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In financial turmoil and dont know what to do...

I am a single mom making about $20hr in MA which is chump change. I get paid every twice a month and my first check barely pays all my bills and the second one goes completely towards my rent with about $50 left for 2 weeks until next pay. Like I said I am a single mom. I was receiving financial aid for my daughter in prek and this year I do not qualify based on my income. It sucks that expenses are not taken into consideration as well as after tax take home pay. about $750 is taken out of my check monthly for taxes, insurance and retirement. Like I said I basically have on check for the month.. my daughters school is 600 a month, my utilities are $300 a month not including my car note and millions of student loans.. I see now why some people commit suicide based on inability to pay bills. I am so behind on all my loans and defaulted and behind in my car note. There is no way I can pay and keep up with anything and I feel like its best to move in with my mother and file bankruptcy only problem is that I left my moms house/state because I could not find a job for 2yrs. I have a degree in finance and that is not taking me anywhere. I graduateed 2 yrs ago and still cant secure a promising career. I want to go for nursing so that I can be guaranteed good income for myself but I am dreading moving back home and going back to school.

I am in tears as I write this because I have no idea what to do. I was summons to court because one of my student loan lenders filed suit. Now I have to pay $500 a month for it. Its really bad for me and would appreciate all the answers I can get.

Answer Question
 
Anonymous

Asked by Anonymous at 10:23 PM on Jun. 6, 2011 in Money & Work

Answers (11)
  • nothing is worth taking a life.. so don't even dwell on it and if you are call someone for help.

    Secondly, I don't think it's a bad idea to change careers if you're having a hard time, try debt consolidation and possibly find a job that will help pay off student loans rather than a huge pay hike? gl
    Camilletnt

    Answer by Camilletnt at 10:26 PM on Jun. 6, 2011

  • Could you claim more dependents or whatnot on your check each month so less taxes are taken out? I know that may cause you to have to pay in the end but if you need more help during the month you could think about that? And if you have to move back home and change careers you have to do it! A lot of people are in the same bind so keep your head up and do what you have to do! Good Luck!
    Anonymous

    Answer by Anonymous at 10:31 PM on Jun. 6, 2011

  • I just posted something similar. I too just wanna cry!! I wouldn't recommend consolidating debt, it doesn't get you far. We filed bankruptcy the end of last year. Very embarrassing and feel horrible in the beginning but you know it's worth it jn the end. We don't know what to do now, my husband got cut hours and summers are always tight for us when he gets 40 hrs a week. He has alot of overtime in the winter n that's how we survive but summers suck!! And this is only the beginning we live in mn
    mommyofone15

    Answer by mommyofone15 at 10:32 PM on Jun. 6, 2011

  • Yea I noticed your post mommyofone15...It sucks.. I had my daughters party planned and I am in over my head. I feel llike cancelling it but she has been waiting for it since forever. I want a second job but I barely already get to spend quality time with my 4yr old.
    Anonymous

    Comment by Anonymous (original poster) at 10:36 PM on Jun. 6, 2011

  • Eeww, debt consoldation company, check into them good.
    I paid one for two years & I paid more in the service fees then they paid out on my behalf.
    Most of the creditors said they wouldn't work with a consolidation company.
    What's the old saying "you can't get blood out of a trunp"
    Stop the retirement coming out of your check, if you have cable disconnect it, ect.
    You'd be suprised what you can live without & save money on.
    Take a deep breath, you will probably have to move back in with your mom, but you'll figure it out.
    Get state aide for you. Your daughter & your mom if need be.
    My dd and I lived hand to mouth for a few years. You'll get through it & be a stronger person & better mom in the long run.
    Hang in there
    Anonymous

    Answer by Anonymous at 10:37 PM on Jun. 6, 2011

  • Utility companies usually have some arrangements for families in financial need. you could talk with your daughters school about cutting her tuition in exchange for doing some work for them (bookkeeping, cleaning, painting, etc.)

    If you are a single mom, Where is the child support? Social security?
    nepenthe429

    Answer by nepenthe429 at 10:37 PM on Jun. 6, 2011

  • anonymous. I dont qualify for state aid and if I moved with my mom in FL, state aid I believe is 100-150 a month. Thats nothing!
    Anonymous

    Comment by Anonymous (original poster) at 10:44 PM on Jun. 6, 2011

  • I dont receive child support because her father is a poor deadbeat he makes NO money at all.. How would I be eligible for social security
    Anonymous

    Comment by Anonymous (original poster) at 10:45 PM on Jun. 6, 2011

  • Why not stop retirement for now until you get back on your feet? Yes, retirement is important, but feeding and housing your family now is more important.
    Candi1024

    Answer by Candi1024 at 8:51 AM on Jun. 7, 2011

  • Are you able to move into less expensive housing? Doing the math, that seems to be an inordinately large chunk of your take-home. Are you working full time?

    You might be able to decrease your withholding. If the retirement is optional, then cut your contribution to it or eliminate it entirely.

    I would move home and get that nursing qualification in a heartbeat.
    gdiamante

    Answer by gdiamante at 4:53 PM on Jun. 7, 2011

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