Where does one go for financial planning advice that isn't debt-focused?

[Xantippe]

Whatever loan you have, one way to pay it a lot quicker is to always make some extra payment towards the principal every month. Even a little bit. Or if you get some extra money in hand, throw some at that principal. It works, I’ve done it.

In the OP’s particular case, I would encourage her to balance that with a solid emergency fund.

 

[DarkLight]

The main worry about living with my parents is the threat of being kicked out for being disrespectful. And generally what she’d call “disrespectful” is what I’d consider having reasonable boundaries for my own sanity. So it’s rather unlikely that I’m going to reliably meet her standards of respectfulness.

 

[Xantippe]

The main worry about living with my parents is the threat of being kicked out for being disrespectful. And generally what she’d call “disrespectful” is what I’d consider having reasonable boundaries for my own sanity. So it’s rather unlikely that I’m going to reliably meet her standards of respectfulness.

I would suggest doing your minimal payments right now and putting all surplus income into your “Bye, mom!” account until your “Bye, mom!” account reaches somewhere between $3-5k. Then (if you are still living there), put all surplus money into debt repayment.

Meanwhile, be keeping tabs on local housing options and have an emergency plan for if you suddenly get kicked out. If you have adequate funds and don’t have a friend to stay with, you could even stay at a cheap motel for a couple of nights while you hunt for a place to stay. Now that you have a car of your own, you have a lot more options for housing.

(Beware of rental scams.)

 

[Zzyzx_Road]

In lieu of getting roommates together or going it alone in the rental market or doing services for someone in exchange for living space, you might try just getting a room in someone’s house. Dunno about your area, but Craigslist has listings for rooms to let at least in urban areas; now that you have a car, you have a wider area in which you can check that out. In a situation like this, you would only have the homeowner and his/her family to worry about.

Regarding income, I seem to recall that the Mr Money Moustache blog had a couple of articles a few years ago about 50 ways to make $50k in a year without a college degree. Now I grant that most of that list isn’t doable, but just maybe you can get one or two ideas with minimal startup expenses that you could do where you live. Maybe your income isn’t $50k, but it could be enough to get off the floor. Have to start somewhere.

 

[DarkLight]

In lieu of getting roommates together or going it alone in the rental market or doing services for someone in exchange for living space, you might try just getting a room in someone’s house. Dunno about your area, but Craigslist has listings for rooms to let at least in urban areas; now that you have a car, you have a wider area in which you can check that out. In a situation like this, you would only have the homeowner and his/her family to worry about.

Regarding income, I seem to recall that the Mr Money Moustache blog had a couple of articles a few years ago about 50 ways to make $50k in a year without a college degree. Now I grant that most of that list isn’t doable, but just maybe you can get one or two ideas with minimal startup expenses that you could do where you live. Maybe your income isn’t $50k, but it could be enough to get off the floor. Have to start somewhere.

I had thought of that as well. It would be a better legal system - there’s no worry about someone else not paying rent, and one has more legal recourse against a landlord who makes living conditions intolerable than a roommate.

I feel a little embarrassed saying it, but apparently with certain agreements you can get up to like $80 a week for plasma donation around here. I know a lot of people look on it as “selling parts of your body”, but it doesn’t really bug me that much. To get that much you have to agree to let them stick you with an extra vaccine or two, but meh.

 

[Xantippe]

I had thought of that as well. It would be a better legal system - there’s no worry about someone else not paying rent, and one has more legal recourse against a landlord who makes living conditions intolerable than a roommate.

I feel a little embarrassed saying it, but apparently with certain agreements you can get up to like $80 a week for plasma donation around here. I know a lot of people look on it as “selling parts of your body”, but it doesn’t really bug me that much. To get that much you have to agree to let them stick you with an extra vaccine or two, but meh.

You’re right about the legal issues being cleaner.

I wouldn’t have any compunction about selling plasma. My only concern is the possible impact on your energy level and health. But if you can do it and still do everything else you need to do, why not?

 

[1ke]

So that will allow DL to calculate the total cost of each repayment plan?

Sweet.

Yes. If you use the Login option it will pull your actual loan data. It also pulls from the IRS site for your AGI and such, but it thank that functionality isn’t working right now due to some government systems upgrades. you have to type the AGI manually.

If you don’t login, you can type in your loan data, or use estimated data for what if scenarios. You need the loan type, the interest rate, the amount borrowed, etc. And your AGI info.

