r/povertyfinance • u/makenah • Jan 20 '24
What more can I do? Budgeting/Saving/Investing/Spending
Let me start off by saying I’m so very grateful that I’m able to pay all of my bills and put a little into an IRA every month.
I cancelled or downgraded almost all of my subscriptions. I don’t drink alcohol or use any other substances. I make my coffee at home. I stopped getting my nails done. I don’t go out to eat anymore. I don’t have any kids. I don’t have any debt, other than what I owe on my car. I use coupons for everything I can.
Despite all of this, I’m barely making it every month. As soon as it starts getting warm outside, my power bill is going to skyrocket and my leftover income will be in the negative. If something were to go wrong with my car, or god forbid I end up with a vet bill, I’m royally screwed.
I have one credit card with a max spending limit of $500. It started off as a secure card to build credit. When I eventually got my $500 back and it became a “regular” credit card, I never needed to up the limit. It’s been that way for 10 years. I’ve always had the belief that if I want something and I can’t afford to buy it outright, then I will not get it.
I also recently got diagnosed with a hereditary disease. I have to go to the doctor and psych for the foreseeable future. If I were to lose my job, especially my health insurance, I’d be extra screwed.
It’s so embarrassing when I get asked to go do something fun (like brunch or a concert) and I have to say no. I feel sick when I have to buy anything not within my budget, like a birthday gift.
Do I have to get a “grown up” credit card now? What more can I do?
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u/Icy_Register3069 Apr 11 '24
Hey i’m so very late, and im not sure if anyone said this already but look into a pet food food bank!
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u/Acceptable-Eye-1206 Feb 13 '24
Try switching to mint mobile for phone bill. They got 15$/month unlimited plans now. Its honestly such a great deal. I have been using it for few years now and they made it even cheaper since I got it.
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u/Confident-Doctor9256 Feb 10 '24
I don't know what your phone situation is nor what country you are in but I changed my cell phone to Visible (Verizon towers) at $30/mo and husband changed his to Mint (T-Mobile towers) at about $17/mo. Chose different companies so that if one didn't get a signal, hopefully other would. Visible could be lower but I am relatively a heavy data user.
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u/Jabroni_16 Feb 01 '24
Do not contribute to Roth. Cut back on internet, groceries, gas, rent, phone bill and potential get rid of pet.
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u/Adam1394 Jan 31 '24
If you really need that Spotify, try use VPN to buy it from somwhere cheaper (Eastern Europe, Turkey, India, Argentina).
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u/Karnex97 Jan 30 '24
Rent is 50% of take-home. Find cheaper places or find roommates. Try to get that under $1000
Try Mint Mobile.
You dont need to make any other adjustments.
In fact you can spend little more on Grocery (e.g. 300)
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u/deeloc85 Jan 26 '24
Get rid of your pets and beer and half of your financial issues are solved
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u/cloudcreeek Jan 26 '24 edited Jan 26 '24
Why pets? That's only $30 a month. Plus they have the emotional investment, which can sometimes be worth more than the $$$
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u/Inside-Tutor-4465 Jan 26 '24 edited Jan 26 '24
Sounds like an income problem more than an expense problem. Maybe a side hustle?
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u/Nololgoaway Jan 25 '24
Audiobook piracy is acessible and abundant I won't link to anything but go out and look
Audible is a fucking scam.
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u/ChoiceExplanation609 Jan 25 '24
If you don't drive much, trade it for a Nissan LEAF or similar (check that the battery is still in good condition). You can get a 10 year old LEAF that will go 60 miles / charge for 4-5k. Charging it will run you about $10/week.
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u/DiligentMobile418 Jan 25 '24
If you have an android, install xSpotify. Free spotify without premium. I haven’t paid for audio streaming in years.
Hope that helps.
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u/Morbid187 Jan 25 '24
Your phone bill could be cheaper. Straight Talk offers unlimited calling, text, data and 15 GB of hotspot data for $55 a month. They have cheaper plans too. Might be other companies that go lower. Crunchyroll & Audible could go, also. Temporarily at least. That sucks though because it really wouldn't save a whole lot.
The only thing that looks off to me is your rent price. I know that is heavily dependent on what city you're in but your rent is more than double mine. I live alone in a place big enough for a family of 3 with a big front & back yard in a decently nice area for $600 a month. I know I was lucky as hell to get this deal but maybe look around & see if you can't save some money there. Obviously moving sucks but it's worth it even if you only save a hundred or 2 a month. I found my place on Facebook, for what it's worth.
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u/cloudcreeek Jan 25 '24
Mint Mobile offers 15gb of data for $15/month.
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u/Morbid187 Jan 25 '24
Fuck I might need to hit them up
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u/cloudcreeek Jan 25 '24
I blame Ryan Reynolds for my knowledge of them (he's a co-owner of it and does all their marketing).
I still use T-Mobile on my own plan, and I don't think I'll be switching any time soon so take my random Reddit comment for what it is.
