Personal Finance Daughter in credit card trouble |
- Daughter in credit card trouble
- I made this spreadsheet because I hate budgeting. It's worked great for me and hope it can help a few others also.
- Got hired a month ago - company lied about compensation structure (sales job) and about other things. Applied somewhere else, have a phone interview, should i tell them i am quitting a month into a new job?
- Father in law looking to sell us his house for what he owes, and I have some questions for you beautiful people.
- Pros and Cons of a joint bank account?
- Living Rent Free temporarily. Do we pay off debt or save for a down payment?
- How am I supposed to pay for my children's college?
- Splitting tips at work
- I am 17, junior in highschool, and I have $3000 and no expenses
- Is it possible to insure a car strictly for a trip/short term?
- Best place to buy health insurance? and what type is worth it?
- My wife is switching to 1099 contractor. What should we consider?
- Nervous about starting my new career.
- [Auto] Is a used 2001 Toyota Corolla with 1500,000 miles for $900 worth purchasing?
- Have Had Credit Cards On Parent's Accounts For A Long Time and Wondering About Anything to Be Aware Of To Keep My Credit Score Healthy - Please Suggest Anything You Think Is Helpful!
- Need advice for building credit / a fresh start moving forwards in life.
- 23 y/o college student 12k in CC debt
- Having a baby. How does that change my plan?
- How can I save 25k in 12 months on salary of 60k?
- Dispute or GW Letter?
- Underwater on car loan, but now have solid cash flow. What should I do?
- Is $40,000/year enough to move out of my parents house?
- Lazy Investing.
- Tax underpayment penalties?
| Daughter in credit card trouble Posted: 10 Nov 2018 05:53 AM PST I was cleaning up and saw a statement from a credit card company to my daughter. I got nosy and basically found out she has maxed her cards and is drowning. I would normally let her struggle and figure it out but one card she has maxed is one her grandmother gave her. I had no idea my daughter had access to a $7000.00 credit card. I have taken the cards and had a long difficult talk with her. Now it's time to fix the problem. She has 2 cards maxed, one 7k and one 3k. What is the best way to fix this? We are calling the cards today to try and stop the bleeding as far as apr and penalties. Is the answer debt consolidation? Is it I pay for her grandmothers card and set up a plan for her to pay me and let her struggle thru the card in her name? Just looking for some advice. Thanks! Update: I have read most everyone's comments and I appreciate all the help, advice and similar stories. We are going to work thru this and I am going to help her but not do it for her. I will stop the bleeding but I fully intend for her to pay every bit back. I will continue to read but forgive me if I can't respond to everyone. Thank you all. [link] [comments]  |
| Posted: 10 Nov 2018 04:00 PM PST I avoided budgeting for many years until I finally realized I had to get control of my money, because I was going into overdraft every month and getting eaten alive paying interest on overdraft and credit card debt. I read some books about budgeting and paid for a course on budgeting but nothing really seemed to work until I put together my own spreadsheet and process. My goal was to be able to see down the road. Like, if I spent $50 on eating out tonight, how would that affect my finances in the next week, two weeks etc? So I made this really simple spreadsheet and it has really worked to help me NOT go into overdraft but help me save and payoff a lot of debt also. So I thought I would share this here since I've seen a lot of different methods of budgeting but haven't seen one quite the same as this process. I'm hoping it can help other people like me who hate budgeting a bunch of variable expenses like groceries, eating out etc. Below is a link to the Google sheet I use and there are links to a few videos that I made for my sister who wanted to learn how to do this but couldn't get together in person to go over it. She's been using it for about 3 weeks and is loving it so I thought maybe there are others that can use it to improve their finances? Heads up, you need a Google account to access the sheet since it's a google sheet. Here's the link to the spreadsheet: https://docs.google.com/spreadsheets/d/1mXpOuz67NZluqNhzZkaZXHvbbYshzqYHncz0ZwUiw30/copy Here are links to the videos: Video 1: https://screencast-o-matic.com/watch/cF6Yb9Y4x6 [link] [comments]  |
| Posted: 10 Nov 2018 04:53 AM PST A bit of a back story. I got a job as a sales rep for a company that promised big. When I started a month ago, I noticed they lied about their compensation structure and the company is just a shit show and unprofessional. I decided that I would apply somewhere else because I don't want to be stuck in this zoo for a long time. I applied for a position at another company a couple of days ago, (higher pay and better suited for my skills) and they reached out wanting to do a phone interview. My question is, should I tell them I started a new job and I am a month into it and I want to leave because i was promised something and it was completely something else? Or should I just say that I quit my last job and haven't found a new one yet? [link] [comments]  |
| Posted: 10 Nov 2018 06:38 PM PST So my father in law just bought a house and offered to sell his current home to us for what he owes. The house appraised for around 300k and he owes 180k. In this situation what would the best type of mortgage be? Would we still need 20% down to avoid the PMI? Would this qualify for a first time home buyer type of loan? We are noobs when it comes to this stuff so any and all advice would be greatly appreciated. Thank you! [link] [comments]  |
