January 12, 2009
I make about $100/week, I have less than 2000 saved up and I owe a little more than 1000 to credit cards. help
Saiila asked:
I am a poor college student. I need help managing and getting my finances back in order before things get really bad. I want to get a car very soon, I am saving money for my car so I spend less of my money and spend too much credit card money. I am now realizing I’m just accumulating debt. IAny help or tips on what I should do?
Filed under 1685 by
Comments on I make about $100/week, I have less than 2000 saved up and I owe a little more than 1000 to credit cards. help
You need to get to know Dave Ramsey.
figure out when all your credit card payments are due- say you owe credit card a 20 bucks on the first of the month. if possible pay them before and as much as possible.
bonus it will make your credit score go up and you are more likely to get financing for your car
Pay off your credit cards, then cut your cards up. Only pay for things with cash. If you can’t pay for them, then don’t attempt to buy them.
Pay off the card with 1,000 from savings. Pay it in full every month from now on. If youi can’t afford something, don’t buy it! Credit card or not – only buy what you can pay for.
You are sticking money in an accoutn earning less than 3% interest (most likely) while running up debt on a card that is probably charging you 18% interest.
Use you cash. Pay off the credit cards. Continue saving money, and then add the amount you were paying to the credit cards into your savings plan as well (you borrowed the money from you, so pay yourself back, with interest.).
You will be shocked how fast the cash will build up.
If you continue to use credit cards, you will always be poor, whether in college or not.
You are one smart cookie to realize this before it gets worse. Pay off the credit cards. If they have annual fees Close them. If not put them in a safety deposit box at the bank with a 2 signature access. Do not live beyond where your cash will take you. Create a budget and stick to it! STOP going out …think of things for around home to do. It is only for a while and you will reep the reward later. I have tools that can help you. Contact me and I will direct you.
You need a better job to cover your life style. I just graduated college and never struggled due to a great job. E-mail me if you want to talk about the details. You should use the money you saved and pay off your debt a car will just add more debt
you could try making extra money online. I know some good sites. I’m kind of in the same boat and doing what i can!
You need to fix your brain so that you are not in spending mode, but in saving mode. DO NOT CHARGE THINGS TO CREDIT CARDS. If you can’t afford it out of your regular checking account then you can’t afford it…period. If you can’t pay off a credit card at the end of the month then don’t charge it.