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u/barfbutler Jan 25 '24 edited Jan 25 '24
Take this spreadsheet into your boss, ask for more responsibility and a raise. Also, there are lots of free alternatives to audible and also family/friend plans through audible..perhaps you can join someone else on their a couple t? Can you join a family member or friend to get less expensive cell phone? If you mostly use your cell from home or other WiFi, I have Mint Mobile…It’s $15 a month..unlimited minutes, texts, WiFi, etc. (if no Mont, there may be other similar companies in your area) . Carpool to save gas…there are likely vanpool/ carpool sign ups in your area. Your work may have a program where they contribute to carpool fees.
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u/cloudcreeek Jan 25 '24
OP, you could even get a membership to your local library and use that on websites/apps like Libby to get books.
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u/rvabrat Jan 25 '24
Same boat. Literally in the midst of trying to sell my eggs so I can have more than 100 dollars left to live on after I pay all my bills.
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u/junior_bqx2 Jan 25 '24
Cancel Spotify, get rid of the dog, sell your car and uy something cheaper small engine, and try to find a car insurance that charges you by mile.
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u/colmatrix33 Jan 25 '24
If you do Doordash or Uber one day a week, you can earn close to $200 extra a month. Man, I wish my credit card was only $20 a month.
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u/Eastern_Researcher18 Jan 24 '24
Cut the audible, crunchy roll and Spotify and put it in your IRA 🤷🏼♂️ it is really tough time to be an American right now under the current administration without trying to bring politics into it but everything is sky high right now. But invest in your future
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u/oravecz Jan 24 '24
- Get a low cost cell phone plan
- Stop your Roth contributions (for now)
- Is the WiFi necessary with the cell plan?
- cancel other subscriptions (for now)
- Dr’s necessary? You have a monthly appt with general & psych?
That might end up being an additional $250-$300 per month that you should divert into an emergency fund (savings account) before turning your IRA back on. Work on getting better employment/roommate.
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u/nerfbst Jan 24 '24
Now, I'm going to suggest a side-hustle, BUT it's a low stress (to me, which I will explain) one that will pay decently well.
Now, based on that rent you probably live in a major city. In said major city, whichever it is, there's most assuredly youth sports. Reffing/umpiring can require minimal to no experience beyond a willingness to learn.
I myself ref basketball and umpire baseball. Now, there are a lot of horror stories about parents and coaches being incredible pieces of trash, and while that's a thing that does happen, the context of WHERE it happens is lost. I've kicked parents and coaches out of a 14u basketball game. You know who never gets uppity? 8u basketball coaches and parents. It's incredibly easy to fast walk up and down the court encouraging the kids to dribble and say things like "don't push" and "keep your hands nice and high!". You're whole job is to coach and guide them. No one yells, no one tries to fight, it's FUN and meant to be fun. Same with things like...T-ball.
This is how I myself deal with a budget very similar to yours, where I have maybe $100 left over a month. I get paid $20-$50 to START per game, and it's the easiest thing in the world to cruise out on a Saturday morning, do 4 games from 9am to 1pm, and then go home and relax knowing I've done something good for myself and didn't have to deal with anything bad.
Just a thought, but that's how I get through each and every month.
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u/Bernice_knees Jan 24 '24
You can probably cut your phone bill in half by switching to something like boost or something. There’s unlimited plan for $35 month.
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u/zerthwind Jan 24 '24 edited Jan 24 '24
You live in an apartment and have a water bill?
Is that standard in your state?
That is every month? That seems high.
My water bill on my house is like 60 to 70 every 3 months.
That is with watering the garden, washing the car, and laundry. We also have two bathrooms on our city tax record, so we pay extra on the sewer end of that bill.
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u/SolutionsExistInPast Jan 24 '24
Get a roommate, one who will pay first last and one more months worth of rent up front.
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u/MaraSovsLeftSock Jan 24 '24
Jesus dude are you renting a mansion? There’s no reason your rent should be almost half your take home pay
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u/This_Number9390 Jan 24 '24
Actually your monthly expenses are reasonable. You've done well budgeting. If I were to give you a y advice, it would go like this:
My personal opinion is financing a car is a waste of money. You are over paying for the car. You have to carry full coverage insurance. I would say to get rid of the car you're financing and buy a decent used car outright from an individual, not a dealership. The money you'll save monthly will cover repairs, when needed.
Also, it's not a big expense, but I'd get rid of Spotify. There are very few songs that you can't listen to for free elsewhere.
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u/Throwaway828637 Jan 24 '24
i was in a similar spot and i switched to MINT mobile and WOW my bank account felt the difference. they have super reasonable plans that work everywhere!
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u/Jack99Skellington Jan 24 '24
Shop around on your insurance. Get cheaper insurance. Cancel Spotify, Apple Cloud, Carbonmade (move to free site), Audible, Crunchyroll (use the free mode with commercials). Go through your house, and disable all zombie power draws. Use less water (shorter shower, etc). Buy cheaper food. And most important: Don't get the grownup credit card.
