trying to get my ducks in a row

**Snoopy2645** · 08-09-2005, 07:26 PM

Re: trying to get my ducks in a row

Well is thier a way he could do something in the summer on his time off the teachers I had in school all had other jobs. One I knew had a lawn mowing service worked out good for him because it was just a summer thing anyways so it never interfered with school. Also is thier away you could do something PT.

Other than that I would cut everything to the bare bone buy food only have the kids wear hand me downs. And use what you have up compare sales with coupons & rebates. Sale stuff on ebay. I have finally figured all this out because we were struggling for awhile. I had to take on a pt job & quit buying our kids so much. I had to find ways to only do free things. And to get stuff for free.

My way of savings now is buying a savings bond once every few weeks.

**terry1156** · 08-09-2005, 08:11 PM

Re: trying to get my ducks in a row

Originally posted by becomingafinacialgrownup

Hi! I am new here. MY hubby and I are trying to "financially grownup" as far as budgeting and savings etc.
Between the two of us, we have 5 children,2 cats,1 dog and 37 fish! Since hubby's kids live with thier mom he pays child support. He works in a school so he doesnt' get paid in the summer. I am a full time college student. Things can get a little tricky. WE have no savings, a very small amount in hubby's 401k and mountains of medical bills.
Does anyone have any ideas on budgeting for us? What about investing? WE should have started a long time ago. He is 38 and I am 37. But we literally lived paycheck to paycheck.

Welcome to the forums and congratulations on wanting to get your finances in order. It's a big step to take, but doing so will put a lot of peace of mind into your lives.

The best way we can help is if you can let us see your current expenses and income. If you don't know these, then that is the place to start by figuring it out. The forum is full of good ideas to cut expenses and the members here can point out expenses in your budget that seem high.

Before you get into investing, you will likely want to pay off the debts you have and build an emergency fund so you aren't living paycheck to paycheck.

**becomingafinacialgrownup** · 08-09-2005, 08:44 PM

Re: trying to get my ducks in a row

Thanks for the replys! I do work during the summer and will be working part time during the school year. hubby didn't get applications in soon enough this year to be hired for just two months.
When I get my financial aid at the begining of the year we buy a whole beef for the freezer and half a hog and we hit Sam's Club for staples. WE have always been fortunate to have a church full of girls just a little older than our 3 but not so much for the 2 boys. Also it is gettign harder for all the kids as they get older and developing thier own distinct styles. They are 18,16,14,12and 9.
I am using microsoft money for our budget program but have to re-enter everything due to a computer crash. I will get those numbers up soon.

When my husband and I first met he was recovering from broken vertebrae in his neck which left him unable to work for two years.He had just been cleared to work again. In the early years of our marriage, he had trouble finding someone who would hire him because of the injury and we had no insurance. During this time I had to have several surgeries with out insurance.
We have a friend who is very good with money who is goign to help keep us accountable to our budget by meeting with us monthly. WE have some savigns goals that we have worked into our budget but really want to invest for the future.

**Tree0164** · 08-10-2005, 03:05 AM

Re: trying to get my ducks in a row

Welcome!
If you know that you are not going to income during the summer. You will need to plan for it.

Get the budget down on paper. Do all the major categories.
Besides the medical bills-do you have any outstanding debt.
Are you late on any bills? Get current
Build an emergency fund and build a summer expeneses fund.

Good luck!

**pennywise** · 08-10-2005, 05:13 AM

Re: trying to get my ducks in a row

You are definetly on the right track. You have been blessed by the Lord with your friend who will keep you on track. One thing I notice is the thinking that Sam's Club saves money. It is my experience they are expensive. If you compare cost to full price they may save a little, but, sales are better. I have never shopped at Sam's Club because of this. Costco is cocky and wants cash or their credit card only, so they don't get visited as often. Watch your grocery fliers. Compile your price book (posted under food link). Look in your community if you have an Aldi's, they are excellent at quality and price. I know bankruptcy is not viewed well, but it may eliminate those medical bills and give you a fresh start. How large are they? Once the budget is made, we will help. Keep reading, we are full of ideas, because there are so many of us.

**jmjj215** · 08-10-2005, 05:44 AM

Re: trying to get my ducks in a row

I am using microsoft money for our budget program but have to re-enter everything due to a computer crash. I will get those numbers up soon.

MS Money makes you react to your expenses instead of [act]ing upon them. You need something that allows you to plan ahead.

