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HonorableTB
Dec 22, 2006

Nocheez posted:

You can't drop below full coverage on a car that you don't own. Until you pay off the loan, it's still the bank's property and you signed a contract which states you will carry full coverage with a certain deductible (usually no more than $500).

I didn't know that. I remember being told by both the insurance company and the dealership that I needed full coverage but I thought that was just a stipulation from the bank to protect their interest. I mean, it's still true, I just didn't carry the thought to its conclusion.

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Bugamol
Aug 2, 2006

HonorableTB posted:

I didn't know that. I remember being told by both the insurance company and the dealership that I needed full coverage but I thought that was just a stipulation from the bank to protect their interest. I mean, it's still true, I just didn't carry the thought to its conclusion.

Being so far under water on the loan you'll definitely want to have good insurance. Do you know if your insurance is covering the full amount of the loan or just the vehicles value? I would almost be afraid to drive that car around knowing that if I got in an accident I'd have no car and $9,000 in loan payments to continue making.

I know you already mentioned you were going to tackle it this weekend, but it's extremely important that you take a good hard look at where you're spending your money. If you can meter your spending to be under $2,000 a month you could be debt free pretty easily in a few years. However it's a very common mistake (read most of the other advice threads on here) that people think they can just go cold turkey and stop spending habits overnight. You should look at prior month actual spending, set realistic goals where you reduce spending, and over the next year or so continue to look to reduce spending.

HonorableTB
Dec 22, 2006

Bugamol posted:

Being so far under water on the loan you'll definitely want to have good insurance. Do you know if your insurance is covering the full amount of the loan or just the vehicles value? I would almost be afraid to drive that car around knowing that if I got in an accident I'd have no car and $9,000 in loan payments to continue making.

I know you already mentioned you were going to tackle it this weekend, but it's extremely important that you take a good hard look at where you're spending your money. If you can meter your spending to be under $2,000 a month you could be debt free pretty easily in a few years. However it's a very common mistake (read most of the other advice threads on here) that people think they can just go cold turkey and stop spending habits overnight. You should look at prior month actual spending, set realistic goals where you reduce spending, and over the next year or so continue to look to reduce spending.

The insurance only covers the vehicle's value :v:

Going over my previous month's spending (I've looked at it, I just haven't put it in a spreadsheet), I spent over $300 on the Steam summer sale, plus about $250 in eating out and restaurants, plus way, way too much in buying energy drinks and things like that. I read some of the other threads here and I know I can't cut spending cold turkey, but I did put in numbers that are reasonable for me. They're enough to cover the essentials plus a little bit extra built in to cover "fun" stuff.

Veskit
Mar 2, 2005

I love capitalism!! DM me for the best investing advice!
Can you post the numbers right now as they are? Basically a YNAB screen shot.

HonorableTB
Dec 22, 2006

Veskit posted:

Can you post the numbers right now as they are? Basically a YNAB screen shot.

I'd have to put all of June into YNAB first, unless there's a mass import tool or something built into it?

Barry
Aug 1, 2003

Hardened Criminal

HonorableTB posted:

I spent over $300 on the Steam summer sale

Come on man, I know you're not actually playing all those games.

HonorableTB
Dec 22, 2006

Barry posted:

Come on man, I know you're not actually playing all those games.

No, I'm not :(

SiGmA_X
May 3, 2004
SiGmA_X
- Get gap insurance. Jesus.

- Import transactions from your bank. Then categorize them. The categorizing is a mild pain but it will remember what you said the local grocery store is - groceries. It won't split em based on toilet paper (Costco!) vs food, but it's better than nothing.

Veskit
Mar 2, 2005

I love capitalism!! DM me for the best investing advice!

HonorableTB posted:

I'd have to put all of June into YNAB first, unless there's a mass import tool or something built into it?

There's no mass import, and you really should start for June. It'll help a lot with planning.

