Can this work?

[ceeveg]

Income: $50,000 annually, no benefits

Weekly paychecks after deductions are $783.13

Monthly Fixed

Mortgage $950
Car payment $300
Student loans $271 (currently in forbearance through January)
Credit Card $200
Health Insurance $798
Water $30
Electric $70-$121
Phone Package $125
Car Insurance $65

We currently have no savings.

What non-fixed costs should I be considering? How to budget?

Thank you SO much!

[Chicky2]

Not by the math I did, unless perhaps you do not eat or have gas to buy or car maintenance, or house maintenance. You'd have to drop your phone, get rid of the car payment, can you get cheaper insurance?

[sunnysandiegan]

I took your weekly amount and multiplied it by 52 and then divided it by 12 to get a monthly amount in order to compare apples to apples. I used $100 for electric and your other figures as stated.

I get $550 per month for all other expenses. That can be super tight or okay. Depends on your family lifestyle and how many people in your family.

First thing I would do, though, is shop around for lower healthcare premiums.

[smallmama]

Monthly Net Income (783.13 * 52 / 12) = 3393.56

3393.56
- 950.00
- 300.00
- 271.00
- 200.00
- 798.00
- 30.00
- 95.50 (average of your 2 numbers)
- 125.00
- 65.00
---------------
=568.06 left over for groceries, gas, home and car maintainance, clothes, entertainment, diapers if you need them.... I think it'd be tight but doable. Especially if you can get any of those numbers reduced. The phone plan seems high to me, you may be able to find cheaper health insurance (we're self-insured for around $500/mo for the 3 of us) especially if you're OK with raising your deductible, is that student loan payment plan the longest length one possible?

[1growingsprout]

you are missing: groceries, gas, insurace (auto home life) you have health insurance but you dont have any deductables or co-pays etc, i dont see an "oh sh*t" like the car is broke, the water heater broke, kid threw a ball out the window etc, how is your home heated, do you need to buy oil or wood for the winter? does your phone package include cell, cable and internet? do you need daycare, preschool, homeschool supplies?? Holiday presents, b'day, weddings etc? Do you have any memberships to pay, either professional or fun ( zoo, science center, AAA, etc)

My list may seem long and incidential but trust me those things add up and can really blow a budget.

[ceeveg]

Thank you for all of these responses.

I called around for health insurance options and found a plan that is $200 cheaper than we currently pay -- Is Assurant Health realiable?

So that would save $200.

The phone package could be reduced but, unfortunately, we unwittingly locked into a 2-year plan, and it would cost $500 to cancel right now.

If we were to come up with the $500 to cancel, I think we'd save perhaps $50/mo in that category, but we were warned that the rates might go up on the services included with the phone.

We do have costs related to diapers -- usually about $14/week.

Thank you again!

[sunnysandiegan]

I wouldn't cancel your contract, but I would call them up and see if you can get on a lower plan. I was able to do that at no cost to us and save us over $25/month. Yours sounds like a bundle plan, though, so it may not be possible. It doesn't hurt to try...

I am not familiar with the health insurance company you mentioned. Have you tried going online to ehealthinsurance.com for quotes?

[eirual]

In my experience with contracts, it's almost always best to get out of them.

They win. You loose, guaranteed, which is why they don't want you to go.

We pay $11.95/mo for phone, free long distance through Bramatelecom (looks to be Canadian, but I'm sure there are similar services in the U.S.).

[1growingsprout]

Originally Posted by ceeveg

Thank you for all of these responses.

I called around for health insurance options and found a plan that is $200 cheaper than we currently pay -- Is Assurant Health realiable?

Thank you again!

is that plan really 'cheaper' what about copays, deductables, rx's, is your dr on the plan etc.

[ceeveg]

I will need to look more into what the insurance means -- they said something about a 50/50 copay, which I will need to look into.

I lost my income this morning (DD woke up sick, the daycare would not accept her, I had to call in, and that was that), so we are a little freaked out and in shock.

The $50k income provided is still where we're at, as I had been trying to plan ahead for when I wouldn't have a job, but this was really unexpected.

