[xxForgedxx]

Ok so as of late money has been really tight. I am a college student taking a semester off and I have more bills than someone in my shoes should have. I have been considering ways to correct my problem and I have started to wonder if I should just sell my car, or if it's not even worth it. I am going back to Penn State in the spring and at the moment I am working at Lowes part time (20ish hours a week) making about $10.00 an hour. However when I go to school I just want less to worry about, like whether or not I can buy a freaking sandwich or will it put me over budget or not. Here is a breakdown of my situation.

-Car payment $167 per month ($3,700 payoff) 1998 Accord w/67,000 miles on motor 127,000 miles on body.

-Gas $224 per month using 1 tank per week @ 25mpg city.

-Credit Card $90 per mo

-Credit Card $45 per mo

-Settlement payment $217 per mo

-Cell phone $90 per mo

-Gym membership $20 per mo

= $853 per month!

vs. What I make



20 hours per week at $9.34 = $576 roughly after taxes
Drill pay = $240 after taxes
Army ROTC stipend = $350 per month

For a grand total of $1166.00

I am thinking that maybe being in school will allow me to use less gas saving me a little bit. However I am just so tired of being strapped, I can't catch up on my credit cards or any of that other BS because I practically make what I have to pay out but is transportation worth letting go? The car needs nothing mechanically and gets good gas mileage but money is the root of my stress and between ROTC, school and a part time job even at 20 hours a week I am really pushing it. What do you guys think I should do?

[stooken]

you're on a bmw forum with a R32 signature badge asking about a 1998 accord? LOL.

how are you going to get around if you sell the accord? seems like that's your only car but if you can manage being carless until you go to penn state then go for it. i'm assuming you'll be living on campus. selling the car would save you almost $400/month on payments & gas but just don't go using that money on something else.

credit cards - can you consolidate into lower interest ones?

gym membership - you can cut that out if you're willing to work out at school for free

cell phone - $90? i seriously doubt you need that many minutes or the internet plan

if you can cut down everything else that is "unnecessary" then you won't need to sell the car.

[xxForgedxx]

Originally Posted by stooken

you're on a bmw forum with a R32 signature badge asking about a 1998 accord? LOL.

how are you going to get around if you sell the accord? seems like that's your only car but if you can manage being carless until you go to penn state then go for it. i'm assuming you'll be living on campus. selling the car would save you almost $400/month on payments & gas but just don't go using that money on something else.

credit cards - can you consolidate into lower interest ones?

gym membership - you can cut that out if you're willing to work out at school for free

cell phone - $90? i seriously doubt you need that many minutes or the internet plan

if you can cut down everything else that is "unnecessary" then you won't need to sell the car.

Gym sure, Cell phone for some reason I end up going over too much with just calls that are required. I rarely even carry on a conversation unrelated to school, business, the army or whatever. Credit cards I can not consolidate I just don't have enough debt or credit to do so.

[UltimateBMW]

Originally Posted by xxForgedxx

-Car payment $167 per month ($3,700 payoff) 1998 Accord w/67,000 miles on motor 127,000 miles on body.

-Gas $224 per month using 1 tank per week @ 25mpg city.

-Credit Card $90 per mo

-Credit Card $45 per mo

-Settlement payment $217 per mo

-Cell phone $90 per mo

-Gym membership $20 per mo

= $853 per month!

vs. What I make



20 hours per week at $9.34 = $576 roughly after taxes
Drill pay = $240 after taxes
Army ROTC stipend = $350 per month

For a grand total of $1166.00

It's simple. Stop buying so much with your credit card. Are your gas expenses separate from your credit card expenses?

Cell phone: My bill is $35 a month. All I need, just tell poeple your busy and you have to go and save the lengthy conversations for in person.

Gym, if your at school you absolutely should not be paying a gym membership. Use the school's facilities.

Your expenses are already lower than what your making, so your not in trouble. You just have to strap down on the luxury spending. I wouldn't say sell the car, because I get the feeling your commute to school in the morning. Why else would you use your car so much otherwise? If you live on campus, just cut the driving down.

[xxForgedxx]

Originally Posted by UltimateBMW

It's simple. Stop buying so much with your credit card. Are your gas expenses separate from your credit card expenses?

I am not buying anything with the cards, those are payments on the balance.

[ACZakka325i]

You're carrying a balance of $45 and $90 on two credit cards? No offense but that sounds kind of silly. Not that those balances will acrue(sp?) much in interest, but pay those off for Christ's sake.

I agree with earlier statements, cut the cell plan down, cut the gym, and keep the car.

[BMdblU]

What kind of balance do you have on the two cards? Paying minimum payments each month will bite you in the ass and you will NEVER be able to get ahead.