| Pros and Cons of a joint bank account? Posted: 10 Nov 2018 08:17 AM PST My girlfriend and I are planning to move in together after saving enough to get our own place. We have had many discussions over finances and one thing we are not sure about is having a shared bank account. Can anyone help us out on why we should or should not do it? [link] [comments]  |
| Living Rent Free temporarily. Do we pay off debt or save for a down payment? Posted: 10 Nov 2018 03:45 AM PST Hi there. I have not posted here in a long time. My family of 4 is in a sweet situation right now. We are living rent free (and essentially utility free) for now. We have 16k in debt left: We want to buy a house as our next step. We both work remote and are bringing in roughly 4k a month. We had a baby this year and a lot of surprise medical expenses (hello, hitting deductible and almost out of pocket max) but things are settled and we are ready to put 100% effort to our plan. If we want to stay here until July 2019 at the latest, what should our game plan be? How should we utilize this crazy amazing opportunity? Debt? Down payment? [link] [comments]  |
| How am I supposed to pay for my children's college? Posted: 10 Nov 2018 05:49 AM PST I have a 20 year old that has paid for her own school at the local community college and will get her associates after this semester. She is transferring to Arkansas Tech University spring semester. She is on the president's list. My wife and I assumed that our children would be able to take out loans and pay for their own school, but it turns out that they dont qualify to take out nearly enough. My wife and I apparently make too much money. We have been very dumb with our finances. We make (together) around 90K, but in debt up to our ears and are living paycheck to paycheck. We have already drastically reduced our standard of living in order to start paying down our debt. The result is we are able to make payments on our bills. A couple years ago we were behind on everything except our mortgage. My wife is a teacher, we are still paying her student loans. I am a combat veteran currently working as a cable installer. Our son has been accepted to Kansas State Universoty and will begin classes next fall. Our credit is high 6, and low 7. Dont know what to do. Edit: you have all been quite helpful. So far it seems that there may be more options than have been made available from the appointments I have had with the financial aid offices. I dont have the answers yet but your comments have given me hope that there may be more options and multiple directions to start digging. [link] [comments]  |
| Posted: 10 Nov 2018 06:41 PM PST At my job everyone works behind a counter with little to no direct customer contact and gets tipped through a jar at the counter. I think the most I got a year working here through tips might at best add up to $60. My head manager says she splits tips once it adds up to $20 per person, not including cleaning people who work on off hours. However she spends out of tips to buy cups, straws, lids, candy to give customers, if someone has a special event will give away up to $100 as a gift, to pay for Christmas parties and gifts, all out of tips, and that's to name what I know working here for the 3 years I have. What do I need to know to fix this? I do work directly with the owner now and then. [link] [comments]  |
| I am 17, junior in highschool, and I have $3000 and no expenses Posted: 10 Nov 2018 06:37 PM PST What do I do with my money? I have no expenses currently so now is the time to take risks I think. What would you guys suggest doing with my money to make the most out of it? [link] [comments]  |
| Is it possible to insure a car strictly for a trip/short term? Posted: 10 Nov 2018 05:58 PM PST Hi, I have a bit of an unusual insurance question. For context (very summarized): I was pulled over in Virginia on the way to Ohio for Thanksgiving last year. Going with the flow of traffic but got picked out, it happens. Simple speeding ticket, the cop told me just to go online and pay and all would be well. I (stupidly) did just that without really looking into the details of the ticket (ticket was only ~260$). I go to shop new insurance last week and the quotes are north of 420$ PER MONTH for the most basic comprehensive insurance on a 2015 Toyota Yaris, where I had been paying roughly 100 before. I discovered that the ticket had been filed as "reckless driving" which as I researched is a very serious driving offense. I most certainly was not going 15+ over the limit (but again, was too cautious to contradict the officer/challenge it) and had no other citations during the ticket. This is the only offense on my record. I am looking into retaining an attorney to fix this issue, but in the meantime I haven't been driving my car, as insurance would be completely impossible to budget at the current quotes. I am going to Ohio for Thanksgiving this year, and have been researching rental cars, etc. My question is, is it possible to retain insurance only for a specified amount of time? For example only for the 5 days I'll be driving in Ohio and then when I get home it'll be parked again? Is it possible to drive a family members car? Or is renting (and retaining the rental companies insurance) my only option? I really feel helpless, I don't know a ton about insurance and even less about tickets/citations/etc. Thank you! [link] [comments]  |
| Best place to buy health insurance? and what type is worth it? Posted: 10 Nov 2018 01:23 PM PST USA, Minnesota, Male, 26, I make $36/hr and pay $550/month rent. No car or other payments whatsoever. I'm a contract worker and have 0 benefits whatsoever. About $25k saved up. I just got off my parent's insurance - due to turning 26 in August.
