Take a look at my NWR budget

posted 3 years ago in Money
Post # 3
Member
8419 posts
Bumble Beekeeper
  • Wedding: April 2013

@LadyBlackheart:  When you say $50 for capital one, is that $50 left on the card or is $50 your min payment each month?

Post # 5
Member
4395 posts
Honey bee

@LadyBlackheart:  if you only have a mile to commute to work,is it possible to walk or bike?

Post # 7
Member
1287 posts
Bumble bee

Never pay the minimum payment on a CC. You’ll never get it paid off!   I’d up the $50 to $100 to get it paid off quicker. 

Post # 8
Member
4395 posts
Honey bee

@rickhurst35:  if its already gone to collections, I don’t think they’re adding interest any more. Sounds like this was a deal made with collections. 

Post # 9
Member
8419 posts
Bumble Beekeeper
  • Wedding: April 2013

@LadyBlackheart:  I would say if you still have high interest debt accounts you should probably get the least expensive car that fits your needs (reliability, space, fuel efficiency, etc), especially since most cars are depreciating assets.  I think $200 is probably the absolute most that I would want to spend each month for a car payment (plus insurance), but I would want to pay off the credit card debt ASAP.  Assuming that your car payment is $200 and your insurance is $100, that would give you roughly $300 left over each month.  By the time you pay for health insurance, you won’t have much for savings.  Is there any way you can get by without a car?

Post # 11
Member
4395 posts
Honey bee

@LadyBlackheart:  I think your budget looks good, but maybe a little low on the groceries/food area. A hundred dollars for food in a month sounds really low to me. That’s about $3 a day.  Is that your usual budget? Also, I mentioned bike because you could probably get one for $100 or so, and then you could have some more time to save or give yourself a little more leeway in your budget.  But I understand Atlanta is HOT!

 

Post # 13
Member
1178 posts
Bumble bee

@LadyBlackheart:  I just bought a 2004 Ford for $3800.00.

In your situation I would not buy a new car. Oh the money I wasted on car payments in my youth! In fact I’m in my 30s and drove a 25 year old car for 5 years and was able to save money and buy a house. Drop the YMCA and cable. Gosh if I was so lucky to have a 1 mile commute to work! Bike it or take public transit.

 

Post # 15
Member
2562 posts
Sugar bee
  • Wedding: March 2014

My car is wonderful, and only cost me $3,000 in cash. It was used (obviously) 2002 Chevy Cavalier, and had 92,000 miles when I bought it two years ago. It’s now at 120,000 and still running very well. Good gas mileage, good history, etc. Took a bit of looking, and a bit of work once I got it, but truthfully it’s the best 3,000 I ever spent. I’ve been learning more about fixing cars since I bought it as well (since it needs minor work sometimes) – always a useful thing to know about!

So I guess what I’m saying is that I’m a big advocate for paying what you can afford in cash for a car, prefereably used. I am not a fan of financing cars if one can help it.
I drive 40 miles round trip to work everyday, so the car is needed. But the best thing about it is that I already have the money saved up to buy a new car if/when I need one, and I don’t have a car payment looming over my head with all the other expenses that add on during life.

But if I were you, and I only lived a mile from work? I’d be riding a bike, or walking. Not only would it save me tons of money, it’s also great exercise and a nice chance to relax before my hectic day (I love riding bikes!). A new (or fun vintage) bike and a good helmet would pay for itself in a few months of not needing to fill your gas tank for the trip! 

Post # 16
Member
4395 posts
Honey bee

@LadyBlackheart:  Be careful, too much ramen noodles might make the health insurance become more necessary Wink

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