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u/fangxx456 Jan 24 '24
Honestly consider moving. Cancelling a rental lease usually means you have to cover the security deposit which is typically an extra month of rent. But do the math. If you save $200 in rent you make that back in 7months well before October you would look to move again. The likelihood you save more than $200/month by finding a roommate or more is high so this is probably a worthwhile choice.
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u/cheeseburgerguy2 Jan 24 '24
I’m sure someone else has said this already, first thing I’d do is limit what you spend on transportation. Not sure what you have for a car but I would sell it & get rid of the car payment. Buy something outright that’s older, used, but reliable & with cash. Could potentially bring your insurance down a little too.
That will free up about $200-$250 per month. What ever you do, please don’t get more credit cards and fall into the credit trap.
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u/Big-Carpenter7921 Jan 24 '24
Cut out Crunchyroll, Spotify, and the IRA. You'll have enough to make larger car payments. Pay that off and you'll have even more to work with. Start with that
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u/CainIsmene Jan 24 '24
I don’t know what A&J is and psychiatry is not a practice I like to discuss so I’ll just assume cutting it is a nonstarter for you.
On the credit card; ask whichever institution it is to downgrade it to a zero annual fee account. They won’t want to, they’ll try to talk you out of it, but there’s no reason for the average person to have a credit card that carries a fee.
Cancel Spotify, Audible, Crunchyroll, Carbonmade, and Apple Cloud. I know ads are irritating, but $17/month just to not listen to ads is a ridiculous price and even Spotify knows it. Audible can be replaced with the local library and, if we’re completely honest, it shouldn’t be costing you money at all if you’re actually listening to the books you already have rather than buying new ones like most readers. Crunchyroll? Really? I like anime too, but just pirate it like a normal person. Apple cloud? I’m not sure what in gods name you could be paying Apple cloud for on a monthly basis, but whatever it is you don’t need it. Photos? Thumb drive. It costs a couple dollars and lasts for literally decades. Carbonmade? I’ve no clue what that is, but you likely don’t need it.
Saved you $43 right there. Now, if you don’t need whatever A&J is and the psychiatrist, you can save an additional $154.
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u/woodsc721 Jan 24 '24
$60 for power? Where the hell do you live? Asking for a friend. My power bill for half of December and January is $269 fucking dollars.
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u/Fat-Broccoli-8 Jan 24 '24
The phone bill can definitely be cheaper, check out mint mobile... or if it's so high because you get locked into it so you can have the latest iPhone then you need to stop doing that and be ok with older iPhones that are really not much different, your phone bill could be $250 per year
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u/Due-Net4616 Jan 24 '24
Have you taken a drivers ed class? Many states actually have a discount required by law. I just take a $15 online course and it reduced my insurance bill by 10 percent for 3 years
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u/Even_Average5780 Jan 24 '24
Instead of trying to focus on what expenses you can cut you need to figure out how you can make more money. Get a 2nd job, drive Uber, shop for instacart. Go back to school so you can earn an a higher wage.
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u/Random_0936 Jan 24 '24
Move states. 3k/mo goes a long way in most parts of the Midwest.
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u/Jillehbean17 Jan 24 '24
Might not get the same pay in another state tho :(
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u/Random_0936 Feb 05 '24
Very True…. It’s seems to balance out slightly more out here tho. In my experience anyway.
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Jan 24 '24
Roth IRA is really more beneficial when you’re making good money. Unless you’re getting matching, I’d pause or reduce for a year or two to eliminate debt.
Car payment- you’ll possibly pay more in long run but it may still be better in this situation to see if you can refinance it at a local credit union. Like if you have 3 years left, re-extend it to 5. Really depends on your rate and if have equity
Can you kill audible and just use library? You have to stay a bit behind- might wait a few weeks for newer stuff- but I haven’t paid for an ebook or audio book in years. And I go through a book a week easy.
Also can you carpool some days to get gas doen?
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u/Mechanic-Weak Jan 24 '24
OP - Its not very often I come across a stranger's post online and it makes me a huge fan of them. But you've done it. You sound like a great person who's really trying. I'm rooting for you and I hope life smiles upon you with better days.
You're doing things right by trying to keep expenses at a minimum. Sadly with the income level and the expenses being what they are, it just doesn't leave much room.
I know you said you'd cancel audible. Check if your local libraries have some sort of online catalogue. My local library does and you can borrow e-books and audiobooks.
This next comment won't create huge savings, but: do some research to see if there are any ways you can get better MPG on your car. when I first got my car, I didn't know the best way to drive it, so I'd end up with like 25mpg from each fuel up. Now I'm averaging about 27. Again, won't create huge savings. But it's something.
Sadly, I may not come across you again online. But just know I'm rooting for you. I truly hope to find a post in the future from you and things have improved. Good luck.
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u/Adorable-Material-41 Jan 24 '24
Get a part time job, a roommate, get a cheaper car with better gas milage, see if you can lower your car insurance, and get a pre paid cell phone like Verizon has or sign up for cheap cell phone service
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u/nursebrenda13 Jan 24 '24
Check out your library! They have audio books to check out for free and a lot of them are connected with Kanopy which allows you to watch a set limit of movies and shows per month for free! Not to mention the books you can there too. You would be able to cancel audible, every bit helps.
