Spending money before getting SA paychecks

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truevines
Posts: 198
Joined: Fri Jun 20, 2008 6:16 pm

Spending money before getting SA paychecks

Postby truevines » Fri Apr 29, 2011 3:11 am

I live on very tight budgets. During the school year, I share a room with another near the school. I walk and use public transportation. I wear t-shirts and jeans almost every day. I only have one suit, which I bought for OCIP. . . . .

This summer, I am going to work for a firm in another city where there is no public transportation. I have to get a used car, an apartment, several suits, shoes, a briefcase, . . . .

How do you manage these extra expenses before the SA paycheck comes, especially when you are on very tight budgets?

The thought that I have to spend a lot and become literally broke keeps me up at night.

Is there any pre-SA loan, like the bar study loan?

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Lawl Shcool
Posts: 763
Joined: Tue Oct 27, 2009 6:44 pm

Re: Spending money before getting SA paychecks

Postby Lawl Shcool » Fri Apr 29, 2011 3:18 am

Credit card with a no interest for X month teaser would be a good bet. Chase has a freedom card right now that is 6 months no interest, then it skyrockets but by then you will have you SA money.

zomginternets
Posts: 547
Joined: Mon Jan 17, 2011 1:59 pm

Re: Spending money before getting SA paychecks

Postby zomginternets » Fri Apr 29, 2011 3:34 am

B of A has a 1 year interest free credit card as well.

Be careful on selecting the used car as well, that can end up taking a LOT out of your pocket if you choose wrong.

random5483
Posts: 684
Joined: Sat Mar 20, 2010 8:17 pm

Re: Spending money before getting SA paychecks

Postby random5483 » Fri Apr 29, 2011 3:46 am

1. Pull more student loans. If you are living on a "tight" budget and being frugal you are likely pulling a lot less than your maximum eligibility for loans. It might be too late now, but increasing your loans for the current academic year could help.

2. Credit Cards or Bank Loans: Banks give you loans for personal expenses if you have good credit. The bank loan option might not work for someone straight out of undergrad, but people who worked a year or two should be able to get it. Alternatively, credit cards are an option.

3. Borrow from Family.

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powerlawyer06
Posts: 233
Joined: Fri Jan 14, 2011 3:20 am

Re: Spending money before getting SA paychecks

Postby powerlawyer06 » Fri Apr 29, 2011 4:16 am

Get a credit card. Don't let it bother you. Aren't we all spending money before we earn it? Isn't that what student loans are?

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jchoggan
Posts: 94
Joined: Sat May 02, 2009 1:26 am

Re: Spending money before getting SA paychecks

Postby jchoggan » Fri Apr 29, 2011 9:01 am

powerlawyer06 wrote:Get a credit card. Don't let it bother you. Aren't we all spending money before we earn it? Isn't that what student loans are?

+1

There are tons of ways to get money temporarily. The trick is to minimize the interest you're going to have to pay on it, and the amount of time it can buy you. For example, don't take out additional loans at 8% interest if you can get an interest-free CC. Don't use a CC if you can get temporary help from your family.

The car note interest rates are generally negotiable, but will probably be high if you can't make a down-payment and don't have established credit. However, if you can get your folks to co-sign your note and/or help with a down-payment, that will help substantially. (And I second the opinion that you should be cautious about which car you buy... repairs can be ridiculously expensive).

Just take a look at your options, and don't worry... you're in a better spot than you think.

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baboon309
Posts: 341
Joined: Wed Oct 14, 2009 12:21 am

Re: Spending money before getting SA paychecks

Postby baboon309 » Fri Apr 29, 2011 10:59 am

truevines wrote:I live on very tight budgets. During the school year, I share a room with another near the school. I walk and use public transportation. I wear t-shirts and jeans almost every day. I only have one suit, which I bought for OCIP. . . . .

This summer, I am going to work for a firm in another city where there is no public transportation. I have to get a used car, an apartment, several suits, shoes, a briefcase, . . . .

How do you manage these extra expenses before the SA paycheck comes, especially when you are on very tight budgets?

The thought that I have to spend a lot and become literally broke keeps me up at night.

Is there any pre-SA loan, like the bar study loan?


or this

http://www.prosper.com/

Stanislaw Carter
Posts: 122
Joined: Sat Apr 23, 2011 11:07 pm

Re: Spending money before getting SA paychecks

Postby Stanislaw Carter » Fri Apr 29, 2011 11:05 am

1) Is your firm business formal? You shouldn't have to buy several suits unless that's the case.

2) Get a credit card or ask your parents to help out.

3) The expenses shouldn't be too bad. Get three or four slacks and some shirts to start you off. Make sure they match the shoes you used for your OCIP suit. Don't buy a briefcase. Get a portfolio instead. If you're smart with your money, excluding the used car, you shouldn't be spending more than $1500 total, and even that's wayyyy generous.




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