Not sure if there's a better place to ask this, thanks guys. [link] [comments]  |
| My wife is switching to 1099 contractor. What should we consider? Posted: 10 Nov 2018 07:08 AM PST My wife is currently a teacher in IL and has an opportunity to work for a local child developmental agency as a 1099 contractor. Based on what we have considered so far, the net pay of the new position will be about the same as the net pay from teaching. The new position offers my wife much more flexibility. So, we are highly considering it. Below is what we have taken into consideration from a financial perspective. What did we miss?
Retirement
Supplemental insurance
[link] [comments]  |
| Nervous about starting my new career. Posted: 10 Nov 2018 05:26 PM PST I was offered a very good paying job doing what I'm passionate about. Sounds pretty good, right? Well, I'm really nervous about starting because I don't want to let anyone down. I'll be in a position that will grant me ample responsibility and say over what happens. Therefor, my nerves are getting the best of me. I usually work good under pressure, but I'm stressing over a job I haven't even started yet. I begin my job in a week, any suggestions to keep calm, cool and collected during the first few days? The entire success of next year is riding on me. [link] [comments]  |
| [Auto] Is a used 2001 Toyota Corolla with 1500,000 miles for $900 worth purchasing? Posted: 10 Nov 2018 05:22 PM PST The person said OBO on the flyer. Should I take it to a mechanic to take to look at first? Here are some photos, I didn't take much unfortunately -Thank you all who took the time to respond. [link] [comments]  |
| Posted: 10 Nov 2018 05:03 PM PST I [32M] have had credit cards in my name under my parent's accounts since approximately high school. They always pay their cards off every month and are fiscally responsible and well off compared to other retirees I would venture to guess. I recently became more aware and serious about how important having good credit is. I opened a new credit card in my name a couple of months ago to pay off 100% in order to build more credit history and lower my credit usage ratio. I plan on opening another one in the next couple of months as well. My credit score is currently 808 according to Capital One Credit Wise app. What's on my mind is in regards to any negative effect of having cards on my parent's accounts could have on my credit score if they for some reason got into debt, had a late payment, etc... Since I have named cards on their accounts I'm assuming my credit score would be dinged if they had late payments etc? Other than hoping they continue to pay off their CCs every month and remains in good standing themselves, is their anything I can do to limit any damage done to my credit score? Any insight appreciated. Thanks in advance! [link] [comments]  |
| Need advice for building credit / a fresh start moving forwards in life. Posted: 10 Nov 2018 01:10 PM PST Hey all. 21 year old college student here. A few weeks back I basically made a post asking how I could make money fast because I was in a really, REALLY bad financial situation. Almost took a payday loan I couldn't have afforded out. I was unemployed, and had bills due. Now I'm starting a new job this upcoming Wednesday that pays $10.00 an hour, and I'll be working 51 hours every 2 weeks, with my paychecks being biweekly, so I'll be making roughly $500 a paycheck. I'm also receiving a $25,000 inheritance due to my great aunt passing away. I owe my girlfriend around $500 for helping me when I needed it, and other friends about $25 total. I'm planning on paying them back first, obviously, and then I'll be purchasing my first car with the inheritance money. The question(s) I'm getting at are: how much should I set aside for my first car? How much should I save as an emergency fund? What's the best way for a student with no credit to begin building credit? And last, what are some good habits I can get into financially to make sure I don't blow this inheritance, and my paychecks? [link] [comments]  |