SiGmA_X
May 3, 2004
SiGmA_X

Veskit posted:

There's no mass import, and you really should start for June. It'll help a lot with planning.
You can download and import from your bank. I do it every week..

Veskit
Mar 2, 2005

I love capitalism!! DM me for the best investing advice!

SiGmA_X posted:

You can download and import from your bank. I do it every week..

Nevermind I'm an rear end in a top hat and a liar. YNAB does that? :psyduck:

SiGmA_X
May 3, 2004
SiGmA_X

Veskit posted:

Nevermind I'm an rear end in a top hat and a liar. YNAB does that? :psyduck:
Yep... It's even smart enough to remember which local account you used last time per online account! I wouldn't have bought it otherwise, as I don't want to use the mobile app. I wish it would auto-DL, but it doesn't.

Shadowhand00
Jan 23, 2006

Golden Bear is ever watching; day by day he prowls, and when he hears the tread of lowly Stanfurd red,from his Lair he fiercely growls.
Toilet Rascal

SiGmA_X posted:

Yep... It's even smart enough to remember which local account you used last time per online account! I wouldn't have bought it otherwise, as I don't want to use the mobile app. I wish it would auto-DL, but it doesn't.

Having to manually clear charges and going through each item is half the fun though! (and part of why YNAB is pretty effective for actively managing your money)

HonorableTB
Dec 22, 2006
Hey guys, I did a thing





Goodbye, Walmart card, you piece of poo poo. Now I can pay you off once and for all.

spwrozek
Sep 4, 2006

Sail when it's windy

Good job.

SkiLander
Mar 4, 2014

Seriously get GAP insurance on your car loan. Then total your car.

Veskit
Mar 2, 2005

I love capitalism!! DM me for the best investing advice!
Cut the card cut the debt! Don't forget to stop by when you get paid to start allocating money.

SiGmA_X
May 3, 2004
SiGmA_X

Shadowhand00 posted:

Having to manually clear charges and going through each item is half the fun though! (and part of why YNAB is pretty effective for actively managing your money)
I manually split and clear every item in Quicken (and YNAB). I just don't waste time going onto my bank websites with Quicken, but I have to with YNAB. Very annoying. Yet I still use YNAB!

HonorableTB
Dec 22, 2006

SkiLander posted:

Seriously get GAP insurance on your car loan. Then total your car.

Who would I talk to for gap insurance? USAA I assume, who also carries my insurance plan?

SiGmA_X
May 3, 2004
SiGmA_X

HonorableTB posted:

Who would I talk to for gap insurance? USAA I assume, who also carries my insurance plan?
Yes. It's designed to pay off your note. I've never heard of someone with a new car and loan who didn't have it.

Omne
Jul 12, 2003

Orangedude Forever

SiGmA_X posted:

Yes. It's designed to pay off your note. I've never heard of someone with a new car loan that didn't put enough money down who didn't have it.

Fixed that for you

I Love Topanga
Oct 3, 2003
I think most policies (for loans) require it now. You should call whoever your insurer is or your broker and ask about your current coverage.

Bugamol
Aug 2, 2006

I Love Topanga posted:

I think most policies (for loans) require it now. You should call whoever your insurer is or your broker and ask about your current coverage.

If your car is that far underwater I'm almost certain it would be required. It wasn't required when I got a car loan a few years ago but we put 35% cash down.

spwrozek
Sep 4, 2006

Sail when it's windy

Omne posted:

Fixed that for you

Your fix makes a lot more since since I bought 2 new cars in the last 2 years and had no idea what GAP was before yesterday.

HonorableTB
Dec 22, 2006
Tonight I'm going to list out my June expenses for this thread. I haven't forgotten!

SiGmA_X
May 3, 2004
SiGmA_X

Omne posted:

Fixed that for you
Fair correction. Cash purchases FTW. Most of the people I know with notes are vastly underwater. Lol. They definitely subscribe to minimal down, longest term possible!!1!

hitachi
May 2, 2003

Hail to the King, baby

HonorableTB posted:

Who would I talk to for gap insurance? USAA I assume, who also carries my insurance plan?