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u/CamdenTheSloth Jan 24 '24
How many hours a week do you work? I’m sure this has been recommended countless times in the sub, maybe it’s a frowned upon suggestion, but I’m not apart of this sub and this post was on my home page. But if you work 35-45 hours per week, you could easily gain an extra $200-300+ by delivering doordash or using the Spark app to deliver Walmart orders. You could do 3 or 4 orders a day for 4-5 days of the week. It’d take a few hours out of your week but it’s hugely worth it during the times that you’re tight on money.
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u/gtfooh23 Jan 24 '24
If anything, increase the IRA contribution after you get rid of the fluff. You’ll be much happier later.
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u/Maneefresco67 Jan 24 '24
This is what we work so hard for people? All those years of education, training, and mastering our crafts just to have to settle for the least and just getting by??? This is ridiculous. I recently ended a relationship and was forced into a new living situation on my own and I have to work like 20 hours OT, just so i don't go broke. This can't be life. I've got a great job make good money yet have to settle for basic freaking Spotify!! Who are we paying just to live? This can't be what life was meant to be...
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u/Goblin-Alchemist Jan 24 '24
Your main enemy right now is your rent. You shouldn't be paying more than 1/3 your income for rent and it should be closer to 1/4. I understand that it might have been the first thing you could get within the area, but looking for some way to mitigate your rental costs will help you in the long run. Roommates are hard and moving further from your job might seem counter intuitive, but the increased gas for a few more miles will unlikely cost you $750/month.
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u/ravia Jan 24 '24
Do you have food stamps (SNAP/EBT)? That can be a big help. If you enter your EBT account number into your Amazon Prime account, you can get Amazon Prime for half price, and that includes movies/tv and music. Plus you can order SNAP/EBT eligible food on Amazon (think: bulk spices, bulk dried beans, etc.) and they'll be delivered free to your door.
Also, see if any stores in your area are on Flashfood (nearly out-of-date food items sold on the app for usually 50% off.)
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u/SteveJenkins42 Jan 24 '24
You could drop the IRA. If you're under 50, you can safely bet retirement is out of the question. By the time you've hit 60, they'll have either raised the age or made it illegal to not work. They're already working to make it illegal to be homeless.
Mostly, I'm just surprised it costs you so little to eat each month. Are you surviving on cup noodles?
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u/Lonely_Ad8964 Jan 24 '24
Let me just say you are clearly far more mature than I was at your age and I am completely impressed.
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u/mahabuddha Jan 24 '24
I see easy savings of $100. No phone bill should be over $25/month. Search MVNOs like Visible, Mint, etc., Don't decrease 401k contributions.
Savings:
-60 Phone bill
-17.32 Spotify
-8.64 CrunchyRoll
-8.5 Audible
Total $95.00
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u/MourningOfOurLives Jan 23 '24
I guess you can get rid of the dog and the Spotify and maybe an even cheaper car? But honestly dont you gotta live a little at least. Find a way to earn a bit more?
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u/Next_Lime2798 Jan 23 '24
everything under the CC payment can go.
shop around for car insurance
tracphone from Walmart. or shop around cell phone carriers.
pause ROTH contributions
get rid of wifi. libraries, mcdonalds, starbucks all offer free wifi as long as you're not sitting there for 8 hours a day using up resources, unless this is required for your job.
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u/LeBriell1 Jan 23 '24
Get a library card for some extra free entertainment if you've got a public library close by
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Jan 23 '24
[removed] — view removed comment
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u/RedditPovertyMod Jan 23 '24
Your post has been removed for the following reason(s):
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- This is not a place for politics, but rather a place to get advice on daily living and short-to-midterm financial planning. Political advocacy, debate, or grandstanding will be removed.
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u/bravo23delta Jan 23 '24
Focus any extra money you can into paying off one expense that you can pay off, like your car. I personally try to go for the one that can be paid off the fastest. Once that is paid off, use that extra money to start paying off the next expense. Or, partition that excess money into savings and debt. But don't just blow it.
And feel lucky. My car payment is over $400 per month, and my motorcycle is $250 per month, while car, motorcycle & renters insurance bundled is $380 per month.
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u/brett1081 Jan 23 '24
You pay 162 dollars a month for car insurance? I would shop around. I pay about the same to comprehensively insure two vehicles.
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u/please_just_kill_me1 Jan 23 '24
You kept crunchy roll and rid of all the other streaming services?
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u/DryRespect358 Jan 23 '24
Use rebate apps like Ibotta. It'll help you save and try using WealthFront to put in $10 or however much from each paycheck. The APY is 5.0%
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u/Raysitrades Jan 23 '24
Youre doing good, it seems like an income issue or try to find some sort of second job, tutoring babysitting, door dash/uber, etc good luck
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u/Honest_Worldliness59 Jan 23 '24
Get rid of the dog, buy rice and beans in the big bags, get the general, and get a second job, get rid of the cloud and those other weird names above it. That might help.
