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Possibly changing job...$400.00 loss per month. What will I need to cut down on??


Forum: Financial Planning and Budgeting

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  • 1 Post By MrsEskimo

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  #1  
April 12th, 2012, 11:45 AM
Mommy of Four!
Join Date: Nov 2011
Location: Georgia
Posts: 140
I'm a single mom of four children. I make decent money, but I need a budget so that I can reach some long term goals. I'm not that great with budgeting, and I have no idea how to go about starting. Can you ladies help me?

***I will possibly be changing jobs May 1st. I am thinking about accepting a position at a smaller school that is closer to my home. I will be dropping pay quite a bit, but the hours are better and it's not so far from my house. What will I need to change or cut down on if my pay changes? I really want to accept this position; I just need to know if I can financially do it.***


Income
Your income: $1684.00 monthly Will drop to $1240.00
Dh/SO's income: N/A
Other income: $1,100.00 monthly in childsupport

Living expenses
~Rent/Mort pymt: $1025.00
~Electric: $80.00
~Home gas: N/A
~Water: Included in rent payment
~Cable: $80.00
~Gardener: N/A
~Internet: Included in Cable
~Home phone: N/A
~Cell phone: N/A
~Groceries: N/A
~Other household items: $100.00
~Medical expenses (co-pays, prescriptions): N/A
~Car gas/transportation expense: $240.00 Will drop to $200.00
~Car maintenance: N/A
~Car insurance: $86.00
~Other insurance: N/A
~Child care: $315.00 already deducted from my income Will be $0.00
~Diapers: N/A
~Other baby expense ______N/A_____:
~Preschool/schooling: N/A
~Pets: N/A
~Eating out: $400.00-Eat out alot because I work until almost 7pm and can't cook dinner. Working on cutting this down as we speak!
~Entertainment: N/A
~Spending/pocket money: $100.00
~Misc spending:
~Other ____________:
~Other ____________:

Debts-Please list minimum payment, amt you usually pay, balance, interest rate. If you are past due or have special financing (0% interest), please indicate that as well.
~Car payment #1: $315.00- 9% interest rate- need to refinance as stated in divorce decree but haven't yet.
~Car payment #2:
~Student loan:
~Credit card #1: $550.00
~Credit card #2: $400.00
~Credit card #3:
~Credit card #4:
~Credit card #5:
~Credit card #6:
~Other debt #1 ____________:
~Other debt #2 ____________:
~Other debt #3 ____________:

Goals: (examples: new car, baby, to be a SAHM, vacation, retirement, etc)
I want to save for:
1. I want to buy a house for me and my children
2. I need a larger vehicle
3.
4.
5.
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Last edited by Kody; April 23rd, 2012 at 08:55 AM. Reason: Change of Job
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  #2  
April 15th, 2012, 11:58 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
I'd recommend you stop eating out. It's EXTREMELY unhealthy for you and your children both and there are plenty of ways to cook at home and make a healthy meal in under 30 minutes. Things like prepping on weekends (cut up veggies over the weekend so you just have to throw them on the grill or in a wok or pot, or throw them on a plate raw), individually wrap and freeze meats. Pull out whatever you want in the morning before you go to work, it can defrost while you are gone, come home, grill it for 5-20 minutes depending on what it is, cook some veggies while your meat is cooking and bam your meal is done in 5-30 minutes tops. You will save quite a bit in money as well as everyone's health by making your own food. My rule is it has to be done from prep to cook in 30 minutes or less, I cook almost everyday and haven't had a problem yet by keeping that rule. There are also crockpot meals that can cook while you're at work all day.

If you need some recipes feel free to PM me.

Other than that you seem to be budgeting fine. What areas do you feel you need assistance in?
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  #3  
April 16th, 2012, 08:48 AM
Mommy of Four!
Join Date: Nov 2011
Location: Georgia
Posts: 140
Quote:
Originally Posted by Mommie2One View Post
I'd recommend you stop eating out. It's EXTREMELY unhealthy for you and your children both and there are plenty of ways to cook at home and make a healthy meal in under 30 minutes. Things like prepping on weekends (cut up veggies over the weekend so you just have to throw them on the grill or in a wok or pot, or throw them on a plate raw), individually wrap and freeze meats. Pull out whatever you want in the morning before you go to work, it can defrost while you are gone, come home, grill it for 5-20 minutes depending on what it is, cook some veggies while your meat is cooking and bam your meal is done in 5-30 minutes tops. You will save quite a bit in money as well as everyone's health by making your own food. My rule is it has to be done from prep to cook in 30 minutes or less, I cook almost everyday and haven't had a problem yet by keeping that rule. There are also crockpot meals that can cook while you're at work all day.

