A few weeks ago, a gentleman called Financial Fitness Boot Camp (FFBC) asking questions about budgeting, as well as how to pay off a huge credit card debt and a student loan. He is living in a transitional men’s shelter until April 2016, paying $465 a month for rent. He stated that he wants to move out of the shelter and live in his truck, and use the rent money to pay down his credit card debt. We asked him to come in so we could do a budget and look at the expenses he might encounter living in his truck.
After doing some research we found it would cost more to live in his truck.
- In addition, living in his truck could lead to the development of chronic health issues; imagine trying to sleep in a small truck with a height of 6’5”?
- He would use more gas as he moved from street to street. He might receive parking tickets which could lead to being towed.
- He would have to eat most meals out as he would have no food storage or way to cook food.
- In addition, he’d have no access to a bathroom, laundry or electricity.
- In order to stay warm in a truck that has no insulation, he would have to buy blankets and warm clothes.
- And lastly, he would have to make the costly move to put most of his possessions in storage.
When he came in for our meeting, he was very pessimistic. He was feeling hopeless and stated he was having a hard time holding on emotionally. Our Financial Fitness Coach Judy Poston showed him how his monthly expenses could easily more than double by moving into his truck. After we covered this information, he felt better able to weigh the pros and cons of living in his truck and make an informed decision. He said because we put the information in writing, his options were more was clear. Before he left, he decided that he would stay in the shelter, save money and explore new employment opportunities.
For more information about how FFBC can help you and members of your community, please contact email@example.com | 206.694.6776.