Wednesday, May 12, 2010

Chitown Reality Check…

As my reader Kris said yesterday…I am broke. I am $250K in debt. That is one-quarter of a million dollars!!! Like my reader Aaren said…GET IT TOGETHER!!!

Okay…I am going to get it together. I returned the dresses to Macys this afternoon. I am getting the A/C repaired in my car today. That will cost ~ $475. By the end of the month, I will have depleted my Efund by ~ 50% or $1,000.

Here is what I am thinking about doing...

I am thinking about getting a part-time job on the weekend. I applied to DSW and Macys online and I will continue to look for additional opportunities. I would love to work for Crate & Barrel or somewhere at the retail outlet.

I am now actively looking for a roommate. I signed up with an online site that tries to match those seeking a place to live with those looking for a roommate. I put out a request for $700/month and a $700 deposit but I would be happy to get $600. The money would go towards repayment of debt.

I was thinking about liquidating my ESPP and ShareBuilder account and applying the proceeds towards my Perkins Loan. The stock carries a value of ~ $1,500 and the balance on my Perkins loan is ~ $2,500 so that would leave just about $1,000 on the loan. Instead, I think I will continue to hold the investments in case I need to liquidate them and reestablish my Efund. That way, I don’t touch the $10,000 short-term savings.

I am working on it folks.

10 comments:

Celia said...

Good for you. I've been reading for a while now and you re-evaluating has been a long time coming! Don't be afraid to challenge yourself on what you used to view as a "necessity".

Theresa said...

Aren't you glad you didn't take that vacation to PR? Good luck reevaluating!

Anonymous said...

You CAN do this. I remember my financial breaking point and everything seemed like it was going to crumble. It really can and will get better.

Anonymous said...

WCB,

Keep with it! It sounds like almost all of your readers have been or are where you are today. We all have the same message. Do not give up/give in/lose hope/etc. I know you must feel defeated - but really, a lot of it is attitude adjustment. You have a place to live, a car (aka "money pit"), a graduate level education. How many women in the world can say that?

It has been helpful to me to remember all that I have - and what is truly necessary. Friends, family, my health. Do I really need more stuff?

It may not work for you, but remembering everyday all the things I am grateful for has kept the longing for things that money can buy in perspective.

Kris

Aaren said...

Excellent! I know that these are both hard decisions for you. You value your privacy so much, and you work so hard at your day job. But I'll tell you, even if you did it for just one year, your financial position will improve so dramatically!!

Good for you for taking those steps. This is a wonderful step in the right direction.

gonna_make_it said...

You might want to refrain from getting a job at a store you like to shop at. That way you are less likely to use your hard earned money to buy stuff from that store you don't need..

Aaren said...

You just have to be smart with the money. I'm a makeup whore and worked Sephora for 2.5 years. Rarely bought anything. Actually, working there so much turned me off from buying makeup after having to see it so much. Take care of business first; reward yourself later.

gonna_make_it said...

What's the $572 in utility charges? Does the $1335 allotted for housing include ur mortgage and any association fees for ur condo?

SavingDiva said...

I'm glad that you're starting to move in the right direction. My blog readers have had to shake some sense into me from time to time too.

I wish you the best of luck!

Anonymous said...

Hi! Saw your post and wanted to leave some feedback on working at Crate. I worked at Crate on Michigan Ave (and other locations)for quite awhile. While I loved working there, I would never work there while trying to pay off debt. You will want to buy everything and the discount only helps the urge. Unless you are hugely self-disciplined I would work for a retailer you would never purchase anything from. Also, they require you work two weekday/night shifts and one weekend shift.
Good luck, with whatever you choose.
Sara