Could you come up with an extra $600/mo?

[Kris10Leigh]

I ask this question because we just transferred money from one CC to a 0% interest card until October of 2007. By October of THIS year we will be down to $20,000 on that card if all goes according to plan. I would like to get rid of the $20,000 by October of '07 if at all possible. To do so, I would need to pay approximately $1600/mo on the card starting in October.

$1000 is already in the budget. I need to figure out a way to come up with the extra $600.

I am teaching one flute lesson right now. That's $60.
I could do a no-spend challenge twice a month to come up with maybe $100.
I could try to save on gas, maybe $25/mo. That ones hard because the price fluctuates out of my control.
I could save on the water bill maybe $5.00 (I'm guessing...no idea)
Electric/gas is level billing so I won't see any savings until the end of the cycle, but I do plan on trying to lower the payment for the next cycle.

That's $190.

I'll get an extra paycheck in March. (September too, but that's already ear marked.) Oh and there's tax refund money too! I forgot about that! But that's not a sure bet. Still, I could probably relax a little bit.

[getforfree]

If you are expecting rebate, change your w-4 form, so you will pay less tax and get no rebate. Why would you want to give Uncle Sam an interest-free loan until april, while you are paying interest on your loan?

[Kris10Leigh]

We're considering that. I actually asked DH tonight if he'd call tomorrow. We plan to ask the place that does our taxes. One year we got back a rediculous $4000 so we changed our numbers. The next year we owed $2000, and I would really rather not owe. So we want a little advice on the subject. Good idea though! Great minds think alike.

[getforfree]

Do you spend any money on cable or eating out. I never eat out ( I would get a free water but that's it) and I don't have a cable. Those are easiest to cut.

Check your food budget. Try to use sales and coupons together. You can cut it as low as $40-50 per person in your family and still have enough food. I spend $200-250/month on grocery for a family of 5.

Make a garage sale. And next time you are buying anything, think a 100 times if you really absollutely cannot live without it.

Wash your car yourself and cut your lawn yourself. I know some people spend $120 to pay someone to cut their lawn and $35 for a carwash every month. That's realy a waste of money IMO.

[Broken Arrow]

Could you come up with an extra $600/mo?

Beyond what I am already doing, I would be extremely hard-pressed to come up with an additional $600 each month. I think the only way is if I pick up a second job... which doesn't sound like a bad idea. I wish I had more overtime.

[boefixepa]

Also I know you've mentioned elsewhere that hubby was taking his $100 mad money and investing it...I don't know what return he is getting, but if the return is his getting (say 7%) is less then what you are paying on the CC (say 12%). You will come out ahead if you put that money into paying down the debt rather than investing it. That holds true for any investment. I know it's depressing, we'd all rather save, but you will save more in the long run paying down debts with higher interest rates than the returns you are getting.

The only expection I can think of to this is 401K that are matched by employers. You don't want to give up the matching.

Okay, aside for that. I second getforfree on the $40-$50 a month per person for groceries. Work on getting it down to that. It may take time, and maybe after a few months the best you can do is sixty, but always be trying.

Next if hubby get a better job, I believe somewhere you said he was looking, ear mark that extra money to debt.

Also, make paying that debt off a game to get the kids excited about it. Help them realize when you tell them no to going to the movies, or eating out, it's because of the family goal of getting the debt paid off. You attitude and perspective will go a long way in motivating them to 'play along' and stay happy about the changes in their lifestyle. More fun free family time kind of thing.

Most of all, make sure to inspire and support hubby and that will do wonders for his attitude. I know very few males who are internally content with having their wives being the bread winners. Plus I am sure he knows you would rather be a SAHM. So if that's really want you both want....set some long rang goals. Get this debt paid off, get X amount in savings, get him up to X amount per year income and then you are home! Then it's his job to earn the money and your job to save it. Maybe you could still help out part time with flute lessons and tutoring or after school 'tutoring' and child care until parents get home. Whatever, set the goal and make the plans that work to make BOTH of you happy. The happy and more contented you are the better he will feel too. Deep down I still hodl that men like to feel that what they are doing is taking care of their families and pleasing to their wives. Just as women want little more than to care and nuture their children and their husbands. It's a great team work situation that can go a little crazy in real life.

