Financial Advice Needed

[Scin]

Okay, here's my situation:

I have two maxed out credit cards with a combined debt of $3500.

I have student loans with payments starting in about 5 months. The amount is $23,500. My dad will be transferring the monthly minimum payment to my bank account every month, in effect paying them for me, but the amount is important for credit reasons.

My current bank account balance is sitting right around $10.00.

I am a recent college grad (just under 1 month since attaining my degree) and job hunting. My prospects are marginally acceptable for acquiring a job.

At present, I have little/no income, having quit my student job. What money I take in comes from freelance web design, which is unreliable at best and nonexistent at worst.

With the money I'm bringing in, I can barely afford the $150 a month I pay on credit card payments, web hosting bills, and a little entertainment, let alone the gas to travel to interview locations.

I'm living with my girlfriend. While she and her new roommate can easily afford the rent and bills associated with our domicile, I feel very bad leeching off her like this, even if it's only temporary.

I'm estimating perhaps one month before I have a full salaried income. I do NOT want to miss a credit card payment, as my providers are particularly vicious when it comes to missed or late payment fines, especially when those fines make the credit cards go over limit. Additionally, my web hosting payments are necessary, as they are integral to my web portfolio (and, hence, to my job prospects).

So. How can I acquire the money necessary to live and travel to interviews?

[Caveman Joe]

As someone who's gotten sixteen thousand pounds of debt down to less than five in one year (the same year I became self-employed - decide for yourself whether this is a co-incidence or not), there are a couple of pieces of advice that I think are appropriate for anyone in a nasty debt situation.

1. Don't panic.
It does you no good whatsoever. Be fully aware (and thus, in tighter control) of the situation, but don't let it panic or depress you.

2. Spend less, earn more.
Which is kind of elementary, but you'd be surprised how many people totally ignore this rule.
Switch to the cheapest web host you can while still maintaining the required level of service and resources. (shameless plug for Hosting For A Quid, link's in my sig)
If you smoke, consider switching to rolling tobacco, which is a lot cheaper (and - I won't say "Better for you," but "Not quite as bad for you"). Don't try to quit cold turkey, though - do that when you've got less stress in your life.
Don't buy sandwiches for lunch - that ends up costing about a hundred pounds a month. Make your own instead.

3. Knowledge is power.
Know exactly which repayments are your most important ones. Know exactly how much you can push your creditors before they start biting as well as barking. Ignore the barking, by the way.
Get on a debt forum, meet the members, introduce yourself and don't be afraid to ask for help and advice.
Find loopholes and ways in which to help yourself. Remember that it's unlawful (at least in the UK) for a creditor to demand more money than you need to survive. If you're underweight, you're paying them too much.
If you have savings and debt at the same time, those savings are costing you money. The rate of interest on your debt is much higher than the rate on your savings. Use them to pay off the debt.

Hope this helps.

[Michelle]

It sounds to me like the Universe is providing for you at the moment. The majority of your bills are taken care of by the people who love and support you in your life allowing you to breathe while you find employment. Don't reject what the Universe is giving you simply because you may not like how it is getting to you. There is nothing wrong with being on the receiving end of financial support. Besides you are well aware that this is a temporary situation. Just take a deep breath, send whomever (Universe, God, etc) thanks and gratitude for sending you help, and get on with your life.

I just want to say that I speak from experience in this area. Being a young, poor artist I had to learn that there are people who wish to make possible what I do because they find it valuable for society or because they love me. I also had to learn that there are many ways to give back to those who support me and that love does not equal money. Very often I felt undeserving or angry that money came from other places than a "job". After a while I realized that you can ask the Universe/God for what you want and you will get it, but you cannot specify how it gets to you. That is simply not for you to decide.

[onespirit]

I agree with Michelle, relax and be patient. You can let go of guilt and remember to be thankful. When you change your perspective on your situation it will change. I am also a recent graduate and have not found a "job" i truly feel passionate about. I think if you ask yourself the truth about your fears about your situation, they just might end and you will get through it. Until then, I send you thoughts of harmony and happiness.

[Ree]

There are two options to improve your situation: Reduce the amount of money going out or increase the amount of money coming in. Obviously, you can't reduce the amount going out. While you wait for THE job, why not get a part-time job to make a little steady income? Even if it's retail, bagging groceries, waiting tables, anything that you can spend a few hours a week doing which will produce a regular check to give you a little breathing room. And I agree with the post about giving thanks for all the support you're getting. You're obviously very much loved

[Donkey]

This is too easy - stop leaching off your gf immediately and get a frickin job. Deliver pizza, deliver newspapers, wait tables, do temp work, pickup aluminum cans, sell your body, just do something. I know you might not WANT to do this but welcome to the grown up world mr college grad. Besides, you may find a lead or two for your web hosting business (add your own adverstising flyer to every pizza box you deliver).

By the way, your gf's parents probaby think you are one big pos by now. (Your own parents are probaby thinking you're a pos by now.)

[Zero]

When I graduated college, I found myself in a similar situation and I kept my focus on getting a job. The job search was a full time job in itself. I "pounded the pavement", getting my resume in order, writing cover letters, talking with employers, preparing for interviews, etc. In a hot job market (software engineering), from the start of the job search, it took me about 4 weeks to start working and another 2 weeks to get my first paycheck.

With 25K+ of unsecured debt and no reliable source of income, you are probably feeling the financial squeeze pretty hard, but you are doing just fine. Many college grads find themselves in the same position as you. If anything, do not give up on the job search and prepare for your interviews.

