Need help getting on the right track

[darkxeno]

I'm in need of getting on the right track. I'm getting tired of living paycheck to paycheck. I need some guidance on what to do. Currently I'm trying to do the Dave Ramsey Snowball effect to get raid of debt. Between My Wife and I we bring home about $3,924.00 an month after taxes. we currently don't save because we really cant Afford to save right now. I have attached a snap shot of my Budget.

What I normally do is break down all my bills and divide them in half. That why I'm not paying a full bill out of one pay check which has been working out for us. I'm just lost and need someone to shine the light on me so I can see if I'm doing the right thing, or do I need to be doing some different.

here is a link to my budget on google docs.

docs.google.com/spreadsheets/d/1Jy9vwR0u9X0I21uD6DK5mbnGm1ed9wdOxZLrg3P9WHw/edit?usp=sharing

you may need to add https to the link it wouldn't let me paste the whole link

Monthly Bills
160.00 Insurance
865.00 House 3.875% interest over 30 years at 130,000
287.00 Car
41.98 Water
240.00 Private School
82.00 Student Loan 4% intrest
9.99 netflix
9.99 WWE
180.00 Electricity
120.00 Dish
35.00 Amazon credit card 23% interest
160.00 Cell Phone
46.00 Security
80.00 Time warner
250.00 Boa credit card 19% interest

[disneysteve]

I'm not able to read that photo. It's too small and gets blurry when I zoom in.

Can you just list your expenses and your debts with the balances, minimum payments, and interest rates?

[darkxeno]

sure will sorry about that it wouldn't let me add the spread sheet

[darkxeno]

I have added the link to my spread sheet

[Jluke]

Monthly Bills
160.00 Insurance
865.00 House 3.875% interest over 30 years at 130,000
287.00 Car
41.98 Water
240.00 Private School
82.00 Student Loan 4% intrest
9.99 netflix
9.99 WWE 180.00 Electricity
120.00 Dish
35.00 Amazon credit card 23% interest
160.00 Cell Phone
46.00 Security
80.00 Time warner
250.00 Boa credit card 19% interest

are the items I put in bold all entertainment? I think you need to get rid of a few.

Cell Phone: Have you considered a no contract plan? My wife and I pay a combined $67 for service.

What's the balance on your Amazon card? actually you may want to list the balance of each debt

Do you need Security?

Do you have at least a 1k emergency fund?

[darkxeno]

Time Warner is my internet. I work in IT so I have to have that.
everything else is entertainment. As far as cell phone the only reason I'm still with AT&T is because of my unlimited data and with my job that is very important to me. on my cards both have a $1,000 Limit and amazon card has $989 on the card and BOA has $930 on the card.

[darkxeno]

are the items I put in bold all entertainment? I think you need to get rid of a few.

Cell Phone: Have you considered a no contract plan? My wife and I pay a combined $67 for service.

What's the balance on your Amazon card? actually you may want to list the balance of each debt

Do you need Security?

Do you have at least a 1k emergency fund?

Time Warner is my internet. I work in IT so I have to have that.
everything else is entertainment. As far as cell phone the only reason I'm still with AT&T is because of my unlimited data and with my job that is very important to me. on my cards both have a $1,000 Limit and amazon card has $989 on the card and BOA has $930 on the card.

No I don't have anything in savings

[Jluke]

thanks for the details... those were the standard questions to get a grasp on spending.

Is Time Warner paid by the company you work for? can it be?

from what you posted your monthly bills are $2567 vs income of $3924

that leaves $1357 per month unaccounted for

I didn't see a food budget. anything else missing in your expenses?

Can you save $50 or $100 per month towards an EF?

The cc debt at under 2k isn't bad. You should be able to put a dent in that. Focus on one, pay if off and then do the other one; or pay more towards each (minimum payments will not get you ahead).

Have you stopped using credit cards at this point?

[darkxeno]

thanks for the details... those were the standard questions to get a grasp on spending.

Is Time Warner paid by the company you work for? can it be?

from what you posted your monthly bills are $2567 vs income of $3924

that leaves $1357 per month unaccounted for

I didn't see a food budget. anything else missing in your expenses?

Can you save $50 or $100 per month towards an EF?

