I desperately need help with my finances! How do I make my money stretch?
Okay, I really need help with my finances. If anyone knows where I can get FREE help, please let me know. Let me break it down.
I have a family of six-myself, my husband, his brother, and 3 kids ages 12, 8, and 2. I am the only one working. I make net $35360 per year. My husband was staying home with our youngest child because based on what he could make working it was actually more cost efficient than daycare for the 3 children. His brother hit hard times and came to live with us, he agreed to baby-sit. My husband went back to work a little while ago, but had a serious injury (cut off his finger with a saw) and we are still waiting for compensation and have no income from him.
Rent 800
Electric and gas 150 (for now)
Cable Internet and phone 150
Car Payment and Insurance 300
Food 800 for month
Gas 240
401k 40
Flex source card 140
Life insurance 50
As you can see the money is already gone and I haven’t included all the other random expenses. What do I do?
Sorry, I meant gross, not net…
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October 23rd, 2009 at 5:17 am
Get rid of the cable internet and phone. Just get a cell phone with a pay as you go plan. The other stuff–it’s hard to cut down. But I applaud you for contributing at least something to your 401k. Your brother in law needs to get a job. Even something part time helps.
October 23rd, 2009 at 10:05 pm
Um – by my addition, you make about $250+ more a month than what you are paying out, going by your posted numbers
I think maybe you need to keep an expense journal, and start reviewing. You may be spending in ways you don’t realize, and will see ways to save yourself some expenses.
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October 23rd, 2009 at 10:17 pm
Hard times means hard choices therefore you do not need cable esp. for $150 a month that’s ridiculous. Your brother in in-law AN ADULT needs to contribute to rent and food. Electric and gas should be paid via installments of $60-80 a month. Good luck
October 26th, 2009 at 8:26 pm
Bad situation! I was like you…two years ago… I was fired, my wife was pregnant. I found a bad job….less money than last one.
But I found an opportunity to generate more money, my wife helped me because she was at home. We had a PC and internet connection.
I began an on line job with Global Domains and my income has been grown day per day.
Now we are investing this extra money in all random expenses we have
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October 30th, 2009 at 7:28 am
Put your worthless brother in law to work or kick him out. He must be a real mooch to see you working so hard and just offering to babysit. Tell him that he needs to get a job tomorrow or else. The same will go for your husband. As soon as his stub heels, he should get a job in the evenings. He can babysit during the day and you babysit at night. Same for during the day. He babysits during the day and you babysit at night. That way your child care costs are none. When your youngest gets into school, then you can both work full-time during the day. You really can’t cut much out of that budget. So your only alternative is to make more money.
October 30th, 2009 at 11:27 pm
#1 If your husband was employed when he lost the finger, than the employer is liable for expenses and lost wages. Contact the employer, his insurance agent or your state labor dept.
#2 The brother has got to leave or get a F/T job & pay rent or expenses.
#3 Sign up for public assistance. If anyone needs it, you do. You will at least qualify for food stamps.
#4 Does your husband qualify for unemployment or SS? Check this out.
#5 Bye bye cable & phone, except maybe local only. You can borrow movies from library for kids.
#6 Consider possibility of your husband watching other kids for income.
#7 Perhaps your husband can deliver papers in the early morning hours?
#8 Update your resume and see if you can increase your own income. Ask boss for raise.
October 31st, 2009 at 12:46 pm
I can’t really see any place where you can save much other than getting rid of cable and the internet. I know it’s a real bummer but you may have to take a second job for awhile. And the brother-in-law needs to be working by Monday. I don’t care if he’s washing dishes. He needs to be contributing something since your husband can now watch the kids. If your brother-in-law can’t find a full time job then he can work 2 part time jobs. You all need to pull together as a family. Good luck and god bless.