Please help me make a budget for myself...

[goodygumdrops]

Hi everyone,

My husband and I are getting a divorce and I am in the planning stages of how I'm going to afford everything when he moves out. I have been a sahm for the last 2 years or so. I am planning on starting prereqs for nursing school in the fall. I also have a BA. I cannot decide if I should focus on finishing school and getting into more student loan debt or work fulltime and take longer to get my degree.

Rent 1000.
Electric 100
Water 100
Phone/Cable/Internet 100 - we don't have these now but I would like
Groceries 350
Childcare 350
Gas 200
Car payment 270
Insurance 70
Capital One 85
Blow money 200
Medical 20
Medical 20
Total monthly bills - $2707

I will receive $730 in child support and about $500 in temporary alimony. If I go back to school full-time, I'm sure my stbx will give me the temp alimony for 18 -36 months. If I work full-time, I don't see that I can expect him to give it to me longer than 18 months.

My debts include
Student loans 45000 - In deferment
Medical 260
Medical 260
Capital one - 85

I have no savings.

I really want to have a rock solid budget so I don't end up asking family for money. My family is pretty poor and I just don't want to go down that road. If I go back to school at least part time I will qualify for loans and I can pay off my car, etc.

I just don't know what to do....

[MCsMom]

What kind of job could you get bring in what kind of money?

When I see that you already have 45000 in student loans, I would really hesitate to add to that if I were you.

(((Hugs))) about the divorce

[goodygumdrops]

Yeah, that's the problem...I don't have a job yet. I am interviewing for a position that will pay enough to cover my bills tomorrow. I definitely have a good chance of getting the job.

As per the student loans, unfortunately, I won't be able to go to school without taking out loans since I already have a BA. I don't qualify for pell grants. I am going to look into grants for single moms but I'm not holding my breath.

I'm wondering if Im forgetting some stuff from my budget. I want to make sure I have everything I need jic.

[Maluhia]

If you don't want to be asking your family for $ than I'd put at least $50 a month into savings, better $100 - I'd cut down your blow money to do the $100 to savings every month. You'll need an EF (emergency fund) for unexpected expenses.

[Denvergirlie]

clothing, gifts, subscriptions (newspaper, magazines, etc).

I see insurance and gas, but assume car is paid for? Also tuck away a few bucks for registration and repairs/ oil changes.

I also second the suggestion of money for savings, emergencies do happen... it is going to rain eventually, you need to have an umbrella for when it rains (it will rain...).

[cymbeline]

I was a single mom of 2 with no child support. It was difficult, but I made it work somehow.

I rented a house with another single mom.

I worked Fri/Sat as a consultant for Slumber Parties. It made decent money, and was fun.

I went to school for my Master's degree in the evenings and lived mainly off my student loans (still paying them off).

My roommate worked days, so we traded childcare which helped a lot.This lasted about 18 months. After that, I let out her room in exchange for light housekeeping/child care.

There were some really, really tight months, but we got by and I never, ever felt poor. I felt stressed, but we always had what we needed. We had plenty of food stamps and children's health care and sometimes welfare checks.

Eventually, my kids started school, I finished my Master's, I went back to work full time, and now I am remarried. Life moved on. I know this isn't specific to your budget, I just wanted to put that out there for you and send hugs

[Thystle]

Originally Posted by goodygumdrops

Hi everyone,

My husband and I are getting a divorce


...


I will receive $730 in child support and about $500 in temporary alimony. If I go back to school full-time, I'm sure my stbx will give me the temp alimony for 18 -36 months. If I work full-time, I don't see that I can expect him to give it to me longer than 18 months

OK I will point out something that "falls" many newly single moms.


Try not to budget child support or alimony into your bills as you never know if you will actually get them! It does not matter if the ex says they will or if it is a court order. They can still stop or not pay!


