indebted2debt

I made my bed, and now I must lie in it!

Archive for the tag “frugal”

We’re moving!

Since we sold out building back in December we knew that we’d be moving July 1st. (Which is considered moving day here, even though a lot of people do move year round) but I was stressing over actually finding a place that # 1: Is nice and clean and fits all of us, and that #2: Allows animals, and finally #3: is affordable.

The affordable factor was much harder to deal with since rents have gone up SO MUCH! We finally did find a place that we fell in love with, the rent is more than what we are paying now but we can make it work, and for what we are getting and the area it’s in, it’s actually not bad at all.

With moving comes other costs though. Like general moving costs! We are planning on renting a U Haul and bribing our friends to come and help us. We have never hired movers, but I know people that have and that has set them back hundreds! Then there’s the costs of paint, cleaning supplies, and all the other little things that come up.

Do any of you have any tips for us to save some money?

Gah!

So I met with the advisor and have been stressed ever since that meeting. I left there feeling even more down in the dumps than I had felt before. Maybe it’s a “you’re going to feel worse before you feel better” kinda thing but either way it sucked. I got into my car and could literally have cried for days but the tears never came.

What came was PANIC. How the fuck am I gonna do this?

The advisor was amazing! I’m not sure what I thought might happen in there. Maybe judgement? There was none of that at all. There was actually sympathy! She compared 2 scenarios to me, I guess the only 2 that made sense in my situation. Since I had done a lot of research I knew a lot of info before going in, but what I wasn’t sure on what the calculations! Well ladies and gentlemen, now I know! LOL!

She had to compare bankruptcy to consumer proposal since you need to offer more money in a consumer proposal than you would repay in a bankruptcy. I did not know that! So basically, after giving her all my salary and debt info she figured out that I would have to pay around $18,000 (or $360.00/month) for a bankruptcy, and therefore would have to at least offer $20,000.00 for a consumer proposal. (which is $350/month) You repay that monthly amount for 5 years.

The bad news? Each is almost just as bad on your credit score. Bankruptcy is a R9 and a consumer proposal is a R7.

At this point I’m paying $720/month on my debt. If I were to do a consumer proposal (I’ve decided against bankruptcy) that means my debt is cut in half.

Pros? My debt is cut in half!

Cons? I have no credit, and will not have any for 5+ years.

My question to myself is, can I do this myself? If I get a better paying job, I could very well bring in $300.00-$400.00 more a month that could be put on my debt.

I need advice. I need tips. I’ve been reading a lot about Dave Ramsey and actually reserved his book at the library (The Total Money Makeover). A quote I read of his makes perfect sense: “If you will live like no one else, later you can live like no one else.”

It makes perfect sense, and that is my goal!

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