[stooken]

Originally Posted by xxForgedxx

Gym sure, Cell phone for some reason I end up going over too much with just calls that are required. I rarely even carry on a conversation unrelated to school, business, the army or whatever. Credit cards I can not consolidate I just don't have enough debt or credit to do so.

how many minutes are on your plan? maybe you can find a new cell phone provider that will allow more minutes for cheaper. i'm sure the $90 plan comes with around 1000 minutes if not more? that's a lot of minutes to be on your phone during the day if it's not school, business or amy related. i don't see what else is "required" unless you have family/friends that keep bothering you.

Originally Posted by ACZakka325i

You're carrying a balance of $45 and $90 on two credit cards? No offense but that sounds kind of silly. Not that those balances will acrue(sp?) much in interest, but pay those off for Christ's sake.

I agree with earlier statements, cut the cell plan down, cut the gym, and keep the car.

no, those are probably the minimum payments on the balance he owes.

Originally Posted by BMdblU

What kind of balance do you have on the two cards? Paying minimum payments each month will bite you in the ass and you will NEVER be able to get ahead.

not necessarily true. it'll go down very little as long as he doesn't add more to the balance. plus, he'll continue to improve his credit.

[xxForgedxx]

Credit cards: Are not even being used and yes I am aware that paying that amount will not allow me to get ahead but did you see the break down? I CAN'T pay more on them without running out of money

Cell Phone: The next plan down is still $59.99 plus they will charge a pro-rated bill for the next month which will be around $150.00 and the amount I save between now and then gets eaten up by there dumb fees for switching plans

Gym: I am in the Army, I have a PT test every 6 months. The $20 dollars I save is not even close to worth getting rid of it. Not even close.

I think some people are just not seeing that what I make, and what I pay out per month is far to close for me to be ADDING to what I contribute to credit cards. The whole point of selling the car is that I don't have ANY spare cash to put ANYwhere. So if I sell the car I can demolish the credit cards and other small tid bits and then those $300 a month bills can be squashed.

[stooken]

Originally Posted by xxForgedxx

Credit cards: Are not even being used and yes I am aware that paying that amount will not allow me to get ahead but did you see the break down? I CAN'T pay more on them without running out of money

Cell Phone: The next plan down is still $59.99 plus they will charge a pro-rated bill for the next month which will be around $150.00 and the amount I save between now and then gets eaten up by there dumb fees for switching plans

Gym: I am in the Army, I have a PT test every 6 months. The $20 dollars I save is not even close to worth getting rid of it. Not even close.

I think some people are just not seeing that what I make, and what I pay out per month is far to close for me to be ADDING to what I contribute to credit cards. The whole point of selling the car is that I don't have ANY spare cash to put ANYwhere. So if I sell the car I can demolish the credit cards and other small tid bits and then those $300 a month bills can be squashed.

well, it seems like you've answered your question already. you can't really cut down any of your bills other than the gym membership and possibly a little of the cell phone bill.

your income is your ceiling. the only thing you can do to combat this is to lower your expenses. have you considered picking up a side cash job?

if you have no need for the car and can find other means of transportation and don't foresee any extra cash flow coming in then sell it. you'll be saving around $400 a month on the car, gas and insurance.

[xxForgedxx]

Originally Posted by stooken

well, it seems like you've answered your question already. you can't really cut down any of your bills other than the gym membership and possibly a little of the cell phone bill.

your income is your ceiling. the only thing you can do to combat this is to lower your expenses. have you considered picking up a side cash job?

if you have no need for the car and can find other means of transportation and don't foresee any extra cash flow coming in then sell it. you'll be saving around $400 a month on the car, gas and insurance.

The car isn't insured! Which is the worst part. Add another $200 a month if it were. Dumb yes but spare the lecture

[stooken]

Originally Posted by xxForgedxx

The car isn't insured! Which is the worst part. Add another $200 a month if it were. Dumb yes but spare the lecture

ok well whatever. you still save money on car payments and gas. still an extra $400 you don't have.

[Hawkeye]

Originally Posted by xxForgedxx

The car isn't insured! Which is the worst part. Add another $200 a month if it were. Dumb yes but spare the lecture

$200 a month? That is laughable. I insure my house, a '91 mustang, and '07 BMW Z4 and an '08 R6 for $162.40 a month and I am only 24.

Work out at school, lose the gym membership, any college should have MORE stuff than most gyms.

If you aren't getting isurance sell the car because 1 accident/time getting pulled over is ~$800 for lack of insurance.

[Main33vnt]

Sell your Virginity... Looks like thats the new come up game LOL

[stooken]

Originally Posted by Hawkeye

$200 a month? That is laughable. I insure my house, a '91 mustang, and '07 BMW Z4 and an '08 R6 for $162.40 a month and I am only 24.

that's just ridiculous! probably A LOT cheaper in iowa and the huge discount on combined insurance.

[toofasttooslow]

Trade your car in for one of these:

[EdmBimmer]

Future drama Queen in the making....

[xxForgedxx]

The cars been sold for about two weeks now

/fread