I just bought a car at the end of August and I feel like selling it already...

[BigToque]

I'm already in debt and with the car payments, insurance, gas and my inability to properly manage my money has literally left me making nothing more than minimum payments on everything and I'm going to slowly go into debt.

If I can control my spending, it'll take me a year to pay everything off.

I'm considering selling my car, taking a loss (bought through a dealership) and just moving on and paying everything down a little more quickly.

Is this a good idea or a bad idea? I've just had so much foolish, non-needed debt lately that it's really starting to get to me.

I'm 24 and still living at home.

 

[invidia]

If you live at home, that means you don't have to pay rent and ulitites..... I'm just guessing. Where is all your money going to then? Do you need your car to go to work? If so, then don't sell it and start learning to manage your money.

 

[AnyMal]

Originally posted by: BigToque
I'm already in debt and with the car payments, insurance, gas and my inability to properly manage my money has literally left me making nothing more than minimum payments on everything and I'm going to slowly go into debt.

If I can control my spending, it'll take me a year to pay everything off.

I'm considering selling my car, taking a loss (bought through a dealership) and just moving on and paying everything down a little more quickly.

Is this a good idea or a bad idea? I've just had so much foolish, non-needed debt lately that it's really starting to get to me.

I'm 24 and still living at home.

Will you be able to get around without that car? How much are you upside down and what is car's worth?

 

[Inspector Jihad]

how much do you make? Is it possible that your parents could help you with the car payment and you can pay them back later. It seems foolish to sell your car because you'd lose a lot of money

 

[mugs]

I seem to remember you posting about buying a new car, and getting a lot of advice AGAINST buying it...

 

[Evadman]

Originally posted by: mugs
I seem to remember you posting about buying a new car, and getting a lot of advice AGAINST buying it...

He did say in his post here that he can not manage his fiances. At least he acknowledges it

 

[waggy]

Originally posted by: Evadman

Originally posted by: mugs
I seem to remember you posting about buying a new car, and getting a lot of advice AGAINST buying it...

He did say in his post here that he can not manage his fiances. At least he acknowledges it

point is do you think he is going to take the advice given? i don't . he was given advice to not buy it. he did it. now he is in deep ******.

 

[BigToque]

Originally posted by: waggy

Originally posted by: Evadman

Originally posted by: mugs
I seem to remember you posting about buying a new car, and getting a lot of advice AGAINST buying it...

He did say in his post here that he can not manage his fiances. At least he acknowledges it

point is do you think he is going to take the advice given? i don't . he was given advice to not buy it. he did it. now he is in deep ******.

As long as I can get my spending under control (which is mostly blown at the bar and eating out like 3 nights a week, I'd have ~ $1000/month to buy all my food/regular living expenses/savings.

I'm not saving a single cent right now and I'm about 6K in debt (plus the $18K I owe on the car over the next 5 years).

I know I can fix this if I can control my spending, it's just that I've been in debt for so long (just finished paying off student loans) that it's really starting to get to me psychologically to not have any savings. All I'm doing is paying money out. I don't like seeing negative balances.

 

[Greenman]

If you can't controll your spending, you should just get used to being in debt. At some point, all of your income will be consumed by monthly payments and the problem will solve its self, since you won't have any money to spend.

 

[AgaBoogaBoo]

which is mostly blown at the bar and eating out like 3 nights a week, I'd have ~ $1000/month to buy all my food/regular living expenses/savings.

Are you saying you spend $1k/month at the bar, or that if you didn't waste anything, that's how much you'd have in total? Does that $1000 include car payments?

 

[spidey07]

I wouldn't sell the car unless you feel it's worth it to take the loss.

You know what to do, stop spending money on alcohol and eating out. That will kill any extra money you have. It's a trap many young people fall into, they start making decent money and then go out buy a new car and party all the time. Then they wake up in their late 20s, no house, no savings, in debt and go WTF happened?

So track everything you spend and see where you can cut. the booze and eating out are the easiest.

You think it's difficult now? Wait until you have real bills. I once realize that I was spending 500 a week in going out. That was a wake up call.

-edit- if you really want the "man up" answer you'll get a second job and pull your self out of it.

 

[BigToque]

Originally posted by: AgaBoogaBoo
which is mostly blown at the bar and eating out like 3 nights a week, I'd have ~ $1000/month to buy all my food/regular living expenses/savings.

Are you saying you spend $1k/month at the bar, or that if you didn't waste anything, that's how much you'd have in total? Does that $1000 include car payments?

$1000/month is what I have to live on after my car and phone are paid for. This is available to spend on anything like groceries, gas, gym, and entertainment. I'm probably spending about $500/month on the bar/going out with friends/eating at restaurants. ($100+/weekend - I don't spend much money during the week).

 

[BigToque]

Originally posted by: spidey07
I wouldn't sell the car unless you feel it's worth it to take the loss.

