My Money Crisis-Help Please

Hi I need help with my budget.

[DivaJen]

That cell phone cost looks awfully high. DH and I each have a phone and pay about $65 a month for the two of them.

Lock up the credit cards. DD should not be able to access them at all. I would be beyond angry to see a $316 charge like that. I'd consider asking her to earn the money to pay you back for those, along with her share of school clothes. I'd say set a limit for each kid for clothes and let them make up the difference if they want to with their own money.

Cable? It's a want, not a need, so if money's tight cut back or cancel it.

You don't have anything for dining out. Is your food budget $275 including eating out?

You might be able to lower your internet fee. We got a promotional rate for 12 months and pay about $14 for DSL. Try calling your provider and see what they offer, maybe check their web site and those of competitors first so you're armed with some facts.

What about other forms of entertainment? Subscriptions? Household items?

Good luck! This can be a great site for helpful advice and tips.

edit - looks like you've already spent the $500 on clothes and supplies....so disregard the spending limit suggestion this time around, but it's worth thinking about as other things come up for the kids.

My daughter is going to pay me back. She has a bank account she just used my credit card-it's about to go over the limit. That is why I did not get so mad. Your right about the cable, but until school starts back my kids stay at home by themselves until 3:00. I forgot to include dining out... lets see here...$35 each meal once or twice a day. I work so when I get home I take my kids out to dinner. I am going to cut back on that when school starts.(Only 4 days) I am going to cut back on the internet. My daughter memorized the number to my credit card.How I don't know. These are great suggestions! Thanks

[boefixepa]

Call and ask the CC to change your account number!! EEKKSS....
What is your monthly take home pay after taxes and all that....

Cut out the $35 - $70/day eating out. You can cook a few things on weekends that you can just heat up. A lasagna, a roast with potatoes and carrots. I am assuming you can all eat leftovers. Probably healthier for you too. I can't imagine eating out every day could ever be considered healthy.....And your setting your kids up to think that it is normal to never eat an actual meal at home - so they will want to eat like that for the rest of their lives, since they probably don't know how to cook.

Everything else in your budget is chump change compared to the $1,000 - $2100 you spend at restaurants each month.

[DivaJen]

Originally Posted by Brenda345

forgot to include dining out... lets see here...$35 each meal once or twice a day.

That is a lot to be spending on food. Wow. Even at once a day that's upwards of $1050 a month just on that category alone. Cut that in half and you've got an extra $500 a month. $9 per person per meal.... that would be a great area to tackle first.

[markio26]

with your take home income, you should easily pay for all of your bills, just find ways to save for further savings... like fluorescent bulbs for the home, turn hot water heater off all day and turn back on at bedtime...

[b4freedom]

Originally Posted by Brenda345

1. Week long vacation Jamacia 4 people-$2000(It's too late to cut back!) I normally could afford this but I had some unexpected bills.


Groceries:average$275
Cell Phone(x2):$175

Um, no empathy from me. $2000 to go to Jamaca and now you want to figure out how to pay for it? Easy solution: Cut up credit cards. You won't have this problem again. Don't let your children use them. Pay them back as soon as you can but over the next couple of months. Get a cheaper cell phone plan or just toss them.

[cschin4]

Stop going out for dinner. How old are your kids? Why can't they help with dinner? They could wash and cut up veggies, make salad, set the table, etc before you get home. Get a crockpot and throw in chicken, beef, pork, whatever you like before you leave for work. Or, if no time in the morning, then make it at night and put on the crockpot before you go to bed so it is cooked by morning. Then, you can refrig ang reheat when you get home.
Dump the cell phone. Buy a prepaid phone to keep for emergencies and stop talking on the phone as much.
Personally, I wouldn't disconnect the cable. That is often the advice given but I would keep the TV. And, if you disconnect and later reconnect, it will cost you another installation fee.

[PrincessPerky]

if your kids are old enough to stay home alone they are old enough to learn to cook..that means you don't have to do it, and you don't have to go out to eat...

phone I'll second looking for a cheaper plan, DH and I have one, but we are looking into two, and the cost would be about half what you are talking (plus he gets a work discount, so ask around and see what deals your job can help with too)

CC number, cancel it, looks like you and your daughter could use the help, you don't want her to be your age still trying to figure out how to pay the bills, so have a chat, and then cancel it, and get her to pay you pack, plus any interest that has accrued on the card due to her.

jamaca..umm done is done...but you need to look at why you went 2000 into debt for a vacation so that you can avoid those triggers and NOT go into debt again. try after you pay off the CC saving some each month for a vacation..that wya you get a treat and you don't have to go into debt..anbd if your kids pester you, ask them when they plan on paying the bills themselves..if they pay go and enjoy

[debtdude]

Sounds like eating out is a prime area for savings. We used to eat out, as a family, at the same mexican restaurant each week. When we started a budget, we realized we were paying a lot for burrito's!

