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2 Bumps

Living on $1000/month

I am not working and have less than $20K in savings. Single mom to one.
I have agreement with family member to live in their home and have to pay the real estate taxes, heating oil in the winter and any minor repairs that may come up.
I have a car payment and have the savings to pay it off ($10k) but will deplete too much of the savings before knowing for sure I will have a job, so cannot do this.
Monthly expenses are the amount set aside to pay the
taxes ($400),
car payment ($285),
car insurance ($80),
cell ($45)
electric (runs around $40 -$50),
home phone ($30) (can give this up, but not sure as the service w/ cell phone is not completely clear)
internet ($59),
water every 3 months ($83)
Plus food, gas

If you are living on $1000/month what have you eliminated from your life that has enabled you to be able to do this?

Answer Question
 
Anonymous

Asked by Anonymous at 5:58 PM on Apr. 13, 2011 in Money & Work

Answers (21)
  • The car. Sell it and get something used, which you can afford. If you owe $10,000.00 for a car, that's wayyyyyy toooo much! Then I would do away with the internet and cell.
    m-avi

    Answer by m-avi at 6:12 PM on Apr. 13, 2011

  • Sell the car, and get used and cut the cell out. Cut internet as well.
    Anonymous

    Answer by Anonymous at 6:15 PM on Apr. 13, 2011

  • Car ( I know not everyone lives where they can go car free. However, if you do it would be wise to do so. I haven't owned one in over 20 years and I have saved 10's of thousands of dollars simply by not owning a car) and by a used car, cell, internet.. those would be the first things to go..

    From there.. I would nickel and dime where ever I could ( groceries, personal items, clothes, household goods/needs..etc).
    pixie_trix

    Answer by pixie_trix at 6:18 PM on Apr. 13, 2011

  • I live on less than 1000 each month. my rent is $265... phones come to $91... gas is $49.... Electric is $45..... water is $40.... Net is $40 I spend $200 on food and about $100 on vehicle gas and Ins. that brings me to $830 a month.
    sianniona

    Answer by sianniona at 6:22 PM on Apr. 13, 2011

  • You can do it. Sell the car, and try to lower the household bills as much as you can. If you can go without a car and catch the bus until your working again you'll save a lot of money. In fact you will have over $300 for groceries, laundry, etc... Good luck whatever you decide to do. 

    rayna_82

    Answer by rayna_82 at 6:44 PM on Apr. 13, 2011

  • Cannot be without the car, cause we live in a rural area and I would need the car to drive to an area to catch the bus, if I ever decided to start using the bus, plus nothing is in walking distance.
    Anonymous

    Comment by Anonymous (original poster) at 6:47 PM on Apr. 13, 2011

  • I would use the savings to pay off my car and then put part of what I made on the car payment back in the savings account. Get a lower phone, internet and cable plan. Is there a discount for having all 3 with on company?
    tyfry7496

    Answer by tyfry7496 at 7:10 PM on Apr. 13, 2011

  • I agree with the others. I would:

    (1) Sell the car and use the proceeds to get a used car in cash. Even if there are NO proceeds from the sell of your car, take a few thousand out of savings to get a used car. Getting rid of any debt really is the smart thing to do. That will free up $285 per month.

    (2) Shop around for car insurance; it might even go down some because of the paid off vehicle.



    (3) Your internet costs seems rather high. We have high speed and pay $26 per month. If you can get high speed at a reasonable cost, look into getting an 'internet phone' (we use MagicJack) and we paid $25 for the entire year with unlimited long distance and local calls (international is different I think).

    (4) We have a Net10 phone & we pay $27 per month for 750 minutes; we were paying $15 per month for 250 minutes until we HAD to upgrade because of DH's new job.
    7blessings

    Answer by 7blessings at 7:17 PM on Apr. 13, 2011

  • How do I sell the car without the title? Do I try and sell it back at a car dealer?
    Anonymous

    Comment by Anonymous (original poster) at 7:20 PM on Apr. 13, 2011

  • Lol...ran out of room. What are the taxes that you are paying $400 on? If they are back taxes that you owe the IRS, they will re-do payment arrangements since you are not employed at the current time. They are usually reasonable with debt repayment.
    7blessings

    Answer by 7blessings at 7:21 PM on Apr. 13, 2011

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