The cc debt at under 2k isn't bad. You should be able to put a dent in that. Focus on one, pay if off and then do the other one; or pay more towards each (minimum payments will not get you ahead).

Have you stopped using credit cards at this point?

I wish my work would pay for my internet.

normally we have about 300 left from our paychecks and that goes towards food pets gas and my wifes smoking habit.

[Jluke]

normally we have about 300 left from our paychecks and that goes towards food pets gas and my wifes smoking habit.

so where does the other $1000 go? You should have 1357-300.

Do you track every dollar spent?

What is your game plan moving forward? You mentioned the snowball approach, so will BOA go first?

[darkxeno]

so where does the other $1000 go? You should have 1357-300.

Do you track every dollar spent?

What is your game plan moving forward? You mentioned the snowball approach, so will BOA go first?

that $1000 is what we have left over if we added everything up to for the month.

docs.google.com/spreadsheets/d/1Jy9vwR0u9X0I21uD6DK5mbnGm1ed9wdOxZLrg3P9WHw/edit?usp=sharing

heres a link to my budget it may give you a better picture

[Jluke]

I think your biggest step forward will be a behavioral change towards your budget.

I didn't look at the link, but I imagine there isn't a line item for savings (i.e. Pay yourself first). Try the 52-week savings challenge if that will make it fun. Each week of the year represents the dollar amount you need to save. Week 1 is $1, Week 20 is $20; Week 52 is $52...

Can you increase your income?
Can you decrease your spending?
Can you eliminate the debt and how?
Can you find a way to save each month?
Can you get your family on board?

Hopefully others will take the time to chime in on the situation too and offer better suggestions.

[LivingAlmostLarge]

Monthly Bills
160.00 Insurance
865.00 House
287.00 Car
41.98 Water
0.00 Bed
240.00 TSA
104.00 Pet Food
82.00 Student Loan
9.99 netflix
9.99 WWE
180.00 Electricity
120.00 Dish
35.00 Amazon
160.00 Cell Phone
0.00 Best buy
46.00 Security
80.00 Time warner
250.00 Boa
200.00 Gas
300.00 Groceries
$ 3,170.96

This was the budget from google docs.

I think you need to figure out where all the money goes before you claim to not be able to save. There is $800/month unaccounted for. Either you do spend it on the same things every month or it could be saved.

It looks like you save for TSA (thrift savings account?) Granted it's $240/month but it's something. Looks like you save 10% of your income and that's a start.

I think there is a lot of fat in your budget and you might be able to get more mileage if you cut some stuff.

[darkxeno]

Monthly Bills
160.00 Insurance
865.00 House
287.00 Car
41.98 Water
0.00 Bed
240.00 TSA
104.00 Pet Food
82.00 Student Loan
9.99 netflix
9.99 WWE
180.00 Electricity
120.00 Dish
35.00 Amazon
160.00 Cell Phone
0.00 Best buy
46.00 Security
80.00 Time warner
250.00 Boa
200.00 Gas
300.00 Groceries
$ 3,170.96

This was the budget from google docs.

I think you need to figure out where all the money goes before you claim to not be able to save. There is $800/month unaccounted for. Either you do spend it on the same things every month or it could be saved.

It looks like you save for TSA (thrift savings account?) Granted it's $240/month but it's something. Looks like you save 10% of your income and that's a start.

I think there is a lot of fat in your budget and you might be able to get more mileage if you cut some stuff.

TSA is the Private school my son goes to

[snafu]

darkx, Welcome to SA. I hope you understand we've all come from different backgrounds and experiences but sincerely want to help each other make the best possible financial decisions given specific circumstances. I too believe it's important to know where the money goes and suggest you and DW note every dollar spent for the entire month of April. [just put an app on the two cell phones]

If you and DW have stable employment it's critical to have a minimum $ 1K Emergency fund [easily accessible Savings a/c] so that you don't need to fall back on a CC @ 19%. Over and above that, the 1st rule in financial management is to pay yourself first. The 52 week challenge or 5% of any/all income, whatever the source...just resolve to pay yourself before anyone else! Finally, what is the plan for retirement? Are you both participating in any retirement plan?

I'll shine a light on painless ways to tighten spending if you're willing to heighten awareness, get DW aboard and make a few changes.