Growing up advice

[garner]

Hey everybody I need some advice and you guys are like family so I know you'll steer me in the right direction. Well I'm graduating on August 20 and being only 16 it'll limit my job opportunities due to government regulations, labor supply and demand curve, and the like. Anyways I have some connections at dealerships for jobs but that is far from guaranteed so I'll probably be stuck to the average high school graduate jobs and I figure I'll be making about $1,120 before taxes and all that based on 40 hours a week and minimum wage. What I really want to do is take over all my financial responsibilities from my mom such as my truck payment, gas, and insurance which comes out to around $1400 a month. And I would like to have extra money for savings in case something goes wrong. Yes I'm willing to work 2 jobs for more hours.

So my question is what should I do about the truck? It seems like it would be smart to get rid of the R/T and get a cheaper vehicle due to lower monthly expenses but I'm worried about loan rollover. And if decided upon I would like to get the cheaper vehicle by myself but I don't have the money saved to pay cash or even for a down payment and I don't really want my mom to front anymore money because she has already fronted enough money and needs as much left as possible for the rest of her retirement. What do you guys think I should do about my situation?



Yes I know I have to get this approved by my mom, but I just want some advice before I talk to her

[txbass06]

There's no way you could afford a payment, insurance and gas working a single minimum wage job, even if it is full time. Maybe you shouldn't try to pay for everything on your own all at once.
Do you have a job now? If not, I don't see much of a point in bringing the subject up just yet. Once you get a job and get an idea of what you'll be making on a weekly, bi-weekly or monthly basis, you'll be able to see what you can and can't afford. If your entire income is going towards bills you haven't been paying before, you'll probably get burnt out on working since you wouldn't have anything to really show for it.
Start out small. Pay for your gas to begin with, then include your insurance, then, if you're able to, make every third or fourth payment.
That'll help your mom out, get you used to paying your own way, you'll have a little cash left over to save and you won't be flat broke all the time


---
- Sent from my iPhone 4 using Tapatalk

[AWE Daniel]

Same deal I was thinking about, but luckily I have no payments. I say pay the payment and gas yourself and save the rest until you are 18 or you get a better job.

[Storm Rider]

I agree. When you get your job, if your could help your mom out by taking the truck payment and something else. That will really help her out. She wouldn't mind giving you a few dollars for gas and such. I know she will really appreciate any help you can give her as far as bills. In the long run it may be cheaper to keep your truck and the payments, because if you over/under for a fuel efficient car your payments will still be the same or higher. Good Luck with whatever you are going to do.

[NOTPAID4]

First of all Garner; YOU are very wise with a grown up attitude for what YOU are thinking about helping YOUR MOM!!! THAT'S OUTSTANDING!!!

And what Mark and Paul said make a lot of sense. Just do your best to find a job and help our your MOM as much as possible. If you really like your truck, you'll find a way to "work for it".

It sounds to me like you are off to a GREAT start on your way of thinking and I'm proud of your way of thinking!

YOU sound like a really fine young MAN!!!

[Redtruck-VA]

All great advice, you have an expensive ride and you will probably not gain anything by rolling over into another vehicle. So take advantage of your connections and work all the hours you can, if possible work more jobs to gain hours. Or if you can work under the table that really helps. My advice would be to divide up every check. Take half and pay bills, put a fourth into your pocket for spending and put the other fourth into the bank for an emergency down the road. Be open about everyhing you are doing with your Mother so she can see you are trying to make it and staying on track. Talk is cheap, action will speak the loudest. Good luck..

[Onk]

If you are upside down at all in your truck, dont do it. Youll end up saving a few bucks now, but end up paying a lot of bucks at the end of your loan if you roll anything into it.

I speak from experience....I rolled 6k into my Stratus....I had no choice tho....and i hate it every day....

[LB3711]

and stop modding for a while to save.

[OklaHemi]

look into other options for work. from what i know sonic pays like 7.50 an hr plus tips. and hobby lobby starts out at 12.50/hr. both of those will give you more then minimum wage. explore you options and dont think you are doomed because of you age. i was making 700 a week when i was 17 and i havent looked back

make a list of all you are wanting to take on, Truck payments, ins, gas, cell phone etc. i would think for you age it would be better to have your parents help you ease into things. get a family plan for your cell if you dont have one and talk to your mom about taking responsibility. if you are serious she will be proud and more then happy to help get you on your feet. they dont tell you this in school but when you are on your own the bills never stop coming so be a kid while you can and learn how to manage your money now. i have seen so many of my friends fall on their asses because they dont understand how to manage money. you need to have somewhere for every dollar to go. money sitting around with out purpose is a very bad thing.

[4XLGator]

I agree with everything said here. Don't rush anything, pay some of your bills while putting some away. This will show your mother that you are managing your money and she will appreciate the relief of you paying some of your bills.

And in regard to trading your truck for something else...your truck is failry new which will put you upside down in it (owe more than value/trade-in). Whatever the upside down amount, it will be added to the amount you finance for something new. So, it is VERY likely that your payment will be close to the same, or even more.

Good luck.