I say this because you are divorcing so that means you all could not work something out, so you can NOT believe the other party when they say they will do these things! It happens ALL THE TIME!!!!!!!!!!!!!!




Do you have a court document that says child support and alimony? Why do you say he would be "willing" to pay you alimony longer if you are in school? Isnt that normally decided in court and by your documents?


Are you going off his "word"? If he is the reason you are divorcing then you CAN NOT trust him!

If you are the reason for the divorce he WILL eventually get pissed at you no matter how "mellow/submissive" a guy he could be.





Please don't make the mistake of "assuming" you will get both EVERY month and budget around it!!!!!! If you do get those payments then put them in savings if you can... especially since you think you might get a good job. Good paying jobs dont last forever and many moms cant find work after school and then have a TON of student loan bills hit them!


Good luck!

[goodygumdrops]

Thanks for the advice. I'm still in a conundrum. I am having a hard time finding a part-time job and I can't work full time and go to school because I am the primary parent and my son will already be in care during the day. I am going to have to rely on child support but I will make sure I have a back up plan in place. I will post more later.

[mtm]

how did your interview go?

[lmonter]

Savings. For new tires for the car, a fridge that needs to be replaced, a water heater that dies, new shoes for you/kids, other car repair, holiday/birthday presents, other medical expenses that pop up, etc.

Do you already have life insurance or is that not needed?

Clothing. Always budget for clothing. Unless your children never grow and never wear things out. This one kills me since my oldest is getting to the point of trashing shoes and getting holes in knees so some things can't be used for much more than spare painting clothes for the younger kiddos.

I'm not sure what your housing market is like, but $1000/mo for rent is a lot of money to me, even though I'm not single. Any way to find a cheaper place or if your place is big enough, rent out a room or floor to a quiet grad student or something?

Your car payment - any way to do something cheaper that still works/goes/is safe? Just a thought...

[goodygumdrops]

Rent$995.00
Electricity$100.00
Water$100.00
Phone$33.00
Internet$33.00
Cable$33.00
Groceries$300.00
Childcare$300.00
Gas$200.00
Car payment$270.00
Car repairs$50.00
Car insurance$70.00
License/Tags$10.00
Clothing$75.00
Capital One$85.00
Medical$20.00
Medical$20.00
Total$2,694.00

Child Support-$730.00
Temp Alimony-$650.00
Earned Income-$2,000.00
Total-$686.00

Ok so this is a modified budget. This would be for if I was working full time making a about $15hr.

[goodygumdrops]

Rent$995.00
Electricity$100.00
Water$100.00
Phone$33.00
Cable$33.00
Childcare$300.00
Gas$150.00
Car repairs$50.00
Car insurance$70.00
License/Tags$10.00
Blowmoney$200.00
Clothing$75.00
Total$2,149.00

Childsupport-$730.00
Temp Alimony-$650.00
Earned income$ 00.00
Loans per month $769.00



Food Stamps$367.00
Car payment$13,000.00
Capital One$650.00
Medical$200.00
Medical$260.00
Total$14,110.00



Income eligible$1,516.00




This would be if I didn't work and went to school full time. I would pay off my car and medical bills with student loans. Then I would receive food stamps and medicaid. I would be relying going into debt more though.

[goodygumdrops]

Rent$995.00
Electricity$100.00
Water$100.00
Phone$33.00
Internet$33.00
Cable$33.00
Childcare$300.00
Gas$150.00
Car repairs$50.00
Car insurance$70.00
License/Tags$10.00
Blowmoney$200.00
Groceries$367.00
Health Insurance$200.00
Clothing$75.00
Total$2,716.00

Childsupport-$730.00
Temp Alimony-$650.00
Earned Income-$620.00
Loans
Total $716.00

Food stamps$367.00
Car payment$13,000.00
Capital One$650.00
Medical$200.00
Medical$260.00
Total$14,110.00



Income eligible$1,516.00


This would be if was employed part-time. This is pretty much the same as if I didn't work.