Would I find advice about how to cut groceries down to the bare minimum under meal planning? I don't really care if DH and my nutritional needs are entirely met, as long as DD is doing well.

Thank you again.

[eirual]

Do you mean you lost today's income? I hope you didn't get fired over calling in ONE day!?

If you want to bare-bone your food, I'd suggest a lot of rice, beans, and eggs- chilli, bean borritos, rice and beans, eggs (hard-boiled, soft-boiled, scrambled, deviled, egg salad, quiche, etc), oatmeal. Focusing on the cheap protien-rich stuff, and getting rid of any snacky/grainy fillers that don't contribute much nutritionally.

[Chicky2]

I didn't mean to be so short w/my answer. I was NAK and she was needing to be put on the bed....

What I should have done was a post like 1growingsprout, lol. So, what she said.

That just isn't much wiggle room. Is this a mortgage that you are already in? I know how much stuff comes up around here needing to be fixed or replaced, and it sure adds up! I've been tight like that before, and yes it is doable, but I would certainly look into reducing whatever you possibly can.

Also, there have been many previous 'how do i feed my family on less' threads in the Frugality and Finances board. Search some, or start a spin off of this thread. I'm sure there will be lots and lots of answers. Post what you normally buy, how much it costs, and let's see how we can get it lower.

[1growingsprout]

[QUOTE=eirual;14256601]Do you mean you lost today's income? I hope you didn't get fired over calling in ONE day!?

QUOTE]

She may not have had any sick time or pto (paid time off) available, many companies will give ya the big ole boot if you call in for any reason and dont have time available. Companies are cutting back expenses and payroll is a huge expense, unfortunatley firing is cheaper then layoffs (no unemployment to pay)

OP how is DD doing??

[sunnysandiegan]

[ElaineBenes]

With a good grocery spending plan I think this is very doable, especially with lower health insurance. I am assuming your taxes and homeowners is included in your mortgage payment.

[Chicky2]

Is there any other way of making some $ on the side? My dh does HVAC and electrical on the side. Does your dh have a skill he can use? What about you? Any crafting/knitting, etc...you could do? Then the $50k/yr might not be so tough. Those side jobs add up!

[xekomaya]

what a tough situation. I'm sure you are in shock.

Do you WANT to be a SAHM? At the very least, you can probably make it work for a couple months until you found another job, if thats what you wanted to do. If you do want to SAH, there probably are ways to make it work, but it's going to be a learning process.

Additionally, there is income to be had on the side if thats what you want. Babysitting is a pretty easy one when you have kids. Either day time drop-'em-off-at-my-house type, or night time when your DH is home. And even if thats not your thing, there are other things that can come along.

[phathui5]

How many people in your family? Ages?

[ceeveg]

What an end to this week - we all wound up with the stomach flu!

We have three people - two adults and one young toddler (14mo).

I found two jobs to apply for on Thursday, but have been out of commission with the flu from Thursday night on. I'm going to get back to looking today.

It turned out that the insurance plan was not accepted by our various doctors, and that they had very limited coverage. I could go through another provider, but they said that they consider my being premature almost 30 years ago a preexisting condition!!!

[heatherweh]

Oh (raising hand and waving wildly to be called on)- You should get into Angel Food. It is inexpensive food and lasts a really long time. One box is $30 and includes many staples- they say enough to feed a family of four for a week, but we stretch it way further than that and it becomes a fun challenge using up all the random foods like kidney beans and key limes. They have a fresh produce box too- around $20. Its not income based and you can even order online, just have to go to a church in your area on pick-up day. Just Google it and you'll see. I have been pleased with it and even DH, who is a curmudgeon, sees the good that it does us. When we really can't afford to spend that and shopping at Aldi really keeps me on track. Aldi is just cheap and no-frills, which keeps me out of trouble because regular grocery stores have too many fun things to throw in the cart.

I am so hoping we get a national healthcare plan, but in the meanwhile consider what pps said, if the plan is cheaper but co-pays and deductables and stuff are higher you might lose in the end, or if they make you travel to see in-network practicioners, you don't want to be driving an hour with a sick child.