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Motherfucker.
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3,459 Posts
I've only ever had one credit card and that was because I had to open another bank account before they would allow me to get a cheque book. I needed the cheque book because my rent was £1100 a semester and my landlord wanted it all up front - I can only withdraw £300 a day so maxing out my withdrawals over 4 days would leave me little for bills and food. The bank told me the credit card came with the account, and despite me saying I didn't want/need it, they still kind of forced it on me.

I got a letter a few months ago telling me *surprise surprise* there is a lack of use on your credit card and if it is not used in the next 30 days, will be terminated. It's still in my wallet but I've still never used it :lol:

Just googled for some software and this came up: Free Personal Finance Software, Budget Software, Online Money Management and Budget Planner | Mint.com It seems to have some really positive reviews and best of all, it's free!

Also, I save about 65-75% of what I earn at the moment - some weeks more, some weeks less because of the nature of my job; sometimes I'll be working 51 hours a week, sometimes I'll be working 8 or 0. It's a pain in the ass and one of the many reasons I need something fixed.
 

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Slow Money
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14,612 Posts
mint is absolutely fantastic. it allows me to keep track of my checking, savings, both my bank and target credit cards, as ewell as my student loans, all in one big online banking space
 

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DOO)))M
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7,435 Posts
Well, spent a little more than I expected to this week but I was able to get more money into my savings account for the first time in a while (cut hours and wasn't really making enough to live off of, even with my minimal living standards) but I FINALLY hit the $1,000+ mark after putting aside X amount a week since ...October? It started with $50 a week, every week before bills or anything and it worked for a while, then I got hours cut and had to spend more money here and there but I've hit the 1/4 of my goal mark which is $4,000 for a new car then take a $4,000 loan (I want to have half the car paid off from the start)

Doing the math of $1,000/24 weeks (roughly October 1st to now) it'd be ~$40 dollars a week EVERY week. I've been applying for new jobs as well at $10 an hour for full-time which in MA is I believe 36 (correct me if I'm wrong) hours a week so $10 x 36 = 360 before tax. Essential bills right now are : gas, insurance, and cell phone. Total of those bills comes to $320 a MONTH so that still gives me another 3 paychecks of say $275ish (more correcting if wrong, I usually assume anywhere between .15 - .25 of my check will be taken off) and I'd easily deposit more than $40 a week

Does this sound like a feasible plan?
 

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Guiterrorizer
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15,696 Posts
Chris, is the credit rating system the same in the US as it is in Canada?

I have no idea what my credit score is. I just know I'm about to hit up the bank and pay off some of my balance on my mastercard, and pay part of my Rogers bill (cell phone) after reading this thread.

Oh yeah - how much trouble is it with credit companies if you're having trouble paying off your cell phone bill each month? :ugh:
 

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\m/ Tits & Beer \m/
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1,150 Posts
Chris- you're the man, end of story. That was some serious credit advice my friend, wish I would have known you getting out of college!

Unfortunately for me, no one ever really explained credit, APR etc. I thought the only reference to APR was April LOL I've really been busting my ass the past 2 years trying to mend my credit score. This information definitely helped put some things into perspective.

The only advice I can offer regarding anything financial is in regards to buying gear. I always tell my students not to waste money buying small upgrades and just to save up for their dream rig. With all the money they'd spend buying little upgrades they could buy exactly what they want and bypass all the crap gear.
 

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Premium Member
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32,765 Posts
The only advice I can offer regarding anything financial is in regards to buying gear. I always tell my students not to waste money buying small upgrades and just to save up for their dream rig. With all the money they'd spend buying little upgrades they could buy exactly what they want and bypass all the crap gear.
The other side of that is to think realistically about what you really need, I think. I say this as a man with a Roadster head sitting next to him, in a bedroom with more guitars than art hanging on the walls, so I'm maybe a little suspect here, but its way too easy to get sucked into gear whoring at a place like this. If my financial situation changed radically for the worse, I could probably get by with my Tech-21 trademark 30, selling the Roadster and the 2x12, as well as pare down a couple guitars. At the very least, I could get by with my UV, my Strat, my acoustic, and my bass, but in a pinch I could cut even further than that, if I had to - trade down the UV for a 7620/1527 + cash, possibly sell it altogether, ditto with the Sherman, replacing it with a cheap but playable bass... The strat and the acoustic would be the two I'd keep, I think, if push came to shove. I'd miss having a seven (and I'd need to throw a bridge 'bucker in the Strat) but that and my Tech-21 combo could keep me musically happy. It may not be my dream rig, but it'll do everything I need it to.
 

