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Thread: Financial Advice and Money Woes

  1. #21
    FORT Fan Brodie's Avatar
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    Re: Financial Advice and Money Woes

    If it were me, I wouldn't make it about the money with your friends... Do they have kids? In the real world, people with two little kids just don't go out like that anymore... I know the ones I know don't, or really CAN'T... My brother's got two little kids... Happy Hour? That's when they're typically feeding, chasing, bathing, chasing, changing, chasing... Getting them ready for bed... That should be a busy time of day... Going out for drinks requires sitters, days of planning, an act of congress... 3 times a WEEK? Once a month if they're LUCKY!
    Last edited by Brodie; 11-09-2008 at 06:00 PM.
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  2. #22
    A Meat Loaf Aday... ClosetNerd's Avatar
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    Re: Financial Advice and Money Woes

    Brodie that is a good point. Most of our friends do not have Children.

    Acts of congress. *lol* It's almost true! Happy hour is what I get to do maybe the one weekend a month when the boys are away at my parents. But don't ya know, that's the one weekend everyone else has plans
    Which doesn't bother me. I can catch up on "Big people shows" or the latest book my friend mailed me when she was done.
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  3. #23
    Best Buddies Gutmutter's Avatar
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    Re: Financial Advice and Money Woes

    I'm still bothered that you're the one bringing down the hatchet. It really needs to be both of you agreeing to stick to a budget or you're going to be the bad guy here. Sometimes I really count my blessings being a divorced mother of 3. At least I make all my own financial decisions.
    Count your blessings!

  4. #24
    Wild thang Rattus's Avatar
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    Re: Financial Advice and Money Woes

    ClosetNerd, have you considered a line of credit (something possibly already discussed that I missed in my not-indepth reading)? As Ajane suggests, I would pay off the card ASAP and cut it up and avoid even thinking about a new one until such time there is a healthy savings account. In the meantime, a credit line generally has a lower interest rate and more flexible payback options than a credit card, will be available for emergencies but can't just be whipped out in the store when you, or more likely Mr. Nerd, see something you just gotta have. Also excellent for consolidating debts if things get too overwhelmiing.
    All I wanted was a 45, a stinking 45 - the record or the gun. I'd even settle for the damn malt liquor. - Al Bundy.

  5. #25
    A Meat Loaf Aday... ClosetNerd's Avatar
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    Re: Financial Advice and Money Woes

    Rattus, I'm not sure I understand what that means. A line of credit that isn't a credit card... I don't think I've heard of anything like that.

    Good news though everyone! I've already gotten one more bill paid this week than normally would not have been by taking Hubby's pay and divvying up a more effective way. And I have the next 2 weeks budgeted acordingly as well and already making foreward progress. Here's hoping that it snaowballs over time with persistance and learning.
    ~There is no way to Happiness. Happiness is the way.~

  6. #26
    Wild thang Rattus's Avatar
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    Re: Financial Advice and Money Woes

    A line of credit would be through your bank. It would be sort of like a combo of credit and loan, with lower interest and more flexible payment options than either. We got one a number of years ago when we were in the middle of home repairs and it has been a lifesaver at times. Loan is probably not the best word to use because it is no where near as scary as taking out a loan, but it can be used in sort of the same way. There have been times when financial obligations have gotten overwhelming (you know those times when everything goes wrong at the same time), but the credit line allowed us to consolidate all of our debts and pay them off at a reasonable rate. In fact, we are at a point in our mortgage now that once we get the credit line back down to zero, we are going to pay off the mortgage with the credit line, which means we can, because of the flexibility, pay larger amounts every month and have the mortgage paid off in under a year as opposed to the three years currently scheduled.

    You might want to look into getting one to use in emerency situations. Much less stress than using a credit card.

    And congrats on the extra bill paid this week .
    All I wanted was a 45, a stinking 45 - the record or the gun. I'd even settle for the damn malt liquor. - Al Bundy.

  7. #27
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    Re: Financial Advice and Money Woes

    ClosetNerd - that is good news, congratulations! It sounds like you naturally have a lot of self-discipline and determination which is a HUGE PLUS in managing money well... everything else can be learned.

    Rattus' idea of using the line of credit is intriguing. I've never looked into the advantages of using a line of credit... I (wrongly?) assumed the balance could be called in at the bank's discretion, kind of like a demand loan. But I guess those terms can be negotiated when you apply for the credit line? If so, that does sound like a better safety net than relying on credit cards (at least until you can build up a fully-funded emergency account).

  8. #28
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    Re: Financial Advice and Money Woes

    Quote Originally Posted by coltnlasma;3231914;
    Rattus' idea of using the line of credit is intriguing. I've never looked into the advantages of using a line of credit... I (wrongly?) assumed the balance could be called in at the bank's discretion, kind of like a demand loan.
    Actually, I am now realizing that I'm giving credit lines a big thumbs up when I speaking of them from a Canadian perspective. I actually don't know how they would work through an American bank. Anyone have any experience?
    All I wanted was a 45, a stinking 45 - the record or the gun. I'd even settle for the damn malt liquor. - Al Bundy.

  9. #29
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    Re: Financial Advice and Money Woes

    Quote Originally Posted by Rattus;3231918;
    Actually, I am now realizing that I'm giving credit lines a big thumbs up when I speaking of them from a Canadian perspective. I actually don't know how they would work through an American bank. Anyone have any experience?
    I don't know a lot about them, but I know my in-laws have one to use. They paid cash for their house and their business is to flip houses. Usually only a few a year. They use it when they find a house they want but have money tied up in too much stuff at once. Then after they sell a house they immediately pay it off. But it's always open to them when they want to use it. At least that was my understanding of how theirs works. But my understanding from them was the credit was issued because of their house. But my MIL is always messing things up when she's explaining them so who knows what really happens!!

    I would say it would be worth checking out for sure. Never even considered it and may have to look into it for us. Thanks Rattus.

  10. #30
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    Re: Financial Advice and Money Woes

    Rattus, I believe they are similar here.

    From what I understand, let's say you and the bank determine that you can borrow up to $10,000. You may not need $10,000, but you can use up to that amount. You then are given a checkbook (it may be different now, I'm going on older knowledge) and you can write checks for the amount you need at the time you need it, but not going over the total of $10,000. So as Rattus mentioned, they were renovating, so this week, you need to buy building materials for that renovation and you write a check to Home Depot for $2,000.00. Then in 2 weeks when the plumber has been there, you can then write him a check for his bill. These checks come off the line of credit amount of $10,000. Your pay back agreement with the bank stays in effect, if you write a check that month on the line or not.

    Google line of credit, there are a lot of sites that can probably explain it better and have more uptodate knowledge than I have. I used to close loans many, many, many years ago so I'm not completely positive now how much it may have changed.

    ETA: JustCoz is right, they are usually tied to the equity in your home. Getting an unsecured line of credit is probably fairly difficult these days. They want a secured loan by using your current home. But they generally are cheaper interest wise than credit cards and other loans.
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