[Michelle]

Originally Posted by Donkey

This is too easy - stop leaching off your gf immediately and get a frickin job. Deliver pizza, deliver newspapers, wait tables, do temp work, pickup aluminum cans, sell your body, just do something. I know you might not WANT to do this but welcome to the grown up world mr college grad. Besides, you may find a lead or two for your web hosting business (add your own adverstising flyer to every pizza box you deliver).

By the way, your gf's parents probaby think you are one big pos by now. (Your own parents are probaby thinking you're a pos by now.)

You know, if the OP would have been "leeching" off people for the last several years, this post "might" be in order. But what is wrong with one month's time to find a job after university? Even three months seem reasonable to me.

At the end of the day it is up to those who love you to decide if they wish to support you in any given endeavor. It would be my pleasure to offer my boyfriend needed support while searching for employment after university. That is what people who love each other do - they support each other. As a couple you are a team, and you want your team to succeed - no? That your family and girlfriend are willing to support you speaks for their opinion of you. They seem to recognize that you are a responsible, hard-working individual worthy of the support they have to offer.

It really is only money and living space, so who cares? If you have it you might as well use it on those you care about. I think some of the happiest people are those who learn to use money not to control people, but rather to help them.

[Scin]

Thank you all for your advice in this....even Donkey, heh. I'm doing my best to not be a burden on those around me....or at least, to not be a burden for long. I didn't eat breakfast this morning because I can't afford food and don't want to burden my girlfriend any more than is absolutely necessary.

I borrowed some money from my dad for gas and traveled to Minnesota for an interview yesterday. That was 10 hours spent in a car. My girlfriend came along purely for emotional support; she's wonderful like that. I did well in the interview and, hopefully, I'll get an offer from them soon.

In the mean time, I may well go find a part-time job doing something basic at low pay so I can at least pay my bills and help my girlfriend pay for the cost of keeping me alive. I've seen plenty of openings around town, so I'll probably do some "shopping" today.

Again, thank you all for your advice and support. I really appreciate it!

[{aspiring_to_clarity}]

Originally Posted by Scin

In the mean time, I may well go find a part-time job doing something basic at low pay so I can at least pay my bills and help my girlfriend pay for the cost of keeping me alive. I've seen plenty of openings around town, so I'll probably do some "shopping" today.

Scin, I think you could find some temp work that pays fairly well - data entry is mindless and easy, so as not to distract you from your goals. It's only temporary and will alleviate some of your worries about money giving you time to find a job you can truly throw yourself into (not just take because you have to). As long as you are helping out around the house in some way and providing emotional support for your gf as well, I wouldn't consider you a leach. I presume you will be very much ready to reciprocate when your situation allows it. Be thankful for the people who care enough about you to help you out, don't abuse their generosity (I don't think you have, btw) and consider that part time work. I know how much it bites, but from what you said I think it would give you some peace of mind until you find the right job. Best of luck to you. I think you will do well. Don't beat yourself up about living with your girlfriend...I am sure she doesn't begrudge you breakfast .

[Donkey]

Scin - I don't really think your being a leech. I was just trying to make a point and thought a harsh tone could be very effective. Working a few hours a week can put some much needed cash in your pocket and expose you to more people and more job leads. May even find a temp job in your industry. You never know how things can work themselves out.

PS - Don't skip breakfast on interview days. Your moms right, breakfast is the most important meal of the day.

[Caveman Joe]

Echo what Aspiring said about data entry, as it opens up plenty of opportunity for freelance work if you've got some basic scripting skills.
(if you're going to write a program to do your job, though, remember to check your workstation and environment for snooping, work on a Flash drive (not on your workstation's hard drive) and when you present Program-That-Does-My-Work-A-Thousand-Times-Faster-Than-I-Can.exe to the boss, make sure you get at least a couple of grand for it, 'cause you can bet pounds to pennies that you'll end up making yourself redundant)
(or, write the script and be sneaky about running it, then spend the days working on your own projects while also being paid to sit there and pretend to work)
(God I love being such a filthy little mercenary who revels in exploiting (and correcting (but only if they're nice to me)) the ignorance of larger companies)
(and brackets, they're nice too)

[Scin]

Data entry would be great if there were data entry jobs to be had, but I live in Brookings, South Dakota....a dot in the middle of nowhere with only a university to keep it alive and growing.

I did hand in applications to a pizza place and a coffee house, though.

[hotwired]

I am a web designer always looking for talented subs. (clean code, no hideousness - I know, hideousness is pretty subjective, along with heinousness!) But seriously, I do have a couple of projects and get approx one good design job every week or two. I also own and operate a lawncare business so I'm really into delegation! Give me a call or email. ken@centralmaineweb.com or 207-872-2368

Do you have some work I can see??

[Kamma]

I'm majorly interested inany advice people can give me re data entry or work from home (legit only please). I am in serious debt and although I'm working hard on ideas to get out I would look into all avenues. I have a couple of irons in the fire at the moment but am waiting for responses. Once again any ideas would be gratefull appreciated! Please Please Please

[Scin]

Originally Posted by hotwired

I am a web designer always looking for talented subs. (clean code, no hideousness - I know, hideousness is pretty subjective, along with heinousness!) But seriously, I do have a couple of projects and get approx one good design job every week or two. I also own and operate a lawncare business so I'm really into delegation! Give me a call or email. ken@centralmaineweb.com or 207-872-2368

Do you have some work I can see??

Yes, I do, actually. The following are sites that I built (both code & art, and some content):

Mana Trance
Abstract Nova
http://www.mycomputerone.com
swrequirements.com >> the homepage of scott overmyer

All valid XHTML 1.0 Strict, all tableless, all PHP-driven.