[mariec99]

I have not checked into this, but I keep hearing ads for it on the radio: some places will pay for you to donate blood plasma. It is not much (I have heard $20), you are limited in how often you can do it over the course of a month, and it takes a few hours. But it is cash.

[34saving]

I could probably do it, but since expenses are pretty much to the bone already I'd also have to make more money. Some possibilities: Supplement garage sale with eBay sales. (I'm amazed what people will buy.) Do the "little extras" at school. (I don't know about your school, but I've made extra cash doing prep hour subbing and tutoring homebound students. Other people do lunchroom duty, supervise/collect tickets at sporting events, etc.) Didn't you say dh has some sort of gig at church? Any way this gig could translate to weddings at the church? (Dh works as the video/powerpoint guy at church for like $11 an hour, but doing the same work at a wedding will make him a couple hundred.) None of these ideas should significantly impact your ability to spend time with the kids. (Then there's always more music lessons . . .)

[Ima saver]

The only way we could earn an extra $600 a month is for dh to work longer hours or for me to get a job. He works more than 60 hours a week. Could you give more flute lessons?

[Ima saver]

OH, i could never give plasma, I have a thing about needles. Garage sale sounds good.

[brizzad]

A buddy of mine would contact managers of storage units to see when they would be auctioning off the items of deadbeat non-bill-payers. He would buy things for CHEAP, mark them up, and make about 500% profit on ebay.

I'm not sure if you've got a small amount to start with (I think he started with $100) - you can definitely make $600 this way.

[Kris10Leigh]

Boe, the way you wrote that, I feel as though you know me. Very nicely written and you seem to remember every detail I've ever written. That amazes me.

Flute lessons are a possibility, but I'd rather not. I know I sound like I'm not trying to help myself. I've given flute lessons ever since I was a freshman in high school. It got to a point last year where I was fed up with the majority of my students. Most kids today do not practice, do not care and do not listen to advice. I don't deal well with that. I kept one phenomenal student and said good-bye to all the rest. Now I enjoy teaching again. I actually had a student continuously not bring his flute to his lesson? And he showed up for a recital without his music.

I'm kind of looking for ways I can make $60 that I don't mind doing. But keep the suggestions coming! They are good ones!

I've done ebay before. That thought intrigues me. I'll have to take a gander around the house. Maybe do some basement diving.

The grocery budget's a good one. I budget $400/mo and anything I don't spend is for eating out. (This is a major improvement over the $500 I WAS spending on eating out alone!) Anything over that can go to the cards.

[Kris10Leigh]

I couldn't do blood either. My veins are too small. It's hard enough giving blood when I HAVE to! But DH sure could! He's a good guy!

[jaksilee]

I could not, since my take home pay is very close to what I have to pay out in bills, and cc payments. I would have to get another job for this to work...which I have been thinking about.

[puppypal]

What is up with giving plasma! HHHHHMMMMMM That might just pay for that new car!

[mariec99]

What is up with giving plasma! HHHHHMMMMMM That might just pay for that new car!

I know, I know. But I was going off the the theory that every little bit helps.

[Broken Arrow]

I have friend who used to do it all the time. Not because he's frugal, but because he's very bad with money and is always in need of more....

Anyways, they only paid him something like $50 is it? You can only do it once a week. Also, they pay progressively less and less the more often you donate.

So, it would help, but it wouldn't amount to $600 though....

[rob62521]

I know you said you didn't want to give flute lessons. However, have you checked with local churches? I know many of the churches in my town pay for instrumentalists to play either with a group or solo and it's not an every Sunday sort of thing. They usually refer to it as special music or something like that.

[lexi_kaye]

I would love to come up with an extra $600 per month. Unfortunately, I already have my budget pared down to absolute necessities and the little leftover goes to my snowball. I have RA and used to do quite a bit of selling my crafts on ebay until this but I have a notion to see how much I can keep up with on top of my full time job. That used to be as much as $600 a month, but I also physically can't devote the hours I used to to doing it. I wish I could find something else that I could make money at in what little spare time I have. I agree with you though, it has to be something that you enjoy doing.

[Snoopy2645]

maybe do rebates & coupons & stuff & that saves a ton on some things for me its HBA products I always get them free with coupons I also do all testdrive offers out thier & make around $50 a month doing that I do demos too & make around $600 a month that maybe an option for you