So after going to bed late again. I woke up with an idea, okay more like a brainstorm Mom says that I’ve become obsessed with getting out of debt and is worried it may take over my life. I’m thinking it’s about time that I woke up and realized that the status quo is not cutting it anymore and I need to take control over my finances. I want this gone, I don’t want to step into a marriage, a mortgage, heck own a car with this old debt hanging over my head so here are some possible scenarios that could work.
The low down is that in order for me to pay my debt off by my 35th birthday I need to make an extra $1100 a month on top of my regular pay cheque so I can pay down debt and use the extra to start a savings.
Currently I am clearing $1088 on unemployment if I can get a job that pays a little more then that then I can use that pay cheque to pay for the living expenses such as rent, phone, cell, internet, hydro, food etc. then get another job paying the same and use that to pay for the debt and then get a side income of at least $200 and put it into retirement. My mom does contribute money to the household as well but I will not be discussing her as that is her private info and she does not want it discussed. At this time I am responsible for the majority of the bills in the household that is the deal and in return she is my housekeeper/cook when I am working.
So this is a possible breakdown of what could happen.
Job 1. $17 X 17hrs a week = $289 week gross x 4 = $1156 gross
Job 2. $10.25 (min wage) x 25hrs = $256 week x 4 = $1024 gross
Job 3. Freelance + Direct Marketing + Blog try for between $200-$400 a month.
Total Gross = $1156 + $1024 + $300 = $2480 Gross ( that could make a huge dent in debt)
Job 1. $19.75 x 35hrs =$691 week x 4 = $2765 gross
Job 2. Freelance/Direct Marketing/Blog $300
$2765 + $300 = $3065 Gross (Definitely best case scenario)
Job 1. $10.25 x 32hrs = $328 week x 4 = $1312
Job 2. $10.25 x 24hrs = $246 week x 4 = $984
Job 3. Freelance + Direct Marketing $300
$1312 + $984 + $300 = $2596
(worse case scenario because I would have to work retarded hours to make it happen)
Job 1. $14 x 45 hrs = $630 a week x 4 = $2520
Job 2. $10.25 x 20hrs = $205 a week x 4 = $820
Job 3. Freelance/Direct Marketing = $300
$2520 + $820 + $300 = $3640
So this is just some ideas of how it would work out in numbers which look great till you figure out that I figured out gross and didn’t subtract taxes Scenario 4 is the one I’m most familiar with because before I was let go that was pretty much what I was making I went from making $30K to making half of that $15 K and that was only because I made $3000 in Jan 2010 due to hrs worked and severance. I can live on any of these scenarios I’m going to do what I have to do because there is really no choice if I want to become debt free and have a life I’m going to have to work hard to get it.
I know I have it in me because when I was at my previous place of employment there were some months where I was working over 100hrs every two weeks.. So if I have to for the short term to benefit the long term I will do it again because this cycle has to end.
Tomorrow is my budget, what i’m living on now and where it goes and explanations as to why I haven’t made drastic cuts.
I want to show you how a person making $1088 a month lives. that is below poverty. Good news is it is only for a little while longer then it will change for the better I believe.
Take Care and God Bless