RE: Help getting back on track

From: "Porter, Jim R" <jrporter@switch.com>
Subject: RE: Help getting back on track
Date: Thu, 7 Jan 1999 08:15:46 -0500

Next Article (by Subject): Money flow statistics on stocks "L. Chen"
Previous Article (by Subject): Re: Help getting back on track AINITGR8@aol.com
Top of Thread: Re: Help getting back on track AINITGR8@aol.com
Articles sorted by: [Date] [Author] [Subject]

>Date: Sun, 3 Jan 1999 13:07:16 -0800
>From: gillianmasters@juno.com (gillian m thomas)
>Subject: Help getting back on track
>
>This has probably been covered numerous tmes, but I am new to the list
>and I don't have web access to look at the archives.  If anyone can tell
>me how to access the archives by email (some lists you can), or direct me
>to books or anything else that may help I'd appreciate it.  
>
>During the last 4 years I have been living paycheck to paycheck.  My
>outstanding debts have not been paid and a few more have been added. 
>Everytime I start to make payments something comes up (kid gets sick,
>husband loses job, etc...), and I seem to just kepp getting farther and
>farther behind.
>
>I recently accepted a sizable raise and promotion, but we had to
>relocate.  My husband has not been able to a job here.  And once again
>when I thought I might be getting ahead, I'm going backwards.  The move
>wiped out our savings account.
>
>Any help on budgeting, saving money, etc..., would be greatly appreciated
>
>Gillian
>gillianmasters@juno.com

Gillian,
I'm sure that the wiser members of this list will be offering more and
better
ideas than these. I can only pass on things I have heard many times that
have worked for me and others.

WIthout any more specific information, it's not possible to know where
the right place to start is.  Are you not able to pay your monthly bills?
Are you using credit cards to make up the difference each month?
Do you save any of your income at all? (savings account, 401(k) plan,
whatever) Can you pay your monthly bills but have a large amount of
debt that you are trying to reduce? Do you rent or have a mortgage?
Do you have two car payments? Your strategies will be different 
depending on whether your income doesn't meet your day-to-day
needs as opposed to being able to keep current but struggling to 
reduce what you owe. More info will surely bring better advice.

But anyway...

- -- Maybe your husband can work part-time, even if it is not in his chosen
field, to bring in some extra income. If you can make it on your income
today,
use the part-time job's income to reduce debt. 

- -- If you have credit card debt at a high interest rate, focus on reducing
it
first. It's a killer. If you are prone to impulse spending, don't carry your
credit cards with you and only pay cash. 

- -- Other list members may want to comment about the pros/cons of
deciding whether to replenish an emergency fund first, or to reduce debt
first. 

- -- Make sure you know where your money is going now. If you find that
"the money just slips away", keep track of every penny you spend for
a month or two so you at least are aware of your spending habits.

- -- Do you and your husband share a similar philosophy on personal
finance? It will be hard to establish and stick to a plan unless you
both agree on it.

- -- Don't be discouraged! You can do this.

Provide a little more information and I'm sure you'll benefit from the
advice the smarter members of the list will offer.

Congratulations on your promotion.

Jim Porter




- -

Go to Jeff Salisbury LWGate Home Page.