 

[1ke]

Whatever loan you have, one way to pay it a lot quicker is to always make some extra payment towards the principal every month. Even a little bit. Or if you get some extra money in hand, throw some at that principal. It works, I’ve done it.

If one plans to do this on a student loan, one should give instructions in writing to the servicer that the money should be used to pay down on principal.

The default with many servicers when they receive a lump sum is “pay ahead” meaning they use the lump sum to make monthly payments until the lump sum is expended. That is not going to have the same benefit as “pay down”. Some students use stipends received from national service corporation in the “pay ahead” mode, and some servicers may not ask how the lump sum should be applied.

 

[Xantippe]

I**f one plans to do this on a student loan, one should give instructions in writing to the servicer that the money should be used to pay down on principal. **

The default with many servicers when they receive a lump sum is “pay ahead” meaning they use the lump sum to make monthly payments until the lump sum is expended. That is not going to have the same benefit as “pay down”. Some students use stipends received from national service corporation in the “pay ahead” mode, and some servicers may not ask how the lump sum should be applied.

Exactly.

 

[DarkLight]

If one plans to do this on a student loan, one should give instructions in writing to the servicer that the money should be used to pay down on principal.

The default with many servicers when they receive a lump sum is “pay ahead” meaning they use the lump sum to make monthly payments until the lump sum is expended. That is not going to have the same benefit as “pay down”. Some students use stipends received from national service corporation in the “pay ahead” mode, and some servicers may not ask how the lump sum should be applied.

Yeah, I got that same warning with my auto loan. I had to take out a “loan” for about twice what I actually wanted, so once they get the info to me the first thing I need to do is pay them a few thousand dollars lump sum. And make sure the excess is applied to the principle.

I did spend about an extra $1500 to get a very nice service contract. It does not cover routine maintenance, but if my transmission goes out or something I just have to pay a $100 deductible and I get my repairs covered and a rental car. Good for 3 years.

 

[DarkLight]

You’re right about the legal issues being cleaner.

I wouldn’t have any compunction about selling plasma. My only concern is the possible impact on your energy level and health. But if you can do it and still do everything else you need to do, why not?

Yeah I had thought about that. And the vaccines I would need to get to make the most money can have some really annoying side effects for a few weeks (they’re the kind where you have to get a series of booster shots). But none of them look to have any more likelihood of a serious reaction than anything you get as a kid.

On the other hand, it turns you into a human antibody vat for some fairly serious diseases. I consider that a plus - you can’t get those antibodies other than from an immunized individual.

 

[Tis_Bearself]

If one plans to do this on a student loan, one should give instructions in writing to the servicer that the money should be used to pay down on principal.

The default with many servicers when they receive a lump sum is “pay ahead” meaning they use the lump sum to make monthly payments until the lump sum is expended. That is not going to have the same benefit as “pay down”. Some students use stipends received from national service corporation in the “pay ahead” mode, and some servicers may not ask how the lump sum should be applied.

This is true. All my payments were done online and they had little boxes you could check for a pay to principal or not. But maybe not all servicers do this.

 

[DarkLight]

This is true. All my payments were done online and they had little boxes you could check for a pay to principal or not. But maybe not all servicers do this.

I’ve been told it’s wise to follow up on those anyway. They don’t always make it where they’re supposed to go.

 

[DarkLight]

Realistically, my best option for more stability is to find a new job. It’s not really my pay that’s killing me so much as my insurance - high deductible plans are killers on anyone with chronic medical issues. Right now we’re having another case where I seem to be getting really sick and not feeling any better but there’s no discernible reason for what’s going on, which isn’t helping anything.

Medical bills for me are making a 30k income into a 25k one, and that’s not going to help.

 

[Xantippe]

Realistically, my best option for more stability is to find a new job. It’s not really my pay that’s killing me so much as my insurance - high deductible plans are killers on anyone with chronic medical issues. Right now we’re having another case where I seem to be getting really sick and not feeling any better but there’s no discernible reason for what’s going on, which isn’t helping anything.

Medical bills for me are making a 30k income into a 25k one, and that’s not going to help.

Bummer.

Hence the desire to experiment with removing one variable (mom) from your environment and see if you feel better?

 

[DarkLight]

Bummer.

