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Forum: Financial Planning and Budgeting

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  #1  
March 30th, 2010, 02:51 AM
Lanismommy's Avatar Veteran
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Hi! My name is Megan! My DHs name is Matthew and we have 1 DD 5 weeks old named Alaina (Lani for short)

We have been married a year today, and are REALLY in debt. We have roughly $1380.00 in payments each month. As of righ tnow we are only paying $1325.00 0f that because with his salery now ($1346.00) we cannot afford one of the bills, we keep having to talk to them about extending the time... There is a good possability of a big move for our family in the up coming months (Probably last week of May first week of Juneish.) The move would come with 1500.00 to move and a salery incress to roughly $2200.00. It all sounds well and good right, except now we are not paying rent/house paymet or utlities and we don't by many groceries at all. We live with my dad.

With all that it leave about $800.00 after all monthly payments for those three things (house, utilities, and food) Is this possible or shoudl we be looking into a debt consolidation ect.

I am planning on working when we move, as much as I don't want ot put my daughter in daycare, but we have already talked about the fact that if daycare is going to cost as much as I make it is not worth it. If everything I am going to make is going to daycare I might as well just stay home with her.

I would appreciate any advice you have to offer! Thanks in advance!
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  #2  
March 30th, 2010, 07:43 PM
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Have you looked at the rent of apartments in the new area that you'll be moving to? $800 is not a lot to put a roof over your head, food in your stomach and to keep the lights on, but I also don't know what the typical cost of living will be where you will be moving to either.

If you will need to work to help make ends meet, could you look for a part-time job that would allow you to work hours opposite your husband so that your daughter would not have to go to daycare?

You should qualify for WIC, which will help you with some groceries if you're BFing or formula if you're FFing. I am not entirely sure how WIC works, you might be able to also get milk, eggs, cheese, etc. even if you're FFing? I could be wrong, maybe someone else can chime in there or check with the WIC office.

What type of debts do you have? In some cases, you may be able to call the company and renegotiate the minimum payments due or work out another payment plan entirely that is more affordable for you. It helps to pay off the smallest debt first, then use the money you were paying on that debt to add to your payment of the next smallest debt, then take all of the money you were paying into those debts and add it to your payment of the next smallest debt, etc.
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  #3  
March 31st, 2010, 08:50 AM
Lynsann's Avatar Platinum Supermommy
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I agree with the PP. If you have credit card debt, I would call and talk to each credit card company individually to see if they can help. You'd have to look at the price of living where you're moving to see if you could do it or not. It can be done, but it depends on how much things cost. I know that my sister is paying $500 for her rental so I know that things are out there. Good luck!
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  #4  
April 3rd, 2010, 08:21 PM
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It sounds doable and the opposite schedule suggestion might be worth looking into. I know that is fairly common now for people needing the extra but daycare is so costly. I hope it all works out great. Let us know what happens.
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  #5  
April 21st, 2010, 01:04 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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I think it might be doable. if you don't have a land line phone just use cell phones or vice versa, use coupons buy at a discoutned store, no cable or maybe just the basic.

good Luck
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  #6  
June 18th, 2011, 10:28 AM
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How are things going for you? Did you find some solutions that would work for you? Let us know and if we can help further.
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