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Forum: Financial Planning and Budgeting

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  #1  
June 17th, 2011, 07:00 PM
Mega Super Mommy
Join Date: Mar 2010
Location: Ohio
Posts: 1,032
So just for a little bit of background. I lost my job in March and have been staying at home with the kids since then. I've thought about a part-time job for some extra cash, but my BF ended up with a better job as well as some extra income from a home business he's been doing fairly casually in his spare time. He will also have the chance for a second job, when his "main" job picks back up in the fall. The job that he had was at a college so they get laid off during the summer and other breaks so he always looks for a summer job. This time, the summer job ended up working out better than the first job, plus gave him some side jobs, so this time he's going to stay with the summer job and use the previoius job as a second part time job.

Anyway, due to my lose of a job, inability to find a job in the past, and his intermittent layoffs, we have fallen behind on some things. We each have our own personal debts, as well as debt that we have acquired together. Unfortunately, most of mine is student loans and some of them have fallen into default status. We really need to get it together to get back on track and I'm kind of lost on where to start. I know a monthly budget is probably the first step, but this all just seems so overwhelming right now, that I'm not sure what my best method is going to be. He's really bad about impulse buys so I want to talk him into giving me full reign of our finances, including his debit cards (luckily we have no credit cards).

Any advice on where to start? A good budgeting method for beginners? I already know about the snowball method of getting out of debt and it's what I plan to use, I just mostly need help making a good budget that's going to be easy to stick to.

Also, what are the best ways of raising your credit score?
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  #2  
June 17th, 2011, 07:27 PM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
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The first thing I did when trying to develop my budget was to see what I was spending. So I went back through my ledger and checking account to see what was coming in and what was going out. I wrote all of this down. Then I went through and decided what had to stay and what could go. That way I could see where I could save money to start paying off bills. I also looked to see if what I was spending was normal or off so usually looking back a couple months helped. So here is about what my monthly budget looks like.

Paycheck 1 $xx amount
bill 1 $xx amount
bill 2 $xx amount

$xx amount left

Paycheck 2 $xx Amount
bill 1 $xx amount
bill 2 $xx amount

$xx amount left

So whatever was left goes into savings or towards a bill. You will probably have more or less depending on bills and how often you get paid. We have daycare, car payments, utilities, etc and 4 paychecks. So there is more to it. But its a good place to start to see how much is coming and going. There are some example budgets in the stickies up above that might help too.

Raising your credit score is going to consist of getting those past due debts caught up, getting debt paid off and making consistent payments on bills to show good repayment history.

I hope this helps some. Please post all the questions you need to and we will try to help you get going in the right direction. Welcome! Poke around and hopefully find a method that works for you guys.
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  #3  
June 17th, 2011, 08:13 PM
Mega Super Mommy
Join Date: Mar 2010
Location: Ohio
Posts: 1,032
Thank you so much for the starting point. I'm gonna sit down tomorrow and take a look at where are money is going at the moment.
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  #4  
June 17th, 2011, 08:15 PM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
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Great! We are here anytime. Let us know what you find and we can help you keep going and of course offer support and advice along the way .
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http://skinny-jessi.blogspot.com/


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