Hence the desire to experiment with removing one variable (mom) from your environment and see if you feel better?

Actually I’m just tired of getting into stupid arguments, especially when living in her house means getting away from said stupid arguments is almost impossible. And most especially when I’m under the burden of “if you can’t be respectful you have to leave” (using my mother’s standard of respectful).

 

[Xantippe]

Actually I’m just tired of getting into stupid arguments, especially when living in her house means getting away from said stupid arguments is almost impossible. And most especially when I’m under the burden of “if you can’t be respectful you have to leave” (using my mother’s standard of respectful).

How about taking it nice and slow with going to various housing options and meeting the people involved? When you find a really promising and compatible one, you can move out.

Keep looking and don’t feel pressured to make a choice.

It might actually be a good thread to start to ask, how should I screen for my future roommate or housemate?

Some ideas:

–ask about their hours
–ask how they feel about your chemical restrictions
–how would you settle a disagreement?

Obviously, you can’t ask a million questions or you look crazy, but it might be a good idea to create a prioritized list. Sharing a home is a big deal, so it’s not something to rush into.

 

[DarkLight]

How about taking it nice and slow with going to various housing options and meeting the people involved? When you find a really promising and compatible one, you can move out.

Keep looking and don’t feel pressured to make a choice.

It might actually be a good thread to start to ask, how should I screen for my future roommate or housemate?

Some ideas:

–ask about their hours
–ask how they feel about your chemical restrictions
–how would you settle a disagreement?

Obviously, you can’t ask a million questions or you look crazy, but it might be a good idea to create a prioritized list. Sharing a home is a big deal, so it’s not something to rush into.

Maybe. I’ve unfortunately had several experiences that what a roommate assured me of before moving in and what turned out to be true were two very different things. I had one roommate who said she agreed 100% with the chemical restrictions, but then couldn’t understand why spraying massive amounts of highly perfumed hairspray was an issue. I’ve had another who insisted that late hours were ok as long as everyone was quiet. It turned out her definition of quiet included things like “not using the sink after 10pm.”

And of course there’s always the financial issue - what happens if someone doesn’t pay up? You’re not going to be able to get the money out of them legally in time to not be very late for the landlord.

 

[Xantippe]

Maybe. I’ve unfortunately had several experiences that what a roommate assured me of before moving in and what turned out to be true were two very different things. I had one roommate who said she agreed 100% with the chemical restrictions, but then couldn’t understand why spraying massive amounts of highly perfumed hairspray was an issue. I’ve had another who insisted that late hours were ok as long as everyone was quiet. It turned out her definition of quiet included things like “not using the sink after 10pm.”

And of course there’s always the financial issue - what happens if someone doesn’t pay up? You’re not going to be able to get the money out of them legally in time to not be very late for the landlord.

Part of the process is checking for intelligence/common sense and for not being weird.

Hopefully, if you talk to a lot of people, you’ll get a better and better sense of what an OK roommate or housemate sounds like. (Of course, come to think of it, bad roommates probably circulate more than good roommates.)

 

[DarkLight]

Actually I took a look around my local area craigslist. It looks like rooms for rent aren’t hard to come by around here - looking to be in the $500 range. Most chemicals are ok as long as they aren’t in my regular living space - I don’t generally react to cleaning chemicals or personal care products as long as not a lot of them are used, they’re not in my sleeping quarters, and they’re not unusually strongly scented. (Hairspray roommate was a bit of an anomaly, due to the dorm situation and the sheer amount and scent she used.) Smoke is usually the biggest issue but that’s easier to avoid. Things like paint or heavy-duty cleaners can be issues but those tend to be rarely used, worst comes to worst I could probably airbnb a night or two if I really had to. So the whole “live in someone’s spare room” is totally a live option. It usually means you’re not paying utilities and you have an on-site laundry (important for allergies!), which helps.

I think the whole car loan thing gave me a bit of a wakeup that, while I haven’t made any huge financial mistakes, I need to pay better attention to what’s going on. Also realizing that being able to put 8k down and having a good credit score is part of why I could get the car I got and be confident I can pay it off quickly, and I’d like to be able to keep doing that.

I need to check the exact amount, but I do have access to some savings bonds totaling around 3k if I really need emergency money. They’re not quite fully mature - 30-year bonds taken out in the first few years of my life - so I’d rather leave them if I can, but if I really 100% need the money it’s there.