Need A New Budget After Job Loss

[jwthornhill]

I recently loss my second job. My wife and I are planning to meet regarding the budget after Mother's Day. We need to make some adjustments since my income has changed. Some of the following will definitely need to be cut out:

* Our sons' tutoring: He has exactly five weeks left of school. With the tutor he has been able to earn the grades needed to qualify for summer school then, hopefully graduate.
* Maybe cutting back cable and moving to dial-up for our internet access.
* Canceling the Gym membership

We are opening for any other suggestions.

Need To Be Debt Free

[Tree0164]

Sorry about your job loss.

I hope you have an emergency fund.

1. Cut down on non essential driving. Walk or bike if you can go to do your local errands.
2. Look at your food budget there are some fantastic ideas on the food boards here.
3. Pay minimum on the credit cards until you get another job if you are still paying off debt.

Apply for unemployment insurance as well.

[Staceyy]

If you get a tax refund each year, you could adjust your withholdings to get back more during the year.

[Vapors]

* Our sons' tutoring: He has exactly five weeks left of school. With the tutor he has been able to earn the grades needed to qualify for summer school then, hopefully graduate.Need To Be Debt Free

Does he need the tutoring to graduate? I would eat beans and rice for a month before I cancelled the tutoring if it's really helping my son get his grades together to graduate. I would look for other expenses to cut unless you can provide the tutoring yourself. I would even cancel my retirement savings for a few months. You only have a few months of these expenses and then he graduates.

[jwthornhill]

Below is our budget before the job loss:

ITEM Budgeted Actual Spent
GIVING
Church $560.00 $0.00
Charity $0.00 $0.00
Other $0.00 $0.00
Subtotal $560.00 $0.00

SAVING Budgeted Actual Spent
Emergency Fund $0.00 $0.00
Retirement Fund $0.00 $0.00
College Fund $0.00 $0.00
Subtotal $0.00 $0.00

HOUSING Budgeted Actual Spent
Mortgage/Rent $1,171.00 $0.00
Second Mortgage $0.00 $0.00
Real Estate Taxes $0.00 $0.00
Homeowners Ins. $0.00 $0.00
Repairs $0.00 $0.00
Maintaince Fee $0.00 $0.00
Replace Furniture $0.00 $0.00
Other $0.00 $0.00
Subtotal $1,171.00 $0.00

UTILITIES Budgeted Actual Spent Behind
Electricity $100.00 $0.00
Water $60.00 $0.00 $676.83
Gas $108.00 $0.00
Phone, Cable, Internet $120.00 $0.00
Cell $50.00 $0.00
Subtotal $438.00 $0.00

*FOOD Budgeted Actual Spent
*Grocery $500.00 $0.00
*Restaurants $0.00 $0.00
Subtotal $500.00 $0.00

TRANSPORTATION Budgeted Actual Spent
Car Payment $0.00 $0.00
Car Payment $0.00 $0.00
*Gas and Oil $160.00 $0.00
*Repairs and Tires $40.00 $0.00
Car Insurance $137.00 $0.00
License and Taxes $0.00 $0.00
Car Replacement $0.00 $0.00
Subtotal $337.00 $0.00

*CLOTHING Budgeted Actual Spent
*Children $80.00 $0.00
*Adults $0.00 $0.00
*Cleaning/Laundry $0.00 $0.00
Subtotal $80.00 $0.00

MEDICAL/HEALTH Budgeted Actual Spent
Disability Insurance $0.00 $0.00
Health Insurance $0.00 $0.00
Doctor Bills $0.00 $0.00
Dentist $0.00 $0.00
Optometrist $0.00 $0.00
Drugs $36.00 $0.00
Subtotal $36.00 $0.00

PERSONAL Budgeted Actual Spent
Life Insurance $0.00 $0.00
Child Care $0.00 $0.00
*Baby Sitter $0.00 $0.00
*Toiletries $15.00 $0.00
*Cosmetics $0.00 $0.00
*Hair Care $0.00 $0.00
Education/Adult $0.00 $0.00
TUTOR $400.00 $0.00
School Supplies $0.00 $0.00
Gym Membership $30.00 $0.00
Subscriptions $0.00 $0.00
Organization Dues $0.00 $0.00
Gifts (inc. Christmas) $0.00 $0.00
Blow $$$ $40.00 $0.00
Other $0.00 $0.00
Subtotal $485.00 $0.00

RECREATION Budgeted Actual Spent
*Entertainment $80.00 $0.00
Vacation $0.00 $0.00
Subtotal $80.00 $0.00

DEBTS (Hopefully -0-) Budgeted Owed
IRS (2005) $200.00 $6,288.00
City Income Taxes $75.00 $1,171.07
UIA $50.00 $20,783.00
American Express $86.00 $5,824.00
SallieMae $264.00 $2,446.34
Excelsior College $10.00 $661.00
Botsford Hospital $49.00 $583.00
EMS $49.00 $565.00
Henry Ford Hospital $20.00 $280.00
U of M Hospital $14.00 $272.00
Dental $10.00 $78.00
Subtotal $827.00 $38,951.41


GRAND TOTAL $4,514.00
(- TOTAL INCOME) $4,800.00
(- Second Income) $2,700.00
REMAINING $2,986.00

Current, BEF and Snowball
Baby Emergency Fund $1,000.00
City Income Taxes $1,171.07
Water Bill $676.83
U of M Hospital $60.10
Dental $78.00
TOTAL $2,986.00

ZERO $0.00

[creditcardfree]

Are you going to be looking for another second income? At the very least, have a garage sale or sell things on ebay.

My first suggestions are:

look for ways to cut food budget, more low cost meals...eggs for dinner.
increase auto insurance deductible to at least $500 or more.
cut out cable, cell phone and phone extras.
get dial up internet...netzero has it for $10 i think...slower, but you still get on.
cut out entertainment budget
cut children's clothing budget in half.
look for help with prescription...check the website of the brand...pfizer, ect.

although I admire what you give to church, i would suspend it for a period of time to get your own house in order. Would you borrow money to give to your church? Effectively, that is what you are doing. You are in a crisis financially and need to use all your available dollars to get your head above water. Consider donating your time or other talents to your church instead of money for a short period of time.

Have tried or considered talking with the hospital to get any money taken off the bills? Have you talked to sallie mae about a reprieve in paying? Your water bill, irs debt and income taxes really need to take priority.

[DebbieL]

That's a pretty big second income. What was the job? Can you find something in the same field?

[Tree0164]

although I admire what you give to church, i would suspend it for a period of time to get your own house in order. Would you borrow money to give to your church? Effectively, that is what you are doing. You are in a crisis financially and need to use all your available dollars to get your head above water. Consider donating your time or other talents to your church instead of money for a short period of time.
.

I agree with that. You don't have the income at this time. Once you get back on your feet again-donate to your church. I am sure God doesn't want you to go into debt.
Donate less if you still feel like you need to give. Maybe donate your time there since your not working now.

[DebbieL]

I think he's still working. This was his 2nd job that was lost from my understanding.