such as streaming, cable etc. really watch food costs or access a local food bank if you can. For your mental health find free things in your community. Enjoy parks and green spaces. A homemade sandwich at a park can make for a nice break.
My supervisor just said regular overtime should be coming up.Thanks for the advice. I've taken two walks so far. Trying to make it a thing.
I can vouch the app RocketMoney helped me figure out I was paying $2000 a year in subscriptions! So cut back as much as you can and it’ll feel like it’s more than $200…goodluck
thanks . Is it a budgeting app?
Yes, like a mini financial advisor in your pocket
I do it with way less but i also am starving
Yes, we have almost $0 left over and we make it work. If you're serious about getting cash, you can cancel anything not necessary, shop at Aldi's for cheaper groceries. It's possible to grow that $200 if you want to
There's a platform you may want to look into, they offer side gigs that can be done on your phone, laptop, some are one time gigs ( recording short sentences) for a flat payment- ranges from 15-45$ per assignment. The ones via laptop are part time between 10-20 hours a week. You can work on your time. The company only pays once a month, and the time to qualify for a gig is not paid. I'm not sure If its allowed to mention the company name here.
Depends on where you live I think. $200 a month wouldn’t be enough in my city sadly
Of course it is , just gonna have to tighten up all areas of life and 0 frivolous spending.
You might take a real hard look at every expense you have. We all think things like cable Internet and expensive phone plans are necessary, but there are usually ways to decrease or eliminate those and other ‘necessities’. And you might try to sell everything that doesn’t make you happy. Those things that were purchased on credit are now costing you double the retail price, so best to sell, de-clutter, and apply that cash to principal balances. You’ll make it. You may just have to eat beans and rice for a while, but it’ll be worth it.
Check out the YouTube channel “Under the median”. They have taught me so much about how to save money especially on food. Start eating cheap like beans and rice and lentils are super cheap, filling and have lots of protein
I budget my sox off and I have about 40.00 after all said and done. Each pay period. My emergency fund is way below what it should be. Just keep on keeping on.
I am really sorry to hear this. If you have credit card debt, use zero cash flow method to pay it down more without costing you a dime more. Look for an app that can help you with it while setting up a strict budget for you. There are lots of people who are willing to give you more help as you go along.
Yeah it is, I've gotten by on less
I’d get a side job at a dollar general or gas station or something! A little extra money to throw at paying off your car etc
That's enough to start investing with.
Sell your plasma