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The only advice I can offer regarding anything financial is in regards to buying gear. I always tell my students not to waste money buying small upgrades and just to save up for their dream rig. With all the money they'd spend buying little upgrades they could buy exactly what they want and bypass all the crap gear.
Buy nice, or buy twice.
 

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Who is Noodles?
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150 Posts
Dudes im rubbish with finances but heres my situation

- 2 x £1000 overdrafts - maxed out... no savings
- Appauling credit rating - unable to get loans

But i have been accepted on a credit card... interest free for 15 months.... so heres my plan of action ...correct me if im wrong dudes

If i pay off the two overdrafts with the credit card and set up repayments so i (hope) can pay them off in 15 months... surely this is the only way to up my credit rating right? it elimates the 2 x £1000 overdrafts that show against my name and will instead show one consolidated credit card debt (which is more acceptable than overdrawn?) where am i making payments towards it?

Is this right or am i about to fuck myself further into the ground?
 

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Bro of Bros, Bro.
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15,373 Posts
There's a saying: "Robbing Peter to pay Paul".

That's essentially what you're doing. I'd say I've seen it work about 50% of the time.

It's not that the idea isn't sound; what I've typically seen in the past with people is that they got themselves into the first situation, and they typically didn't use very good restraint when getting themselves into the next situation, so they ended up in a deeper hole.

If you have a disciplined plan (akin to an autodraft of the loan payment) you will inevitably resolve your debt issues and improve your credit rating.
 

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Who is Noodles?
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150 Posts
im not saying i was wise previously but hindsight is always 20-20 haha. yeah i have to be super controlled with my spending till im back above flatlining with the banks. but im right in think that will work yeah?
 

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Slow Money
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14,612 Posts
If you are exceptionally careful, yes, it will work. If you are not, you will be in a much shittier hole than you are now. Be aware that if you pay 99.9% of it off but not the 100% in 15 months, you are liable for 15 months back interest on it. Thats a MEAN bill to see.
 

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DOO)))M
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7,435 Posts
Currently making about $500 every two weeks, and paying off a 2008 Altima loan, cell phone and car insurance. In about a month and a half parents start charging me room and board which I'm gonna try and talk down to $200 a month.

Haven't been in black for a while or missed a bill and intend to keep it that way
 

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Squirrel...
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3,157 Posts
Word on the street is that a bad cell phone credit really hammers your credit rating :(
Cell phone companies don't report to the credit bureaus until it gets to the point where they close your account and pass you along to an agency. At that point, you fucked your credit, but not paying your cell phone bill on time and going into delinquency with the provider doesn't affect your credit rating, so long as you continue to have service with them.
 

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I MG.org salute you.
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2,501 Posts
Kind of necro'ing this thread but I was poking around today and see very few paid attention to Max's suggestion, relating to Chris' original question about budget tracking, of Mint.

My Dad turned me onto it about 2 years ago and it is awesome. It's completely free, it will track every account you tell it about. It does a pretty good job of auto-categorizing your expenditures and will even auto-draft a budget based on your historical spending patterns, that you can later customize. I use my debit card for the vast majority of purchases so most of my work is done automatically. Very occasionally it will not know how to categorize a transaction and will leave it as "unknown". It's very quick and easy to pull these up and manually categorize them yourself. The only other issue I've ever had with Mint was that at one time it was creating duplicate transactions which was a real PITA. It was short lived though and it has been solid ever since (probably over a year).

You can even set up tags and rules so that certain transactions are ignored or re-categorized. I use this feature so that my employment related travel expenses are isolated from my personal finances.

I tried using Quicken many years ago and was never nearly as impressed as I have been with Mint.....which again is totally free. :yesway:
 

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Bro of Bros, Bro.
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15,373 Posts
It does a pretty good job of auto-categorizing your expenditures and will even auto-draft a budget based on your historical spending patterns, that you can later customize. I use my debit card for the vast majority of purchases so most of my work is done automatically. Very occasionally it will not know how to categorize a transaction and will leave it as "unknown". It's very quick and easy to pull these up and manually categorize them yourself. The only other issue I've ever had with Mint was that at one time it was creating duplicate transactions which was a real PITA. It was short lived though and it has been solid ever since (probably over a year).
Some of my business bank accounts have similar tools where it will categorize expenditures. I just try not to look at anything, because it all looks scary.

Best advice... don't have kids... they suck up all your available funds!
The wife and I have agreed... Junior is going to have to pull his own weight. If he wants to hook up to the titty, he better do some chores.
 

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Discussion Starter · #38 ·
Some of my business bank accounts have similar tools where it will categorize expenditures. I just try not to look at anything, because it all looks scary.

The wife and I have agreed... Junior is going to have to pull his own weight. If he wants to hook up to the titty, he better do some chores.
Your wife is smokin hot, need a hand with the dishes?
 
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