You know what to do, stop spending money on alcohol and eating out. That will kill any extra money you have. It's a trap many young people fall into, they start making decent money and then go out buy a new car and party all the time. Then they wake up in their late 20s, no house, no savings, in debt and go WTF happened?

So track everything you spend and see where you can cut. the booze and eating out are the easiest.

You think it's difficult now? Wait until you have real bills.

I know you're right. I've been on a huge downward spiral since I broke up with my old gf and really just want to do anything I can to get out and try to find a little happiness. Unfortunately, this usually means a lot of expensive "socializing".

 

[ranmaniac]

Write down all your expenses on a spreadsheet, and see which ones you can cut or eliminate, like eating out, buying stuff you don't really need etc.

 

[thesurge]

Originally posted by: BigToque

Originally posted by: AgaBoogaBoo
which is mostly blown at the bar and eating out like 3 nights a week, I'd have ~ $1000/month to buy all my food/regular living expenses/savings.

Are you saying you spend $1k/month at the bar, or that if you didn't waste anything, that's how much you'd have in total? Does that $1000 include car payments?

$1000/month is what I have to live on after my car and phone are paid for. This is available to spend on anything like groceries, gas, gym, and entertainment. I'm probably spending about $500/month on the bar/going out with friends/eating at restaurants. ($100+/weekend - I don't spend much money during the week).

there's your problem.

 

[sjwaste]

Don't take a loss on the car unless you need to. $1000/mo is a lot to live off of after your car payment. You're lucky you can still live at home (I had to move out since my job needed me in DC), so resist the urge to move out until you have the finances in check.

Do you still have a good credit rating? Enough to get a 0% offer? Transfer your CC balances to a 0% and pay those off aggressively. Stop going out and spending that much eating out/at the bar. It's a lifestyle you can't yet afford. Pregame harder on Beast Light if you need to, and just drink less at the bar. Stop living beyond your means in terms of going out. Might need to cut back to 1 night a week and pregame so you drink less out, and drink bud lights at the bar, not $10 mixed drinks.

$6K in debt w/ $1000 in discretionary money AFTER the car payment is not bad at all. I've been there right out of college and managed it poorly. Now that I'm in law school racking up more debt, I had to get it under control, and did. If you get that $6k moved to something charging little or no interest, pay $500/mo and it'll be gone in a year. That leaves you $500 for other things. That's $100 a weekend if you don't spend anywhere else (read: pack lunch for work, eat dinner at home).

I hope this helps put it in perspective a little. I'm definitely not coming down on you, because I've been there. It's easy to get under control and you can still have fun. For me it just involves more OE and Beast and less drinking a the bar and $100 a plate meals. You still get to do those things, but maybe once a month now.

EDIT: Oh yeah, make it so that you put $100-200/mo into your 401k at work. It comes off the top, so you'll learn not to miss that money fast. Once your debt is paid off, try to raise that.

Life will be hard later if you keep going this way now.

 

[sandorski]

Wow, you need to F'**g ask us?

Quit going to the Bar, problem solved....next!!

 

[OREOSpeedwagon]

I get that sick feeling everytime I think about my student loans.. but oh well, now I have something to keep me motivated to do well in college, so i can get a good job to pay off the loans quickly

do you really need an $18k car? the only reason you should have gotten one is if you can really afford it.. otherwise get a decent car with ~50k miles or so for $5k or $6k and cut back on that debt a little.

 

[Chrono]

lol

 

[bigdog1218]

Originally posted by: thesurge

Originally posted by: BigToque

Originally posted by: AgaBoogaBoo
which is mostly blown at the bar and eating out like 3 nights a week, I'd have ~ $1000/month to buy all my food/regular living expenses/savings.

Are you saying you spend $1k/month at the bar, or that if you didn't waste anything, that's how much you'd have in total? Does that $1000 include car payments?

$1000/month is what I have to live on after my car and phone are paid for. This is available to spend on anything like groceries, gas, gym, and entertainment. I'm probably spending about $500/month on the bar/going out with friends/eating at restaurants. ($100+/weekend - I don't spend much money during the week).

there's your problem.

I think the problem is he has a crappy/no job.

 

[MrChad]

http://forums.anandtech.com/messageview...hreadid=1904366&enterthread=y&arctab=y

So you just finished pulling yourself out of debt, and now you're right back where you started?

 

[CtK]

What kinda car is it??

 

[Ninjja]

keep a log of what you're spending your money on. that should help you control your expenses.

look at the car as a way to control your financing and a test for your budgeting skills.

get your act together and grow up.

 

[Mo0o]

Stop wasting money on bars.

hey look, problem solved.

maybe you should go see a financial counselor. A person with $1000 in expendible income living at home at the age of 24 should not be in debt other than st udent loans

 

[sandorski]

Originally posted by: MrChad
http://forums.anandtech.com/messageview...hreadid=1904366&enterthread=y&arctab=y

So you just finished pulling yourself out of debt, and now you're right back where you started?

WTF?

shens