Here's a few ways to save at the grocery store:

1. Don't go shopping when you are hungry. Hungry shoppers spend more money on food. Everything on the shelves looks good. Impulse spending goes up.

2. Go shopping alone. The more people you take with you, the more people tossing items in the cart. If you do take someone, especially your kids, tell them they get one impulse item each.

3. Coupons and rebates are keys to saving money. Cut coupons from store advertisements, general newspaper inserts, and check the internet for "internet-only" coupons. Some stores carry coupon dispensers next to items.

4. Maximize your savings by buying items on sale and with a coupon. You can't always match these up, but when you do, you'll save a lot of money.

5. Get discount cards or other discount deals. Stores might offer discounts to seniors, college students, frequent shoppers, and even baby clubs.

6. Take a calculator when you shop. While many stores do print out a cost per unit (ounce, pound, etc), your calculator will help determine the better buy as well as keep a running total of everything in your basket.

7. Grocery stores put the higher-priced brand name items at eye level. If you want to save money, look on the top shelves and especially the bottom shelves.

8. Don't be afraid to buy generic. Most generic brands have the same ingredients as the brand name products. You can score huge on the savings with just this one tip.

9. Don't pay for convenience. A head of lettuce is a third the price of a bag of cut and washed lettuce. Same goes for "individually wrapped" products.

10. Make a grocery list that includes exactly what you need until your next regular shopping. This way, you are buying exactly what you need and nothing more.

11. Give yourself a small allowance for buying freedom. Maybe one day you bring home doughnuts from the bakery section or flowers. These little rewards help.

[asmom]

Originally Posted by Brenda345

Hi, my name is Brenda and I'm a divorced single mother of 3. What I need help with is my budget. I probably could cut back on a few things(at least until I get my finaces straightened out). I make about 65k a year. I live in Atlanta. Recently I spent too much money at one time.
Things I have to pay for on my credit card:
1. Week long vacation Jamacia 4 people-$2000(It's too late to cut back!) I normally could afford this but I had some unexpected bills.
2. Kids new clothes and school supplies-$500
3.Air conditioning repair-$200
4. Shoes-$316 My daughter bought them. ONE PAIR!!! I am really mad at her. She got them off ebay so we had to pay for them.
Those things are things I can't cut back on. It is too late. Don't think I just went out with my credit cards and just bought wants. I planed for some of the things then others were unexpected.This is a list of things I have to buy monthly:
Gas:$100
Groceries:average$275
Mortgage:$900
Telephone:$35
Cell Phone(x2):$175
Internet:$35(need for work)
Trash Service:$15/month
Water:$46
Electricity:$60
Cable:$50
I drive but I'm done paying for my car
If you could please help me that would be great!

Resell the shoes on Ebay and try to recoup some of the money you paid.

You need to stop the eating out immediately.

Ditch the cell phones and get a tracfone or some other prepaid or even a Metro would be cheaper than that. Do you need 2 cells and a landline? Maybe you can ditch the landline.

You are paying too much for water. I don't know what county you live in but I live in Dekalb and I never pay more than $25-$28/ month for water.


Oh yeah and cancel your CCs and get ONE card for emergency that you will hide from your daughter.


Good luck.

Thanks everyone! These are great tips. We use a lot of water. I have always been afraid of buying generic, but recently I was at Wal*Mart and I bought some Crystal Light pour into the bottle things,do you know what I'm talking about? Well I got the Wal*Mart brand and they were okay. asmom, I could afford that trip. I had saved for a few months. Like I said I had some unexpectd expenses. My kids are 13,12,7. They cannot cook. My neighbor keeps an eye on them. I also used some coupons. Thanks again for all your suggestions.

[Saving in So Cal]

I agree about reselling the shoes. None of your children is old enough to need $300 shoes, even if they could reasonably be considered investment shoes. (I do know some people who are able to keep and wear shoes forever. They can get their cost per wear for designer shoes down to what I would pay for discount/clearance shoes. Still, I doubt a 13 year-old would fall into this category.)