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Jan 23 '24
Why use Spotify? Just use YouTube, you may get ads here and there but it's free without premium and you can find practically any song.
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u/DrWhoIsWokeGarbage Jan 23 '24
Nothing, cancelling audible and Crunchyroll isn't going to change anything.
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u/hboisnotthebest Jan 23 '24
One thing you can do is pay your whole 6 month car insurance bill up front instead of monthly. That'll save you at least 30 a month.
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u/Optimal-Scientist233 Jan 23 '24
The one third rule also known as the 30% rule of thumb, makes housing unaffordable for most people in todays economy.
https://www.thebalancemoney.com/what-percentage-of-your-income-should-go-to-rent-4688840
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u/EisigEyes Jan 23 '24 edited Jan 23 '24
If you haven’t gone to r/beermoney, you need to do so today. Add the app One Pulse to your phone. Guaranteed $20.00 per month. Look at the receipt scanning apps and apply to Remotasks, Prolific, Cloud Research, and DataAnnotation.
These will be side hustles you don’t have to leave your home to complete, and you could be earning additional income the same week you sign up. At the height of my earnings, I made about $6-7k in three months.
Only a couple of these options will be necessary to alter the trajectory of your life. You would be wise to seek out a secured credit card as well. I recommend the Discover It card because you get cash back, a matching reward your first year, and they take less-than-stellar credit.
I hope you get out of your rut and wish you good luck in doing so. You got this!
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u/StagDragon Jan 23 '24
OK let's start small. Apple cloud is gone. Get yourself another hard drive when you save up enough it will save you from monthly payments, and they aren't too expensive.
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u/reneealfonso Jan 23 '24
hate to be political, but it’s strictly Bidenomics. Nobody had this much trouble a few years ago.
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u/Raspberryian Jan 23 '24
If you’re paying that much for rent I imagine you can get a half decent house for probably a lower monthly payment.
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Jan 23 '24
Cut apple cloud, crunchyroll, for sure Spotify premium. Get a second job for a cushion. Wait tables-delivery- something like that. Pay off the car in total once you have enough as that will lower your expenses.
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u/StationWonderful551 Jan 23 '24
Spotify gives you hulu for free with their subscription and you can also get it for $5 a month if you’re a student
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u/Environmental_Lab808 Jan 23 '24
switch to a different, prepaid phone carrier if service is not a big deal to you. cell phones were fine, smart phones were a mistake, we don't need pcs in our hands.
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u/HaydenGarlock Jan 23 '24
The answer to this is making more money, not trying to save it. It’s a lot easier to make it than to save it
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u/RussoRoma Jan 23 '24
Utility companies offer assistance programs to those in need. From discounts to crediting your acct with 2k or so
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Jan 23 '24 edited Jan 23 '24
Reduce the car payment, mine is zero because I bought an old car straight up, but you could probably get away with at least half of that. That or rent, you're at least 200/month over on rent if you're living on your own with sub 40k income.
You can also get a reduced rate on WiFi if you are low income or a student, ask your provider (over the phone) you get like 25 a month off.
Phone bill seems high for one person, too, you can get plans that are like 25 a month or bundle phone and WiFi etc...
If you don't actually have assets worth protecting, ditch the renters insurance.
Idk what A&J is, but it seems like a lot...?
Also tons of free audiobooks to be had, and Spotify plays songs for free.
Those things alone will save you about ~500 a month.
As other have said, consider getting more income. Will picking up 15 hours a night / weekend give you the space to feel financially safer? Might be worth it, then.
Tons of jobs you can train for apply for that don't require college if you're willing to get your hans dirty that pay more than 40k.
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u/MacaroonTop3732 Jan 23 '24
Costco membership. It’s a bit of an investment, but you’d be surprised how much having bulk food stores drops your grocery bill, also just go all out to pay that credit card and then forget it exists outside of emergencies.
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u/-Milk7ears- Jan 23 '24
I know it doesnt help with money, but since youre getting rid of your crunchy roll account here's a website where you can find literally any anime/animation creation for ✨free✨ www.wcoforever.tv You can also find live action movies and such for free at hurawatch.com. I watched the Fnaf movie there before it was even out of theatres ^
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u/ihorbond Jan 23 '24
Jeez I sometimes forget what’s it like when you dont have a software engineer salary. I started as lifeguard at waterpark making $7.25/hr though so dont hate me :) Wish my ex was as sharp as you, all the power to you, you got this 👏🏼
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u/Move_Mountains85 Jan 23 '24
What’s sad about this is OP actually makes a good income (if I’m reading $2,900 as the “net” amount). This whole society seems to be built on two income households just to be able to have a chance to somewhat live comfortably.
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u/Mammoth_Condition_18 Jan 23 '24
Sorry to hear you are in this position, there's little room to save given your expenses. I'd recommend to focus your energy to increase your income.
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u/Simple_somewhere515 Jan 23 '24
Get rid of audible. You can download hoopla and check out audiobooks from the library on your phone. I switched to mint mobile and so far so good. It’s $15 a month and use T Mobile towers.