Having an accountability partner is a great idea.

I know bankruptcy is not viewed well, but it may eliminate those medical bills and give you a fresh start.

Bankruptcy is not a 'fresh' start considering it stays on your record for a long time, and you will always have to disclose that you declared bankruptcy even if it's no longer on your credit report.

We haven't yet seen your monthly income vs. expenses; I think we should start there.

**becomingafinacialgrownup** · 08-10-2005, 10:56 AM

Re: trying to get my ducks in a row

I'm not sure i understand what you mean by that

**jmjj215** · 08-10-2005, 11:15 AM

Re: trying to get my ducks in a row

I'm not sure i understand what you mean by that

Were you referencing my comment about MS Money? I only mean that it only lets you look at what you have done after the month is over. It doesn't let you allocate money before the month begins to spending categories. It's reactive.

**BAGAGT1** · 08-10-2005, 08:04 PM

Re: trying to get my ducks in a row

Originally posted by jmjj215

Were you referencing my comment about MS Money? I only mean that it only lets you look at what you have done after the month is over. It doesn't let you allocate money before the month begins to spending categories. It's reactive.

Not so, within Money you can set up your budget, and watch how far or close you are to your budgeted limit on a monthly basis. You can also reallocate funds within your budget on a monthly basis if for example you are over a limit in one category, but lower on a limit or limits in other categories.

**terry1156** · 08-10-2005, 08:45 PM

Re: trying to get my ducks in a row

Originally posted by becomingafinacialgrownup

WE have some savigns goals that we have worked into our budget but really want to invest for the future.

Great! What are the goals?

The big question seems to be what debts do you currently carry with the medical bills? Do you have that from the hospital or were they put on credit cards?

If you could post your budget, I'm sure there are areas that we can find to help reduce your current living costs.

**jmjj215** · 08-11-2005, 07:20 AM

Re: trying to get my ducks in a row

Originally posted by BAGAGT1

Not so, within Money you can set up your budget, and watch how far or close you are to your budgeted limit on a monthly basis. You can also reallocate funds within your budget on a monthly basis if for example you are over a limit in one category, but lower on a limit or limits in other categories.

Perhaps I looked at an older version, or completely missed this then.

Here I stand...corrected

**becomingafinacialgrownup** · 08-11-2005, 07:26 AM

Re: trying to get my ducks in a row

just wanted you to know I am not ignoring/forgettign to post my budget items. My grandma is in the hospital and between that,the kids starting school and work I just haven't had the time.

yes I have the version of money that has the budgetign and reallocation etc.That is why I was confused

Hopefully I will have some time this weekend.

**becomingafinacialgrownup** · 08-11-2005, 09:44 PM

Re: trying to get my ducks in a row/budget stuff

Quick post comin in!

Here's a sketchy look at our budget off of the top of my head...Stand back it is about to be scary!!

All info aproximate and net amounts please note that all of our insurance
and Child support DH pays comes out of his

Me-Child Support Recieved-550 monthly
Me-1st part time job-360 monthly
Me-2cd part time job-550 monthly
DH-full time job-550 monthly

For a grand total of 2,010

Expenses-monthly

rent-400
electric-250(old house,high ceilings bad insulation)
water-50
phone-120
gas for vehicles- 300( I go to school an hour away, hubby works 30 minutes away)
food-200
tithe-200
entertainment-100
debt 100
Savings-100

Expenses-Yearly(we usually buy these when our tax refund comes in)

car insurance-600
renters insurance-50
Beef-800
Pork-200

Our goals include paying off our debt(all hospital bills at the hospital,no credit cards here!) and buying some land and eventually building a house.

Again these are guestimates out of my tired brain!

**Tree0164** · 08-12-2005, 03:26 AM

Re: trying to get my ducks in a row

I am showing a $290 a month surplus. You didn't mention cable-but you may not have it.

I would put atleast 1/2 of that to cover you through the summer months when there is no income coming in. I would use the other half to get to atleast a $1000 emergency fund. Then snowball the 1/2 towards your debt.

How much are your medical bills? Is that were the $100 a month that you are throwing your debt.

Also I know child support comes out of DH's income but that seems fairly low. Maybe consider getting a new job or get a part time one to bring more income into the family. Especially where he doesn't have any income during the summer months.

Also look at the tax withholding. You may be able to get more back from your check and use it towards monthly expenses.

trying to get my ducks in a row