When I was 13, I was able to and was required to cook dinner for my family. Even if you're afraid of your children working the oven, they should still be able to make salads, set the table, etc., which would save time.

My crockpot, casseroles, and an easy baked chicken recipe are the key to my being able to have dinner on the table at a reasonable hour. I spend about 5-10 minutes in the morning putting something in the crockpot, assembling a casserole, or breading chicken. When my husband gets home, he turns off the crockpot or puts the casserole or chicken in the oven. Sometimes he'll make rice or another side dish. Otherwise, I spend 5-10 minutes doing it when I home. Our meals have a basic formula: main dish, side, and either a salad or a vegetable. It's not very inventive, but we usually only eat dinner out once a week and that's by choice (date night). Our food bill is not as low as perhaps it could be, but we are able to stay within our budget pretty easily.

Actually, I was cooking at around 10, too. My mother worked, so I cooked what I wanted to eat. I know the world is more dangerous for kids now, lol

[Ima saver]

Your expenses add up to $1700 a month, but you are making over $5000. There is a lot of money being wasted somewhere. I drink a lot of water. I invested in a water distiller/purifier 10 years ago and I make my own water almost every day. It has saved me a lot of money in 10 years. The brand name of the water distiller is Genesis. It will pay for itself in a few months and all you do is fill it with water and flip a switch!!

[Diolla]

My DS is 16 and has been cooking since he was 12 (actually been helping since he was 4 it helps with math skills) I figured it was a life skill he needed to have. Maybe it is alot of open a box/can and mix up ingredients but I know that if I am too tired to cook some nights he won't starve and I don't have to worry about it or take him out somewhere. For my B-day he made me chicken noodles just so I wouldn't have to cook.

Budgeting, Cooking, Cleaning, earning their own money (whether from you or someone else) are things you need to teach them so when the time comes to go out on their own they can function in the world.

DS gets a set amount for expenses such as school & clothes and has to earn the rest by doing extra around the house. Today he spent 2 hours helping me clean and organize our storage shed, worked hard out in the heat and I gave him $10. Next week is school enrollment and he has been saving all summer from his expense money to pay for it. (I give him a set amount each month) Then he'll be off to the store for clothes & supplies. He decided to save his bus money and ride his bike until the weather gets bad.

Anyway, the point is that I don't worry about him not being able to handle these things when he gets out into the real world because he is learning these things now. I think you need to teach yours to not only help you out but to make them more prepared for the world after childhood.

[Snoopy2645]

Well for cheap quick easy meals heres a few ideas generic frozen lasagania this is a great one 3.97 at walmart feeds my family of 5 with leftovers & can be made in the microwave on weekends when I work I buy them banquet meals & I buy them for dhs work to they are $1 a piece!!! Also for some strange reason my kids love those cheap noodle soups they are .15 a piece just microwave & add water!!! And with summer here you can garden or barter or ask someone with a garden almost anyone for some veggies those are great much better than store & lots cheaper!!

And oldest dd is a huge bottle water fan & uses all the to go packs now well to save money she reuses the same water bottle!! Try to learn to make 1 thing a week from scratch like waffles or something these are super good & easy & I make tons at a time & then freeze much better than store bought much!!!

Then I would cut the cells as for school stuff I am not sure why so much we buy notebooks & all of that for usually like .10 & under & clothes I just buy on clearance out of season I know in the last year I havent spent $500 on myself & my 3 girls I also garage sale once in awhile but I shop old navy & jcpenney clearances I buy a size to big or 2 for my 3 girls recently got a old navy swimsuit for $2 for next year & snow boats originally $20 for $3 out of season just a few tips anyways!!

I have tried many of your suggestions and they are REALLY helping. Thanks again.

[Bluezy]

Originally Posted by Brenda345

4. Shoes-$316 My daughter bought them. ONE PAIR!!! I am really mad at her. She got them off ebay so we had to pay for them.

If your daughter is old enough to purchase $316 shoes, she is old enough to pay for them. She also sounds old enough to be working in some capacity. While school clothing and supplies tend to be expensive, your daughter should be contributing to paying for them.

Speaking as a single mum myself, we tend to become a bit indulgent to the children to make up for not having a dad in their life. Don't fall in this trap, hun. Both your daughter's self esteem and your budget will profit from your daughter's contributions to the family living expenses.

All the best to you, hun!