I think I may have financially overextended myself a bit. It's sad really, when I think about it.

I bought one of the cheapest condos I could find in Toronto. Half the loan is from my grandfather, at a better-than-bank rate. Half the loan is at 6% from the bank, which is fairly decent.

My car is pretty basic too, I'm sure you'll all agree. Selling it and getting an older one wouldn't really solve my problems, since insurance is the main issue.

Last month I had to pay my grandfather his interest for the year, and now I'm finding myself really in a bind. I'm going to have to roll up all my change and take it to the bank so that the money is there when GMAC goes to take their payment this month.

I have a professional job that pays fairly average for the industry. I don't want to leave my job. I'm not sure a second job is the answer either, since that may distract me from my performance as a programmer.

So, I'm left thinking, what gives? A professional can't afford a cheap car and cheap place to live?

The only option that's looking viable is to sell the Cobalt.

Any advice/opinions?

Ouch, the last thing I'd want to do is sell a car I own. It really sucks how expensive it is to pay for living and for a car (especially insurance).

Is asking for a raise an option?

Ouch, the last thing I'd want to do is sell a car I own. It really sucks how expensive it is to pay for living and for a car (especially insurance).

Is asking for a raise an option?

I should be getting a raise soon - my company gives out raises on your anniversary of hire.

I'll have to see how big that is.

Oh - and I forgot to mention in the post, there's a possibility that my next placement (since my job is consulting) will be a year and a half in France. So, if that happens I'll definitely sell the car, rather than just letting it depreciate. My company would pay for rent and some food, so it would be really awesome if that came through. Plus, hopefully I could find one of my friends to rent my place to.

If you would like some financial advice, I'd be glad to help.

IIRC your insurance is 5K a year and you live and work downtown, so you're probably paying $800 a month or so for a car you don't use out of necessity much. Seems like a no brainer to me to get rid of it.

I started out programming for a consulting firm too and the raises in the first few years were pretty decent, not sure about these days.

Edited June 3, 200718 yr by frogger

Have you looked into ZipCar?

Have you looked into ZipCar?

This is actually one of the options I was looking at for after selling the car.

if you live AND work in downtown and only need a car for occasional trips.... Zipcar or Flexcar could be a great alternative.

Don't sell the Cobalt.

Figure out a way to make more $$$.

If you would like some financial advice, I'd be glad to help.

What kind of financial advice?

When I was in college, I sold my body to rich married women to make some extra cash!