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January 21st, 2013, 10:35 PM
SpazTaz SpazTaz is offline
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
Personally, I'd recommend you get rid of both of the cars and either pay out of pocket to get used ones (if you have it), or finance used ones. $832 in car payments alone is ridiculous.

Can you downgrade (or get rid of) your cable/internet package? I realize you can't get RID of the net, but can you downgrade to a lower speed and either downgrade or get rid of your cable?

Also, $120 for a cell phone seems high. Are you able to decrease this at all?

And, you don't mention any type of life insurance. If you don't have it, I'd HIGHLY suggest you do, especially with having a child. You also do not mention any type of education fund for your 2 year old?

Also, you may want to look at what you drive and see about getting a more fuel efficient car. Not sure how far you both drive daily, but $375 seems a little high for fuel.

I think your biggest issue is your cars. To be very blunt, you cannot afford the vehicles you have. My best recommendation would to be to sell them private party and pay off those 2 loans, and either finance for something used that will give you FAR lower payments, or use money you already have to purchase out right. I'm not one that encourages loans on vehicles.

Also $600 in groceries seems high too. Can you change stores for groceries? Target is usually pretty expensive. I shop at Walmart and Costco and price match at Walmart and am usually at $450-500 per month, but this includes a family of 3 (myself, my husband, and our 11 year old), with buying things for school food (pre-packaged for some things and that's a little more expensive), as well as having 2 large breed dogs and 2 cats (I include food for all of them, cat litter, any treats, etc in this amount). So, maybe couponing, price matching, looking at ads, etc would help you.

Hope that helps you some! Good luck! Nothing is better than getting rid of all of the loans and all of the credit cards and debt
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