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paying off debt

Posted by on Sep. 19, 2013 at 10:40 PM
  • 21 Replies

I owe 22000  (credit cards) and I make 4700 per month.I pay almost $ 900 on daycare and $ 1300 on rent.

I live 5 minutes away from work so I don;t spend money on gas.I obvioulsy don't qualify for any financial aid or child care aid.

I cut down on weight watchers, gym and other things but what are my chances of paying that off?

any tips?

Additional info:

I am a single mom and I live in CA .Rent is among the moderate to low end and in my area, if I look for cheaper, I need to spend money on gas and car and less time with my 2 year old.I have the supermarket across from us and car is basically not used

by on Sep. 19, 2013 at 10:40 PM
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Replies (1-10):
ballerossandra
by Member on Sep. 19, 2013 at 10:42 PM

BUMP!

slw123
by Shawna on Sep. 19, 2013 at 10:44 PM
You can do it! You need a budget and a plan. We paid off a whole lot more than that on a similar income. There is a fantastic group here called Dave Ramsey Fans (he's a financial guy, if you don't know). You can join there and get great advice by people on the journey.
heydooney
by Danielle :) on Sep. 19, 2013 at 10:45 PM

If you're not defaulting, try calling them up and saying you want to settle right now. A lot of times they'll make deals with you, taking way less if it's up front, rather than little bits every month.

ballerossandra
by Member on Sep. 19, 2013 at 10:46 PM

 

thanks

Quoting slw123:

You can do it! You need a budget and a plan. We paid off a whole lot more than that on a similar income. There is a fantastic group here called Dave Ramsey Fans (he's a financial guy, if you don't know). You can join there and get great advice by people on the journey.


 

bether89
by Ruby Member on Sep. 19, 2013 at 10:46 PM

I would just put every dollar that I could toward the debt.  One way that we have saved money is by eating at home instead of takeout food.

fairybaby55
by Sara on Sep. 19, 2013 at 11:17 PM

 We are trying to pay off our credit card also.  It's not easy with a family of 5!  But yeah we try to budget and rarely eat out and try really hard not to charge any MORE.  Good luck! 

Wish2Be
by Michelle on Sep. 19, 2013 at 11:21 PM
1 mom liked this

Try and get your groceries at Save A Lot or Aldi to cut down the cost a little there. Use Coupons. Maybe try to DIY some things...like halloween costumes, laundry detergent, etc..

ballerossandra
by Member on Sep. 19, 2013 at 11:42 PM

 

we dont eat out and I bring my food to work and I have my coffee maker at work

Quoting fairybaby55:

 We are trying to pay off our credit card also.  It's not easy with a family of 5!  But yeah we try to budget and rarely eat out and try really hard not to charge any MORE.  Good luck! 


 

momofnatalie
by Lisa on Sep. 20, 2013 at 12:09 AM

Can you call your car insurance and get a reduction on your rate since you rarely drive your car?  It can give you a small discount. I would definitely start keeping track of your expenses for a month and at the end, see where you can cut some more.  It sounds like you are doing a lot of great things to save money.  I use coupons and follow weekly sales to maxmize my dollar.  I do buy things on sale and stock up if the product is in my target range.  I have a price that I know when  it hits, its time to stock up.  I live in CA too and I know that the cost of living is higher than other places but it sounds like you are taking the right steps to reduce your debt.

ballerossandra
by Member on Sep. 20, 2013 at 12:22 AM

 I have clothes for my son that are size 3 and 4 that I bought for $ 2 and $ 4. I have some coffee supplies, pasta and other things. But the biggest issues are rent and childcare.

I am considering changing my son to a cheaper childcare center. it is also walking distance and it is $ 100 cheaper but I am concerned about him adapting.

I do keep track of expenses and I feel exhausted as I dont seem to get an extra buck anywhere.

tomorrow I have a job interview for 5 evenings and I do not know if I can handle working all day, spending 3:30 to 6:30  pm with my son and then leaving again to work


Quoting momofnatalie:

Can you call your car insurance and get a reduction on your rate since you rarely drive your car?  It can give you a small discount. I would definitely start keeping track of your expenses for a month and at the end, see where you can cut some more.  It sounds like you are doing a lot of great things to save money.  I use coupons and follow weekly sales to maxmize my dollar.  I do buy things on sale and stock up if the product is in my target range.  I have a price that I know when  it hits, its time to stock up.  I live in CA too and I know that the cost of living is higher than other places but it sounds like you are taking the right steps to reduce your debt.


 

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