Debt and Money Problem...Joyous. (NEED Advice)

[LittleBlue]

Thank you All for your Advice

[disneysteve]

We live on ONE Income

One Car payment - $340

Phone bill - $140

Why only one income? You mention 4 people. What are the other 3 doing?

$340/month for a car is insane given the rest of the situation. How much is the car worth? How many payments are remaining and what is the outstanding balance?

If you could get more detailed info, that would be helpful. How much is the household income currently? Try to fill in the blanks in the budget and post them when you get them. The more info you can give, the better advice we can give.

[LittleBlue]

Well the car payment is so much because of the loan they made for the previous car and they traded it in for this car. They have a 14k debt to pay back. I'm not working, my mom isn't working and my little sis is trying to get a job for her college money. My step dad is the only one working. I don't have much info I am sorry.
House hold income is about 23 - 25k a year ish.

[LittleBlue]

I just need some advice on how I can get them on track to better stabilize themselves.

[LittleBlue]

Sorry also this is the first time I've ever been on one of these forums XD

[disneysteve]

Well the car payment is so much because of the loan they made for the previous car and they traded it in for this car. They have a 14k debt to pay back. I'm not working, my mom isn't working and my little sis is trying to get a job for her college money. My step dad is the only one working. I don't have much info I am sorry.
House hold income is about 23 - 25k a year ish.

How much is the car worth? You can check at kbb.com. Look for the private sale prices.

Why are you and your mother not working? Are you both physically able to work? Your sister getting a job will certainly help but with income that low, everyone who is able-bodied needs to be contributing.

Do you all receive any type of public assistance? I'm not necessarily suggesting that you should - just wondering. If you are all able to work, you certainly shouldn't get assistance - you should get jobs. You are in college so I'm assuming at least you are capable of working. College towns typically have lots of places willing to hire students. The college itself generally employs lots of students, too.

[LittleBlue]

12,911 for the car.
My mom applied for some jobs, as for me I've looked into applying and have eagerly expressed that I wanted a job. However. When I told my mother about perhaps applying she was most against it. Because it would mess with child support which I receive about every two weeks. (Divorced family)

[Seeker]

How far into college education are you? What is your major? Does the child support your Mom/stepDad receive on your behalf, cover your education costs alone?

Basically I feel that you are trying to make it all work without having a sense of what everything costs.

In your lists of expenses, you do not list any amount relating to college costs, and yet you should have absolute knowledge of what your education is costing you.

It seems to me that you cannot support your own personal college costs without relying on your folks.... and that's a very precarious situation. Your little sister is trying to do the right thing, find a job and pay her own way through college.

Without income, you may not be able to finish your education. Realize that.

Here's what I'd do if I were you:
1) Figure out your own expenses:
College/month, gasoline/month, food/month, rent/month, utilities/month
2) Figure out exactly what income you generate:
The child support rec'd from your blood-Dad, any college grants/scholorships, etc. per month

If number 2 is less than number 1 above, then I'd probably curtail college (go part-time), and get one or two other part-time jobs.

Right now, regardless of your step-Dad trying to do it all and support you through college, it's not going to work based on the fact that living paycheck-to-paycheck cannot be sustainable if anything interrupts any one of the four of you living as family, under that one income.

Take responsibility and control of your life and future. Income and the generating of money is a major need for your personal future. You need to provide for yourself.

You cannot stabilize your parents and the others around you, you can only stabilize yourself. You can help your family when you stabilize your own situation.

Stop writing "they" -- for you and your family, it's "we". Fix "you" and your situation, then you can help them.