Post # 1
I’m having a really hard time staying positive today, and I could really use some support/input from the hive. FI and I have been having money problems for a while (about a year) due in part, but not limited to, the following:
-FI’s older brother killed himself, and he couldn’t get out of bed to work for four months. So I was in college full-time and worky my rinky-dink part-time job supplemented with credit cards (I know, I know- not good).
-FI lost his job in August, and took one that paid about $10 less an hour in late September. During which time I was straining to pay the bills.
-I am in the position I went to college to achieve within a mid-sized law firm. However, because I’m young and this is my first job after finishing college I’m making very little money (think: barely more than my part-time job would’ve made me if I had been working full-time).
-My $20,000 student loan was just called into repayment, and the government didn’t knock a cent off (which they typically do).
So we’re struggling just to catch up on my maxed credit cards and pay the day-to-day expenses. Because this was all too much I did the responsible thing and cancelled our 150-person wedding of our dreams because we simply couldn’t afford it. We told FI’s family (I have no support at all on my side) and found an alternate elopement arrangement that wasn’t something we were going to totally regret for $3,000 [which photography, food, hotel stay, etc] where we got engaged (Lake Louise, AB).
Well now that my Student Loan is so high and our line of credit to consolidate our car’s interest rate was denied, there’s going to be zero money for this wedding too. I just want to crawl in a hole and never come out Bees- nothing has worked out for us for so long.
Is there anything I can do to raise $3000 in a super short period of time? Should we jsut give up on ever getting married? I’m so tired of being let down…
Post # 3
Have you talked to your CC companies about going on a payment plan? Typically if you agree to close the card and go on a payment plan they will greatly reduce the interest.
You could put your loans in deferrment too.
Post # 4
Some ideas. None of them quick, but just what’s come to mind…
Yard sale? (items you own; could also ask for donations)
Ask for $$ for birthdays/holiday gifting occassions? (I raised $800 in a year to buy a road bike this way – was just very disciplined about putting that money aside as soon as I got it)
Carpool as much as possible. (to save gas $$)
Part-time work? Tutoring?
Participate in clinical trials? (especially if you live near a university/medical college)
Post # 5
I worked a second job as a bartender for years to supplement my income. It was exhausting, but necessary.
Have you looked into something like this? or babysitting?
Can you consolidate your student loans to a lower payment. Call and ask them about options.
Post # 6
You can usually put your loan in up to 18 months deferrment for financial hardship.
You should probably look into credit counseling. I know several people who have had great results with ACCC.
Post # 7
I agree with PP’s. Call the credit card companies, call your student loan company. Tell them your situation and see if there is anything that can be adjusted.
Sell items on craigslist or ebay. Start clipping coupons, eat out less, turn the thermostat down a degree. No new clothes, and put christmas on hold. Schedule holidays at your relatives house so you don’t have to cook, or if they aren’t close, stay at home.
Also, this is an extreme, but I did it so I always ask… Do you need two cars? I sold mine because I rarely drove it, but it has really helped pay bills so that I could pay for wedding related items. Yes, it takes some getting used but it might be worth it!
Hugs to you, I know it sucks and it will get better!
Post # 8
No, but this is a good idea for my Capital One as it’s beyond ridiculous. My bank credit card I could clear so easily, but my Capital One is forever an issue.
All great ideas, but we sold everything of real value a while ago, I do carpool, I pick up every amount of overtime I can. It just isn’t making a difference 🙁
My student loans are ammortized over the longest period possible (15 years), but they said that was all they could do for me. The payments are still super high. I applied for part-time work, but FI got so upset about it that we were having huge fights about it, and I don’t need that stress with everything else going on. I wish though 🙁
Post # 9
@FutureJessicaMcB: Call and request a hardship deferment on the student loans. If you truly don’t make enough money to pay them they’ll allow you to defer for 6 months. If you’re still not making anything in 6 months you can apply for an extension.
I hate to say it, but pay minumums or just above on the cards for now and save some money. Save AT MINIMUM $1000 for an emergency fund and whatever you need for the wedding before you tackle the credit cards. Keep in mind that paying minimums for a short period of time while you save (on the student loan too) is not the end of the world. I’m not a huge fan of Dave Ramsey, but I think you should look into his philosophy of handling money to help you get out of this.
Can you work overtime? Get a second job? Sell your car(s) and buy cheaper ones cash?
Post # 10
This is the thing we’re struggling with- we aren’t living extravagantly at all- we aren’t eating out, I’ve been clipping coupons forever (which is the only reason we have any food at all), I haven’t bought clothes in two years outside of my wedding dress, we don’t ever go anywhere and are forever those broke relatives who don’t have the money to buy gifts for occasions like Christmas.
And we only have the one car. I can’t drive, and FI needs his for his job. How do you cut back when you’re already living on next to nothing?
Post # 11
I think you can apply for something called economic hardship and then you won’t have to pay the loans for awhile.
Post # 12
I agree with the other ladies, you def qualify for forbearance/deferment due to financial hardship. They can and they will. I’ve put our loans on forbearance many times before just because the interest rate is so low I’d rather use the money elsewhere.
Are you guys living together? While I don’t usually support living at home with parents I think in your case that might be a great solution to save on rent. Sometimes you just need a little breathing room to get back on your feet. It’s better than getting in so deep that you have to file for bankruptcy.
If you are living outside of your parent’s home, cut everything. Cut cable, cut phone, cut your cell down to the bare minimum. With winter coming put on layers and more layers and turn that heat down low.
Do you even need a 3K wedding? I mean seriously. Go to city hall and have dinner with your parents and siblings. The end result is the same, you are married. Get it done before Dec 31 and you might catch a tax return break.
I don’t understand why your FI is upset about you getting a part time job? You guys need the money now. In fact he should probably get a temp part time job as well!
Is it possible to ask his family for some financial help to pay off some of the bills? Just to lighten the load and come up with a repayment plan for them? At least you won’t be paying interest?
Post # 13
What about a second job for FI?
Post # 14
I’ve completely understand and have been in the same situation.
-Call your CC and ask to be part of their Debt Management Payment Plan. It can lower your interest rate significantly. If they don’t agree, then go through a credit counseling agency.
-Defer your school loan due to financial hardship. True it will add more interest, but it will give you peace of mind.
If none of those options work, stop paying. I know you will get the harrassing calls @ the beginning and it seriously hits your credit, but having the account switch to internal collections will force the companies to work w/ you. I’ve had to do this just to be able to afford living when I first started out.
Good Luck and Hang in there. It will get Better:)
Post # 15
@FutureJessicaMcB: If money troubles are this bad, you should be getting a job. Does he understand that there is not enough money to go around. In reality, he should be getting another job of sorts also. Even if its periodic one day labor jobs off craigslist.
Making sure your bills are paid and you have an emergency plan should be both of your first goals and you should both be working towards that.
Have you sat down and gone over your total budget? What comes in and what goes out and whats leftover? Seeing it in black and white can change peoples perspective about what really is needed or not.
Post # 16
- Wedding: October 2011 - Bed & Breakfast
If we wanted to get married at the courthouse, it would have cost us a grand total of $65 (license fee + officiant fee). You CAN be married without a wedding, or even an elopment.