USAA offers GAP insurance for people who finance with them.

Knyteguy
Jul 6, 2005

YES to love
NO to shirts


Toilet Rascal

HonorableTB posted:

Tonight I'm going to list out my June expenses for this thread. I haven't forgotten!

Apparently you did? Holding you accountable for saying this.

HonorableTB
Dec 22, 2006
Okay, I finally finished making an Excel list of my June spending. Where can I host it so you guys can look at it? Every transaction is categorized, along with the amount it cost and the running balance.

SiGmA_X
May 3, 2004
SiGmA_X

HonorableTB posted:

Okay, I finally finished making an Excel list of my June spending. Where can I host it so you guys can look at it? Every transaction is categorized, along with the amount it cost and the running balance.
Make a summary, and then take a screenshot and upload to a host? That's usually the easiest option.

sleepy gary
Jan 11, 2006

Google docs is pretty easy.

HonorableTB
Dec 22, 2006
Here is the CSV data: https://drive.google.com/file/d/0B4hzcvMOIU9oanF4TXd3dUVqQnM/edit?usp=sharing

McPhock
Dec 25, 2004
hat-wearing champion of rhode island
I live in Lawrenceville, probably about 20 minutes from you. Personal preference, but 74F is crazy cool for summer in Georgia. We put up an adhesive window tinting in our house. It keeps the sun out, and the temperatures down in the house. It seriously knocked about $50 off our summer time power bill. YMMV.

Bugamol
Aug 2, 2006
Do you have Excel? I'm working on a budget for you.

McPhock
Dec 25, 2004
hat-wearing champion of rhode island
Maybe I missed grocery talk too, but it might help to review what you are eating. Eating smart at home is really where the savings show. I can easily spend way more money at the grocery store impulse buying than I would for a restaurant meal.

Bugamol
Aug 2, 2006
FYI - Summarized spending for June with a reasonable budget. I don't have all the information from his June numbers.



EDIT: It's off $5 because I had transport broken out until I realized he only spent $5.

Bugamol fucked around with this message at 19:59 on Aug 4, 2014

DukAmok
Sep 21, 2006

Using drugs will kill. So be for real.


Wow you spend a lot on Food and Entertainment. Don't do that.

DukAmok fucked around with this message at 20:05 on Aug 4, 2014

Bugamol
Aug 2, 2006
Assuming very minimal lifestyle changes, my budget isn't exactly making you count your pennies, you could have your car easily paid off by the end of 2016. If you're willing to get aggressive with curbing your spending habits you could have it paid off sooner. At which point you could probably knock through your student loan debt by the end of 2019-2020 assuming you don't get any raises or bonuses.

Bugamol
Aug 2, 2006
On a side note the fact that you spent $275 on video games in one month (I know I know STEAM SALE!) is pretty loving scary. You spent $15 for a WoW Sub $60 for a character boost (I'm assuming you already bought the expansion in a previous month and used that boost) and then an additional $200 on steam games. The fact that you work full time means you absolutely do not have enough time to be playing this many games. You are clearly chasing some sort of entertainment high and it's not working.

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HonorableTB
Dec 22, 2006

Bugamol posted:

On a side note the fact that you spent $275 on video games in one month (I know I know STEAM SALE!) is pretty loving scary. You spent $15 for a WoW Sub $60 for a character boost (I'm assuming you already bought the expansion in a previous month and used that boost) and then an additional $200 on steam games. The fact that you work full time means you absolutely do not have enough time to be playing this many games. You are clearly chasing some sort of entertainment high and it's not working.

You're right, I don't have time to play all of those games. I bought the expansion and another boost on top of that so I could play with people from work on their server. I am not chasing some kind of entertainment high, I would just see something I thought was fun and buy it. A good bit of that money was spent on games for other people in the Steam gifting thread; I didn't spend all of that on myself.

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