Inmate Central

Posted by emailtim (A) on December 02, 2024 at 08:57:45

In Reply to: RE: Holidays, debt, and priorities... posted by JDK on December 01, 2024 at 15:19:13

I did a budget for a young couple that was considering bankruptcy.

I had each of them write down their wages and expenditures, put them in a spreadsheet, grouped them, calculated the percentages and then showed them what "average" people spend on each category.

I did projections to show them the trends they are on and where they will be over time if things don't change.

Turns out, they were spending over 60% of their income on junk food and convenience store food. The rest was restaurants and weekend camping trips/vacations.

I asked them what was absolutely necessary and what wasn't for each line item.

I then asked them to mark how much they could realistically cut back on and live with.

I recalculated their changes and within a year, their debt would be paid off and would be able to start contributing to a savings account. No bankruptcy and no ruined credit necessary.

I went over the scenarios with them and told them these are their figures and I have no power to make them abide by any one of the budgets.

They both agreed they wanted to be out of debt in a year and proceeded to declare bankruptcy in 6 months. They have been leaching off their parents ever since, depending on them to bail their collective asses out after each needless self-created financial disaster.

No Ferraris charged, just laziness and needless junk indulgences on credit cards and cash before paying their necessities.

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2022/03/30 Historical Records CENSORED

Edits: 12/02/24