I got an interesting comment from a reader and we need your input.
“… I’ll like to know how to pay off £11,000 in 6 months with an annual income of £18,000. I really do need some advice.”
My response to the reader was that this is NOT possible unless he/she:
1. Has some MAJOR savings hidden away that can be easily accessed
2. Wins the lottery
3. Gets someone to pay it off for them
In order to pay off this money in six months the reader would have to pay $1833 per month but he is making $1500 per month. Does anyone have any ideas?
6 months:
1. Move back in with mom and dad.
2. sell everything
3. buy nothing for 6 months.
After 6 months make wiser choices.
Double your income without increasing lifestyle whatsoever. It is actually quite easy to develop a skill and make an extra $1,500 a month on the side.
I also like Dedicated’s suggestion to move back in with mom and dad. Or, less extreme, get an extra room mate to help pay rent/mortgage.
Thanks for responding to the reader guys but I found some holes in your theory.
1. What if the reader cannot move back in with mom and dad because they are dead or because they do not live in the same country?
2. What if the reader is not a citizen of the country he works in. If he is on a work visa then it would be a violation of his stay to work ‘on the side’ and he could be arrested, deported etc.
3. What if the reader is a female in a one bedroom place? Then the room mate scenario would not be realistic.
Thanks for the comments. 🙂
@ dedicated – I can’t move back with mom and dad, that will cost me more heartache.Selling everything will pay it off but after that?
It’s impossible to stay without buying anything for 6 months.
@debt reduction
I’ve just moved in a house share at least saving £100 a month now.
So far I’ve thought about working round the clock, otherwise, I’ll end up thinking about horrible things or ways to end it.
Thanks LuLuGal, thanks Guys.
I agree Lulu, I don’t think it’s possible with any smart realistic financial decisions. The person could of course go to Vegas and put a chunk of money on black and hope for the jackpot. But we all know gambling wouldn’t be the logical decision. Cutting down on expenses can help save money, but not to the degree to pay off that debt. They would need to have a second income by selling things, take a second job, etc.
Craig
I guess we should probably ask the question: Why does all the debt have to be paid off in 6 months? Why not a year or two years? That might be a more realistic time frame.
If you really have a choice, I will ask you to try and extend the re-payment period to about 8 months, which I can send you a plan on how to pay it off,with your current annual earnings. I have had worse debts to pay-off with less than 7 months and I did it.
Thanks guys. I really appreciate all the advice.
Get a second job, take on extra hours at your current job… anything to increase your income. $1500 per month income is not much money at all and a single person would be pressed to even survive on that little amount.
Shawn Knight’s last blog post..Ole Miss Wins 31 – 13
@ Shawn, I ‘ve already got a second job with atleast an additional $200 a month. Thanks for all the advice guys.
So how did everything turn out?