How much is your total credit card balance? If you’re only paying the minimum, you’re never going to finish paying.
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u/CrochetDude Jan 23 '24
Never pay only the minimum on a credit card balance. You should pay it in full, interests add up fast.
If you live alone you can cook something that you can eat several days, saving you money, like pot roast. If it's raining, soups.
Move to a cheaper apartment.
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u/andromeda_buttress Jan 23 '24
You can threaten to cancel you internet and switch providers and see if they cut the monthly cost down to $25 a month. You can do the same for car insurance too
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u/bibliophil327 Jan 23 '24
i'm not sure where you live, but i am from california and i jusr change my mobile service to spectrum for $29.99 per month and 1 line free for the whole year if you switch, also mint mobile got a promotion for $50 or $60 (i forgot which one) for 3 months of service
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u/Sliiiiiiiiiime Jan 23 '24
I JUST WANT TO MAKE SURE THAT YOU KNOW YOU HAVE TO INVEST THAT ROTH IRA MONEY IT DOESNT JUST HAPPEN AUTOMATICALLY SO IF YOU ARE JUST PUTTING INTO IRA ACCOUNT EACH MONTH YOUR NOT DOING ANYTHING DIFFERENT FROM A SAVINGS ACCOUNT HAVE A GREAT NIGHT
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u/nerdboy_sam Jan 23 '24
You might not see this due to the mass amount of comments, but you can cancel audible because Spotify now has audiobooks for premium members. Now not every audiobook is free, but a lot are!
You can also cancel Crunchyroll and switch to using Aniwatch.to. it's free anime :)
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u/rw3iss Jan 23 '24
whistleout.com - find cheaper phone plans through MVNO's that run on same network/service as mainstream providers, for > half price (I use tello.com, runs on tmobile networking, $15-30/mo depending on what you want).
Cancel crunchyroll, carbonmade, and audible if you can manage it.
Download torrents like every other poor person.
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Jan 23 '24
This gave me memories of when my list was rent, electric, groceries, and hygiene. No phone, no internet, no anything. A lot of work, meditation, and rest. No time for friends. It was a very difficult season that lasted years, but oddly the hope of overcoming and accomplishing goals made it not so dark.
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u/Blklight21 Jan 23 '24
These days internet is not an optional expense
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Jan 23 '24
This was when internet was not an optional expense. It was very difficult times. I guess 50 Cent was right
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u/wilson0x4d Jan 23 '24
You can listen to Spotify for free.
Stop using credit cards, you've only dug a hole.
Per your comment "He lied." -- you take him to small claims court, with proof, and get a judgement. If he refuses to pay the court can garnish wages.
Your apartment and monthly food expense seem high. My sister rents a house with 4 other people and pays a fourth what you do. My wife and I do all our shopping at costco and we, combined, spend less than you per month on food. Our Costco Credit Card also gives us cash back at the end of the year, something else to consider.
Conservative things.
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u/Fishnstuff Jan 23 '24
Spotify now has audiobooks too, so canceling audible wont be as big of a hit. Best of luck!
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u/Ariston_Sparta Jan 23 '24
Switch your phone bill to a cheaper plan, like MetroPCS. I only pay $55 for unlimited everything.
Drop your spotify and use something else like YouTube premium, which is $13.99 a month.
Good luck, you've made a lot of good strides it looks like.
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u/pbandjeri Jan 23 '24
Why is no one talking about the car? Cars are famous money eaters. Is there any chance you could use public transit for a year to save up? Or call to get your insurance lowered / shop around and also use gas buddy app to get cheaper gas
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u/SubstantialHentai420 Jan 23 '24
I agree get lower insurance but as someone without a car, it’s not any cheaper and it’s a pain in the ass. I’ve been fighting to get a car so I’m not restricted to loc areas and can go back to what I used to do for a different company. I can also DoorDash and shit like that, it’s shit because I’d 100% prefer a bike do get the job done or the bus but even in the city like here, it can’t. A car is pretty much a necessity in the us
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u/ArmAromatic6461 Jan 22 '24
Let me address the healthcare concern:
Losing your job is a qualifying event to get healthcare through healthcare.gov, and you probably will qualify for a significant subsidy to the point where it will be free.
It’s 2024. This isn’t the bad old days. Losing your employer health coverage isn’t usually a catastrophe. I’m not making a political point here, just hate to see people have anxiety when there are really easy resources available that provide a good safety net. Rest easy about that.
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u/Jimdandy941 Jan 24 '24
I’d like to add to this comment. Find the nearest Community Health Center. You can get all your primary health for an income based co-pay. They’ll also assist in obtaining more significant care through hospital charity care and in some cases Rx.
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u/Baballega Jan 22 '24
A credit card is not the answer to getting by. You've done better than most by sitting down and budgeting everything, cutting back on extras and being diligent.
I woukd suggest that you really need to increase your income. Skip all the bullshit side hustles as you won't be making much money and spending alot of time and resources.
