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Help me girls so i can get out of the hole and some yr buy a house please help me with my monthly budget

total that comes in each mo is 3325. rent 665,gas 400 (3.15gal right),medication150,phone 100,satilite 41,heat 120,lights 150,daycare 700,school lunch for the kids 60,insurance 96,what would you spend on food each wk and what would you use for fun $ for each wk?i need to know what i am doing wrong

Answer Question
 
horselover2

Asked by horselover2 at 1:20 PM on Feb. 13, 2011 in Money & Work

Level 3 (24 Credits)
Answers (12)
  • How much are you saving on a REGULAR basis? Where have you been cutting back?
    Anonymous

    Answer by Anonymous at 1:21 PM on Feb. 13, 2011

  • How about packing school lunches for the kids?
    Anonymous

    Answer by Anonymous at 1:22 PM on Feb. 13, 2011

  • i just started back to work 5 mo ago. we were way in dedt before that. hubby was only bring home 1,500.00 mo. it was real hard on the family. do not have any savings account or any thing like that. for two children i pay 7.50 each wk for school lunch. i always thought that was cheaper then cold lunch
    horselover2

    Comment by horselover2 (original poster) at 1:28 PM on Feb. 13, 2011

  • i guess if it were to be me...looking at your budget there...i would make these changes..

    rent- is there anyone else that could share a rent bill with you if you took on a roomate? (someone you trust).

    phone - not sure if its a home phone or cell but if its a cell...you could switch to a family plan and add people on your account so that you could all split the bill. i like T-mobile's family plan.

    satillite - switch to cable.

    daycare - hire a babysitter (someone trust worthy)

    school lunches - i like the idea of packing lunches.



    americansugar80

    Answer by americansugar80 at 1:31 PM on Feb. 13, 2011

  • consider food stamps if you qualify and in all honesty we spend about $50 - $70 on food weekly especially if i want to try to make something new or if there's a sale.

    money spent on a weekend is usually $40 for the both of us unless we do something with the kids which would be once a month to rent a hotel and go swimming or anything
    americansugar80

    Answer by americansugar80 at 1:36 PM on Feb. 13, 2011

  • What gets me is that mortgage payments are smaller than rent payments. So logically the mortgage companies should give us a mortgage so we'd have more money to pay bills and to live on! It would be good for the economy, too. If your credit history is good I'd try to apply for a mortgage now. In our state (FL) you can get $10,000 for your down payment from a S.H.I.P. program. See if your state has something like that. You can talk with a realtor. My grandson is working with a realtor and she's helping him get his credit in order so he can get the mortgage. He has no savings but will apply for the SHIP program.
    admckenzie

    Answer by admckenzie at 1:36 PM on Feb. 13, 2011

  • rent we have a three bedroom house. it is my husband and i and our son and daughter. the rooms are real small so. i do not know if any one with want to live with our family. we live way out in the sticks. the only tv service we can get is satilite that we pay 41 for. no cable by us. the phone bill is for cell phone and landline. we have the land line mostly for the internet that we pay 10 mo for that i forgot to mention and for the 10 savings on the satilite bill. yes with the daycare thing i could do better. it is just so hard to find any one you can trust we liveout side a very small town that i am really not sure who i could find for a babysitter. the kids go to a daycare that is on the way to work for me and the bus picks them up there for school and drops them off there after school. do you think i could buy cold lunch stuff cheaper then 15.00 a wk for two children
    horselover2

    Comment by horselover2 (original poster) at 1:43 PM on Feb. 13, 2011

  • yes i know what you are saying about rent/ owning a house. what we pay for rent that is pretty cheap for our area we live in wisconsin and a lot of places are going for 700mo. we do not have good credit right now. last yr at this time we ended up going threw bankrupcy
    but we did not have any other choice. my husbands ck was getting garnished each wk. he was only bring home 100 after they took there percentage.
    horselover2

    Comment by horselover2 (original poster) at 1:53 PM on Feb. 13, 2011

  • I'd check out the book Total Money Makeover by Dave Ramsey from your local library.

    The trick with a budget is to allocate every dollar before you even get the money. So right now you guys are making more than twice what you used to make- but since you're in debt, you need to make sure that none of that money gets wasted. Dave's book can help you with that aspect of that- but the basics:

    Take care of necessities first. Use cash for the things you pay for in person like groceries, clothes, entertainment etc. So say you allocate $200 every two weeks for groceries. When you get paid, go to the bank take $200 out and put it in an envelope that says groceries on it. Cash forces you to stick with the budget that you and your husband agreed to beforehand. Credit and debit cards can allow you to go over.

    Make sure that you allocate all the money coming in- including putting a chunk of it towards debt. Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 6:48 PM on Feb. 13, 2011

  • A LARGE portion of ur money goes to gas. Maybe you can buy a more fuel economic car or find a job closer to home.
    istealcookies

    Answer by istealcookies at 9:41 PM on Feb. 13, 2011

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