- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking Financial Advice and Assistance
## Introduction
Greetings, I am reaching out for guidance on a personal finance issue that has been weighing heavily on me. Despite being 44 years old and holding a full-time job, I have always struggled with managing my finances. While I do not have significant debt, I did make a mistake with a credit card during the pandemic, which has left me living paycheck to paycheck. I find myself in a cycle of financial instability and am determined to turn things around. Unfortunately, I feel too ashamed to discuss this with friends or family.
## Request for Help
I am in desperate need of professional advice and assistance to help me navigate through this challenging situation. I am more than willing to compensate for the services rendered. While I understand that my problem may seem insignificant compared to others, I believe that seeking help is the first step towards a solution. Any guidance or recommendations would be greatly appreciated.
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Why not just explain it here? We don’t know you from Adam’s housecat.
>Who could I speak to about this?
People in this sub are generally pretty good and will try to help you. Maybe even a therapist could be appropriate.
How much debt do you have, how much do you need to survive, and how much do you bring in a month?
Well, let’s start.
1. What is your income? If you know it weekly, list that, but monthly is better.
2. What are your expenses? Start with big chunks — rent, car, pets, kids, food?
3. Do you have any savings?
You make one slightly alarming statement “I fucked up a credit card and live week to week because of this.” That tells me that you get paid for a week and then spend all of that money until it is gone, is that accurate?
Do you want advice or just to vent? We accept both, but normally the advice is more helpful!
There’s nothing wrong with asking for help.
There is a wiki page that is maintained here that has a lot of information about various topics that is worth reading as well as a page specifically about budgeting that I highly recommend.
https://www.reddit.com/r/personalfinance/wiki/index
https://www.reddit.com/r/personalfinance/wiki/budgeting
One of the first things I recommend is to put together a budget. You don’t need any fancy software or finance skills. A budget is just a list of all your income (paycheck, retirement, side jobs, child support, any money that comes to you) and all your expenses (bills, food, rent, mortgage, all of it!). The idea is that if you know where your money is going, you can make sound choices about what you do with that money. It can help you find things that you spend money on without realizing it or bills that are higher than average you can work on bringing down. I recommend looking at your last month’s bank statements from the 1st to the 31st. Every transaction should be placed in it’s own category (phone bill, groceries, eating out, hobbies/fun stuff). You can do this in a spreadsheet like Excel, in a notes app, or just pen and paper.
People are asking you details like how much money you owe and how much you earn. These are simple questions. The fact that you’re not answering makes me think the problem is psychological. Psychological problems can be really difficult, but the one silver lining is **the facts of your financial situation may not be as bad as you think they are**. You really need to set aside your self-doubt and self-criticism just long enough to get the basic facts on paper.
I don’t mean to dismiss the psychological stuff. I just don’t know how to fix it. The financial part might be easier than you think.
Also do not ever pay anyone on here for advice…unless you want to be in an even worse financial situation
Your goal is to pay down the credit card as fast as possible either by cutting back on spending or by making more income. We don’t know your situation so the general advise is make a budget.. track all of your spending (cut expenses where you can) and throw any extra money at the credit card as fast as possible.
Never too old to learn internet person. Stop the negative self talk, it’s not helping you and only further drives you down. We all make mistakes. Read the prime directive and start small, you got this.
You can definitely fix your credit. I am not a pro but I base this on experience. My husband forgot about a 500-dollar hospital bill and left the country for more than a year and that messed up his credit. We were told to go to your banl and open a secured card and we fully paid it on time. You’re basically building your credibility to financial institutions that you are trustworthy enough to pay them back. His credit is a lot better now. Even better than mine. Lol. Good luck.
The best way to repair your credit score is by logging into Credit Wise or a similar online service to get familiar with the components of a credit score. Credit Wise is often a freebie from your bank, credit union or credit card.
Log in to Credit Wise every week to familiarize yourself. It will show how much you owe on various accounts and loans. It will also show your credit history. This is a good way to check to make sure no one is scamming you and taking out credit in your name.
Pay your bills such as utilities, car loan, etc. on time. I personally put mine on auto pay so I don’t forget. Do not cancel credit cards and decrease your available credit line or your longest history credit line. Using a small portion of your credit card and paying it on time every month actually helps your score.
For example, if you have a credit card, buy your gas with it and pay it in full each month. This will help more than having no credit cards. Potentially lenders want to see you use credit responsibly.
I had a bad divorce at age 49 which hurt me financially. You can turn this around at your age.
For me, eating more meals at home versus fast food and restaurants is the key!
I’m no financial genius, but I do teach Economics, so I’ll throw in my two cents. Credit rating is like training for a marathon, gotta keep on working on it. Figure out how much your bringing in. If necessary work off credit card debt asap. Stop trying to keep up with the jonese and live within your means. Eliminate at least a few wastes of your money, and start saving, even if just a little bit. Just some ideas moving forward… what are some of your financial wastes? Over draft fees? Late fees? Unused subscriptions? Vices? Again, just ideas…
It is great that you are taking this step in educating yourself about finances. There are many banks and credit unions that have free financial education resources on their websites and you do not need to be a member to access. For example, here is one that you could use:[Capital Credit Union Financial Education](https://capitalcu.everfi-next.net/welcome/achieve)
https://capitalcu.everfi-next.net/welcome/achieve
It has short videos and self-paced courses on a variety of topics and you can create your own playlist to learn at your own pace. You’ve got this, just take baby steps!
Take financial peace university! For people starting at ground zero I think it’s a good idea. Move up from there.
Try [this podcast](https://www.ramseysolutions.com/shows/the-ramsey-show). It’s a simple focused plan – so you don’t have to spend the time stressing about finance… a straight line simple plan
I would suggest contacting the credit card company and explaining your situation. Tell them you would like to pay off the card you are struggling financially right now and ask if they are willing to lower your interest rate. Most of the time, they will be willing to work with you because they want their money. Unless you mean you stopped paying the credit card a long time ago during covid? If that is the case, you still can try to work it out with either the debt collector or if the credit card company still has the debt. But you’re right compared to a lot of people it’s not that big of a deal. Just take it one step at a time. You definitely can pay your debt off.
You buying brand new cars and phones all the time?
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