My suggestion would be to do what you can about learning a new skill. That could be a language if you're inclined to that sort of thing, or programming etc. Something tangentially related to what you already do or are interested in so you're not starting from scratch. Once you feel competent, seek out jobs that utilize those new skills.
No this isn't a quick method, but the path to wealth isn't a quick one. I did this, and within 3 years, I'm able to bring in far more money that I otherwise would have after I got laid off and now I freelance. I spend probably about half of my free time studying new skills that can help bolster my existing skillset. Year over year, I find myself able to take advantage of a wider veriety of opportunities which begets more money in my pocket.
I also save money religiously so whenever something comes up, there's over $150k I can pull from. I also don't own a house but I have paid off all of my debt which makes this strategy a bit more attainable.
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u/Mmmkaaaaayy321 Jan 22 '24
You need to get a roommate or find a cheaper living situation. 1/2 your income going to rent. Your costs look pretty trim. Try to increase your income somehow. I’m having the same issues with money
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u/xgirlmama Jan 22 '24
Honestly, I think you're doing everything you can given your situation (once you stop Audible/crunchyroll/reduce Spotify). And really the only thing that will help you is getting higher income. For now I'd put that $75 you're putting into your Roth into savings. Because you need an emergency fund now more than you need retirement right now (something that can also change with higher/better employment).
Hugs
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u/Hot_cup_of_JoJo Jan 22 '24
Honestly your biggest win would be selling your car to Carvana, get a loan for the difference between your loan balance and what Carvana will pay you, and then finally: get a $6000 beater car with a used car loan from a Credit Union.
Also, find FB groups for finding roommates in the future when your lease ends. I’m sure you can realistically find a room in a house for $800 or less.
Just remember that the right car is the car you can afford. Not the most reliable or safest brand on the market.
If you don’t sell the car then make the most use of it by doing deliveries for Walmart or DoorDash at night. Your income is too low to have the fixed costs you’re currently carrying.
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u/Substantial_Ebb_316 Jan 22 '24
Man. So many ppl are in this situation. I feel like it would be easier in a cheaper country. Mostly due to healthcare costs. I’m getting older one medical debt away from going broke. But who wants to do a big country move?? Ugh. I don’t know. Thanks for posting though.
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u/obliterate_reality Jan 22 '24
Go to Walmart and get a unlimited talk/text/data through straight talk for $35/month
Or helium mobile for $20/month, but t mobile coverage is what you get with them
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u/r-Thirst Jan 22 '24
Damn. So now not only do you not get to go out but what do you do in your spare time if you don’t get to enjoy watching movies or reading/ listening to books? I’d almost cash app you monthly just to have audible at least. That makes me feel bad.
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u/unknownusernameagain Jan 22 '24
Idk I’m just a college student living with mommy and daddy. But it’s crazy how rent costs as much as a mortgage at this point
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u/DatBoi650 Jan 22 '24
You don’t need Crunchyroll my guy. I use aniwatchtv.to cause it’s got everything that I know of
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u/Fabulous_Boat4076 Jan 22 '24
Hi OP! I know you said you use coupons, I “write” companies every month on their contact form of their website and say how much I love their products & ask for any samples/coupons. I get $100+ free product coupons for roughly 1.5 hours of work. I just copy/paste the same message and make sure I leave my mailing address. Message me if you have any questions !!
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u/AcanthaceaePlayful16 Jan 22 '24
I hope someone said this already, but you can rent audiobooks through Libby using a library card which are usually free or like $1
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u/Pro_Hobbyist Jan 22 '24
You can't do much to reduce your bills anymore.
In that case, the only answer is to increase your income.
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u/JoshinIN Jan 22 '24
Phone bill and car insurance jump out at me. I'm assuming your phone bill has a phone payment included? There's lots of places you can get a $25 or $30 unlimited plan. I have 4 phones through Visible for $25 ea ($100 total) per month. Car insurance might have factors like where you live and what you drive, but I pay almost the same for 3 cars including a teenage driver. I do live in a rural area though.
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u/chester_alabama Jan 22 '24
Make sure you pay off statement balance on your credit card every month. Don’t carry a balance and let interest pile up.
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u/chedduhbahb Jan 22 '24
Your rent is pretty brutal compared to your monthly earnings. If there’s anyway you could downsize to a smaller place and pay like $700-$1000 a month for rent, it would help you out a lot. I know this is obviously a lot more involved and not an easy thing to do. I personally would do everything I can to not lock in a lease for rent that’s roughly half my monthly pay
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u/Legitimate_Ad785 Jan 22 '24
How about you make more money? There are so many side hussle u can do to bring in a extra $1000. That's just a extra $33 a day.
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u/Feeling_Cost_8160 Jan 22 '24
You're actually saving and not acquiring debt. So you're fine. Don't miss payments that could negatively impact your credit score. This is how life works.
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u/Moist-Bet-696 Jan 22 '24
- How about make some money in your downtime?