If you need some recipes feel free to PM me.

Other than that you seem to be budgeting fine. What areas do you feel you need assistance in?
I 100% agree that I need to stop eating out. The expense is more than my car payment! It's also unhealthy. I guess because I work all the time and am so tired by the time I get home, I don't have the energy to cook. I have tried croc-pot meals, but they end up being in the pot about 12hrs and then they end up burnt by the time I get home. I could use some recipes if you would be willing to send them to me.
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  #4  
April 16th, 2012, 09:16 AM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
I'm not a huge crockpot fan, but if they're burned you're cooking them too high. Make sure to add 1/2 cup of water or so to it and cook it on low if it's going to cook 12 hours.

Trust me, I work until 6:00-6:30 everyday plus do extra cirriculars with my son, I'm tired too, but eating out too often caused me to gain a lot of weight, my cholesterol was high, my triglycerides were off the chart high, my liver enzymes were high, and I became a type 2 diabetic because of it. Trust me, the convenience isn't worth the potential health issues, especially for your kids. Now, I'm having to bust my booty to get myself to a healthy place again. It's FAR easier to just not go down that road at all, and unfortunately I speak from a massive dose of experience/reality here. My eating out budget is now around $10 per month versus $40 per week. We only eat out once every 3 weeks or so now.

I'll dig out some recipes and PM them to you a bit later .
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  #5  
April 18th, 2012, 11:30 AM
Mommy of Four!
Join Date: Nov 2011
Location: Georgia
Posts: 140
Quote:
Originally Posted by Mommie2One View Post
I'm not a huge crockpot fan, but if they're burned you're cooking them too high. Make sure to add 1/2 cup of water or so to it and cook it on low if it's going to cook 12 hours.

Trust me, I work until 6:00-6:30 everyday plus do extra cirriculars with my son, I'm tired too, but eating out too often caused me to gain a lot of weight, my cholesterol was high, my triglycerides were off the chart high, my liver enzymes were high, and I became a type 2 diabetic because of it. Trust me, the convenience isn't worth the potential health issues, especially for your kids. Now, I'm having to bust my booty to get myself to a healthy place again. It's FAR easier to just not go down that road at all, and unfortunately I speak from a massive dose of experience/reality here. My eating out budget is now around $10 per month versus $40 per week. We only eat out once every 3 weeks or so now.

I'll dig out some recipes and PM them to you a bit later .
Thank You. I need some ideas
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  #6  
April 27th, 2012, 07:09 PM
Regular
Join Date: Apr 2012
Posts: 90
Like most other people here I'm saying that the eating out budget is the biggest problem. It seems like maybe you could cut down on pocket money, but eating out is a big deal.
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  #7  
April 27th, 2012, 07:15 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
Kody, I PM-ed you some ideas/recipes a week or so ago, let me know if you did NOT get them.
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  #8  
April 29th, 2012, 02:14 PM
sugarloafbaby's Avatar Mega Super Mommy
Join Date: Oct 2009
Location: Ohio
Posts: 2,974
Your rent is a huge percentage of your income. I'm guessing this is because you have 4 kids and need the space - but have you looked at other options?

Other than that I see you could cut back on cable - you can get free shows on hulu or pay for a subscription like netflix for under $20 a month. Or get an antenna and just watch the local channels for free (when we still watched TV this is what we did - PBS always had plenty of shows for our daughter and we could get all the basic stations.)

As for eating out - you really can't afford to do it at all if you want to get any sort of traction in your financial life. Imagine, if you saved that $400 instead of spending it on eating out - you would have $4,800 in a year - $9,600 in 2 yrs!! That can be a nice chunk for a down payment on a house or buy you a nice used car in cash.

Put your goals somewhere you can see them everyday that will motivate you towards saving and prevent you from spending un-necessarily.
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  #9  
February 10th, 2013, 09:38 AM
Newbie
Join Date: Feb 2013
Posts: 4
You should try reading some books about finances. One that has particularly helpful for me was "I Will Teach You to be Rich" by Ramit Sethi. The title may make you a bit skeptical but all topics of the book are approachable and will help you to find the "big win" for where to concentrate your budgeting and how to save money the goals in your life. Good luck!
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  #10  
November 7th, 2013, 05:14 AM
MrsEskimo's Avatar Member
Join Date: Oct 2013
Posts: 44
I second the "stop eating out" advice. A year ago, I was going through our expenditures and noticed my hubby and I were spending 3 times on eating out than only 12 months previously. It really eats into your income. In our case it was take out, too.
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