| 23 y/o college student 12k in CC debt Posted: 10 Nov 2018 01:10 PM PST Hello all, I made this on a throwaway account because I am often scrolling reddit and wanted to remain anonymous (funny considering everyone is already that) Like the title states, I am 23 years old, in college and have about 12k in credit card debt. I'm not bad with money, i'm frugal by all means. I don't spend money on flashy items, I wear old clothes and about once a year, I buy new T shirts that are $8.99 and will last me for years. I live a pretty simplistic lifestyle. I wear one pair of shoes until they fall off my feet or begin to smell. I've reduced eating out (which was a killer of mine) a few months ago and really haven't spent money since my semester has started. I don't go out to bars often nor do I vacation a lot. I had a hobby that was costing me a pretty penny so I stopped indulging so often as it was becoming a bad habit rather than a hobby. I'm a business student, management/marketing major so i'm very keen to the aspects of money and dealing with money so on and so forth. I have two semesters (end of next December) until I am finished with school. Finances: I currently have a job as a valet making about $140 a week but I haven't been working since the semester started because my availability is so limited so my boss doesn't allot me any shifts. I have about $500/month in other income and recently got food stamps so that should cover my monthly food. My dad pays for my gas and other utilities along with my rent. So he covers the basic necessities for me to live but doesn't give me disposable money. I usually pay around $700-$1,000 a month total off my CC but between my gas, interest, and other things i'm only really paying a few hundred off of the principle. I have a loan taken out in my name for my mom on a couch that she pays monthly, also a school loan out for $5,500 subsidized that my dad is going to pay off in one lump sum payment we just haven't gotten around to it. I also have 5 credit cards in my name but the balance is accrued on 2 CC. My question for you Redditors. What is my best option on paying this off long term? Do I continue to do what I am doing or is it in my best interest to apply for a loan to pay off my CC debt with lower interest rates? Will I even apply for a loan? Edit: I forgot to include that I have saved $4,000 cash and roughly $5,000 in assets [link] [comments]  |
| Having a baby. How does that change my plan? Posted: 10 Nov 2018 07:06 PM PST I max out my 403b, 457, and IRA. Do I continue to do the same after a baby is born? What did you guys do when you had your baby? What's the annual cost of raising one? [link] [comments]  |
| How can I save 25k in 12 months on salary of 60k? Posted: 10 Nov 2018 11:31 AM PST I am saving for a down payment. I am currently renting and I want to buy a house. I am a first time home buyer. By the math, here is what I would need to do.
I think I can save 15k a year. To save even 20k a year, that would be more difficult. I make $60k a year. I have 9,971.32 in debt. Below are my bills: 605 rent 400 groceries 60 time warner cable, cable internet 60 AEP power 55 T-mobile cell phone 60 gas for car 36 geico auto insurance 20 planet fitness, gym 10 amazon prime 276.38 Personal Loan 1582.38 total I need some good ideas, please!!!! I want to save 20-25k in 12 months. I would love to buy a house within the next 5 years. The sooner the better. [link] [comments]  |
| Posted: 10 Nov 2018 07:02 PM PST Hello, So, I have two 30-day late payments on my Capital One Credit Cards (one on each card) from Nov 2017. Before I left on military orders on September of 2017 for training, I called them and told them I was being deployed and wanted to try and pay the annual fee a few months in advance, so I wouldn't have any late payments, since I wouldn't have any contact with the outside world for literally 9 whole months. They said they don't charge military members the annual fee and they would waive it for me. After getting back May of 2018, I pulled my credit report and saw I had one missed payment reported on each card and I'm still kinda confused to this day why. I thought it was probably just a mistake and I was accidentally charged the annual fees. So I called Capital One, and they said it was due to some pending charges. I remember checking before I left and leaving with no balance though. Some of the charges don't seem too familiar to me that were on there. Especially one place that I don't think I've ever even been too! My memory isn't that great, and I honestly can't even remember where I used my card at during that time last year. One or two of the places there was a charge from just sounds so strange, I can't remember ever going there, but maybe I did and I just don't remember since the other charges would be places that I'd go to. Even to this day though, after being with Capital One for many years, I've never missed a payment besides this one month last year. That's the only time it's ever happened! After calling Capital One several times again, they said if I want to try and dispute against it, I could mail in a credit dispute with the description of the situation and how I'd like it resolved. I was going to mail in this letter (see below) along with my military orders, and the credit reports of the dates the late payments were reported. I was hoping to get this removed because I was trying to shop around for a better interest rate. And I thought this issue was just because of a mistake from being charged the annual fees. But it looks like it isn't just that now. At first I was typing up a dispute, but then I included in some things you might write in a GW letter. Appreciate any thoughts or suggestions: https://imgur.com/a/KemMr0r [link] [comments]  |