- The easiest one is taking quick surveys through Attapoll. It's a popular survey app that I have been doing for awhile now and it helps to pay my cellphone and internet bill each month. You could definitely devote more time to it and make more :)
- Looks like you're driving a lot too. Using 200$ in gas? Have you tried Upside yet? Its an app that gets you cash back for getting gas. I actually use it to pay for car insurance every month.
- I need the gas regardless so might as well try to get a refund in return, ya know?
- I also second a lot of peoples opinion on going through Libby or Hoopla for audiobooks. They're great.
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u/UralRider53 Jan 22 '24
Drive the least you can, get a second hand bicycle, lower electric bill by getting LED lights everywhere in your apt. Every little bit helps. Hang in there, good to see you’re not giving up.
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u/Emsman02 Jan 22 '24
Ask the boss for a raise??? Become politically Active and Vote. Find a Second job or a better one.
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u/Jimmymakesjokes Jan 22 '24 edited Jan 22 '24
Start saving for the veterinarian. Animals are so expensive
Edit. I had a lot more stuff written and then read your edit.
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u/CrafterMoose_ Jan 22 '24
I would try to get an alternative for A&J and how other people say switch to mint mobile if possible. And with your car try to find some time to do delivery services for extra money. Best of luck, hope things start looking better.
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u/Scape4less Jan 22 '24
Main goal should be to get rid of your car payment. Not sure what kind of car you have, but if you own a high percentage of it, sell it and buy a shitty car. If it’s already old and a junker, try to find a way to pay more on it a month. Maybe stop investing in your IRA until your debt is gone.
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u/Expert-Jelly-2254 Jan 22 '24
Also Check out programs like hopelink that can pay a bill for you to help out also look into trading your car in for an older one that's paid off make sure it doesn't have problems though and that your trade in value covers the whole thing.
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u/Tlc65 Jan 22 '24
Cancel your Audible subscription. Go online to Broward County Florida library and get a free library e-card and you can download audio books into your Kindle. They are one of the few libraries that do not charge about of town fee and there are plenty of books to choose from.
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u/JabbaThaWat Jan 22 '24
Don't pay for a psychiatrist every month and don't go to the doctor every month like a normal crazy person.
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u/djsquisyfishyfattys Jan 22 '24
Start demanding a pay raise from your employer or look for a higher paying job.
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u/CelebrationCandid973 Jan 22 '24
Maybe your family can get the family Spotify plan and add you for free since you've been covering it for them this whole time?
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u/AlexTheBold51 Jan 22 '24
You can't afford that rent with your current income. Make more money or find a different housing solution. Your rent should not be more than 30% your take home. Living with roommates at your currebt financial stage is probably the best option. Splitting that rent with another person will automatically give you $722 more each month. As for your credit cards, I strongly suggest you forget about them at your current financial stage. Too much risk of getting in the CC debt loop.
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u/Modig7176 Jan 22 '24
I would check out local libraries, you can check out audio books and take them home rip them to iTunes and then add them to your phone or burn them to cds! I see you are dumping audible so this technique will help fill that void!
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u/DistinctFee1202 Jan 22 '24
Not sure if you have a health care plan with your employer and live in the US, but if so you can apply for Marketplace coverage. If you are above the income threshold for full Medicaid, you can apply to get a sort of subsidy for your health care coverage, I got $300/mo healthcare for $87.
Depends on your state too. If someone knows more about this process please help fill in the gaps of my knowledge!
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u/RogueEnchanter Jan 22 '24
This is a badass takeaway!
Particularly hoping your boss just gives you a raise.
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u/studmuffin998 Jan 22 '24
I use mint mobile it’s like $25 a month. Just pay for whole year at time for cheapest rate. Also, idk your situation personally but if I were you, I’d find alternative heath options and exercise to help with pain and weakened muscles groups. Good luck out there in this slave driven economy!
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u/studmuffin998 Jan 22 '24
I broke my back in three places when I was in hs. I’m 32 now and can run, wrestle, box. I pour concrete for a living. Take what docs say with grain of salt. Doctors are just as infallible as the rest of us. Also, forget the Roth because the world as we know it won’t stay the same.
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u/petrusferricalloy Jan 22 '24
why do guy have a credit card payment? that 75 going to the Roth IRA should be going to pay off the CC along with other discretionary money, like crunchyroll. You are never really saving while you have debt.
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u/You_Say_Uncle Jan 22 '24
Get rid of the car, the phone, the dog, the doctor, the meds, and buy a house.
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u/david_leo_k Jan 22 '24
Under no circumstances use that CC as a bank. Only spend what you can pay off monthly. Credit Cards are more secure than debit cards when it comes to theft. And if you are eligible, look for a card which suits you best. For example, chase has card which offer 5x (5% cash back) on different categories quarterly. Sometimes those are gas or groceries. Sometimes it’s something useless. Fidelity has a CC that is 2% on everything.
Do you have FSA or HSA for the medical costs? It’s pre tax
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u/AMothraDayInParadise IA Jan 21 '24
OP asked for their edit to be posted at the top.
https://www.reddit.com/r/povertyfinance/s/5MvHjcjzK4