Quote:
Originally Posted by tcrocker
Mortgage: $1,485.27 / 8.5% interest Fixed / $154,629.05 balance
Restitution stated above: $100.00
Car loan: $155.33 / 7.3 % interest / $4,854.00 balance
Cable / Telephone / Internet : $150.00 a month
Electric: $60.00
Gas: $150.00 (avg.)
mobile phone: $155.00
sewer / trash: $50.00
water: $68.00
vehicle gas: $320.00
groceries: $650 per month
Those are our reoccurring bills monthly. Our income presently is $3634.00 and that's after the bankruptcy garnishment of $668.00 a month.
|
I added up your bills quickly and got that your total monthly bills are $3,343.60. With a take home pay of $3,634.00, that would leave you with $290.40. I can understand how that sounds scary to someone with 4 kids. That money has to pay for necessities like shampoo/toilet paper, co-pays, clothes, shoes, home repairs, spending money etc.
If you work and take home $1,500/month, and pay for day care, you will take home approx. $620 extra. Add that to the $290.40, and you will have $910.40. That could help you guys get in the right direction. I suggest that when you get to this place, decide how much you need for necessities and "fun" money. Maybe this has to be as low as $100 for the whole family per month for awhile, maybe $50. But my point is that you should decide together and stick to it. Then with ANY EXTRA MONEY, pay off your debt. Normally, I would say pay the highest interest debt, but in this case, I think that is your house? I might actually pay off the car loan or the restitution first instead. Once you pay off everything except your mortgage, perhaps you would be able to refinance? Also, once you pay off everything but the mortgage, I would start building up an emergency fund A.S.A.P.
Good luck with your job interviews. I second the thought of using a Flexible Spending Account for both your medical and day care needs.
Please tell me your husband is putting up to the match in his 401(k)? You should do the same once you start working again.
Once you start working again, I hope your husband can calm down (a bit) on his hours, or perhaps looking for a higher paying (with less hours) job?
How long will your husband's wages be garnished?
Is there a way to get a cheaper car? Perhaps one with better MPG?