| Underwater on car loan, but now have solid cash flow. What should I do? Posted: 10 Nov 2018 06:53 PM PST In a nutshell, a few years ago I wanted to live the American Dream and drive a nice fancy car when I should have been driving a normal everyday car. This past weekend my vehicle was totaled and I am upside down on the loan by let's call it 6k-8k. One positive is that since purchasing my vehicle I have increased my salary from 65k - 95k. I currently have $3500 extra cash that I want to use as either a down payment or put towards the value I am under on my car. Here are the options I am looking at: Option 1: Continue to make car payments on my old car note and use the 3500 as a down payment on a newer cheaper car Option 2: Continue to make car payments on my old car note and put the 3500 towards what I owe on the old vehicle, and put no money down on a newer cheaper car Option 3: See if I can roll the negative equity into a new car loan and aggressively pay off the loan in 24 months. My question about option 3, is this even possible to do? If it is, since I am looking at cheap vehicles is there a limit on how much I could roll in to a new loan. I doubt I can roll that much negative equity into a new car loan since I am looking at vehicle in the sub 20k price range. Just need some help, it's been a rough week and I want to get this vehicle situation addressed as soon as possible. [link] [comments]  |
| Is $40,000/year enough to move out of my parents house? Posted: 10 Nov 2018 03:04 PM PST I'm a recent college graduate who moved back in with his parents. Admittedly, I've been kind of a bum about searching for a job and ended up going back to the job I had all through college, currently I make about $20,000/year. I've become miserable in my house living with my parents and that has kind of helped my get my head straight and start looking for jobs so I can (hopefully) move out. It seems that I'd have no problem getting a job that pays $37K a year, but if I sell myself well enough (and get lucky) I think that could be $50K. My only current fixed expense is a car payment for $300/month. However if I moved out I would also have to pay for rent and groceries. The cost of living in my area is pretty high and I think I'd be looking at $700-$800 a month for rent (w/ roommates). I've estimated groceries to be about $350-$400 a month. My parents will likely cover cell phone, car insurance, health/dental. I know when I do the math (12800) + (12400) + (12*300) = $18,000/year fixed expenses it seems like I would be able to afford it. Using an income tax calculator, and assuming I make $40k I'd be left with roughly $31,000 of income a year. This leaves me with $13,000 a year of 'disposable' income. Is this enough? Are the assumptions I made in my calculations right? What am I forgetting. I'm not looking for someone to talk me out of it, but I would really appreciate if anyone could tell me about stuff I might not be considering, and would love to hear about other peoples experiences living on there own off $40k a year. I know it's doable, but I don't know what quality of life id live. [link] [comments]  |
| Posted: 10 Nov 2018 04:38 PM PST Hey everyone! I am a soon to be college graduate with a some extra money (~ $3000) saved up that I would like to invest. I have very little knowledge of the stock market (or investing in general).. as such I would not be comfortable with short-term trading. I have heard that index funds are a great long-term, reduced stress option for lazy investors such as myself. So I have a few questions: 1) Are index funds the best long-term option or are there other investment options that require minimal effort? 2) If yes to #1, what would be the best index fund to invest in if you had to pick just one? [link] [comments]  |
| Posted: 10 Nov 2018 01:46 PM PST I get paid in 1099 by my non-profit and I've just been told that I should have been making quarterly payments to the IRS. I was not aware of that until now. Is there any way out of this? Or am I about to be hit with some major fines? I make roughly $22,000/year before taxes. [link] [comments]  |
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