Ok, I've been putting off posting here because I know our budget needs some work and we need to pay down our debt. Frankly, I am embarrassed at the state of it, but it needs to be addressed.
I was laid off last week, so this is the revised budget based on the unemployment pay I was approved for.
Income: $4900
Bills:
Mortgage: 1890 (includes property taxes and home insurance)
Phone/Internet/TV: 120
Car payment 1: 278.69
Car payment 2: 310
Electric: 110
Water: (waiting on 1st quarterly bill)
Car Insurance: 127
Student loan(me): 185
Student loan (dh): 230
Netflix: 11
Minimum payments on credit cards: $300 (roughly)
Total 3261.69
leaves: 1338.31 for additional credit card payments/food/gas etc.
I need to come up with a good payment plan to pay down our credit card debt. I don't have specific amounts set aside for the other expenses either. I am not really looking to make drastic changes right now (like selling the second car or cutting any of the expenses listed above) but to get a realistic plan to pay off the debt and keep track of the money we spend on food/gas and other expenses that can be reigned in.
I am ready to stop using credit completely, which means I have to keep a closer watch on our money so I don't run out and pay for something on credit 'just until payday'.
We have a total of $17134.50 of credit card debt.
9 cards:
1- Balance 6114.88 rate 17.99
2-Balance 961.14 rate 27.24
3-Balance 1478.26 rate 19.8
4-Balance 0 rate 23.24
5- Balance 6469.46 rate 12.24
6- Balance 130.64-0 rate 19.99 (paid off)
7- Balance 780.66 rate 21.24
8- Balance 484.55 rate 13.24
9- Balance 714.91 rate 17.9
Most of the debt was accrued while we were both in school full time.
Alright areas to focus on:
plan of attack to pay down credit cards
food budget
Other plans in the works that aren't finalized:
For me to go back to school and finish my BSN which would be paid for by the GI bill and also give us a 'housing allowance' payment each month. I applied last week for my GI bill benefits and applied to the BSN program. Right now I am waiting to hear back from the VA and from the school to accept my application. It is all last minute, rushing to meet the deadlines for the fall semester since I wasn't planning on going back this year.
I called my last boss (from the job before the job I just got laid off from) to see if I could come back to work there. My old FT position is filled but she was going to check if I could come back per diem and pick up some shifts.
Send out my resume and find a new job. I am pregnant and due in November so I am not sure a new job would work out right now. If I got an interview and could get into a September orientation I would probably only be able to work for part of October and some of November before going out on maternity leave. That would also mean adding some childcare expenses for my son.
Questions and input welcome. Be gentle though, I am embarrassed that our finances are in such bad shape.
Thanks in advance for taking the time to look at this.
I was laid off last week, so this is the revised budget based on the unemployment pay I was approved for.
Income: $4900
Bills:
Mortgage: 1890 (includes property taxes and home insurance)
Phone/Internet/TV: 120
Car payment 1: 278.69
Car payment 2: 310
Electric: 110
Water: (waiting on 1st quarterly bill)
Car Insurance: 127
Student loan(me): 185
Student loan (dh): 230
Netflix: 11
Minimum payments on credit cards: $300 (roughly)
Total 3261.69
leaves: 1338.31 for additional credit card payments/food/gas etc.
I need to come up with a good payment plan to pay down our credit card debt. I don't have specific amounts set aside for the other expenses either. I am not really looking to make drastic changes right now (like selling the second car or cutting any of the expenses listed above) but to get a realistic plan to pay off the debt and keep track of the money we spend on food/gas and other expenses that can be reigned in.
I am ready to stop using credit completely, which means I have to keep a closer watch on our money so I don't run out and pay for something on credit 'just until payday'.
We have a total of $17134.50 of credit card debt.
9 cards:
1- Balance 6114.88 rate 17.99
2-Balance 961.14 rate 27.24
3-Balance 1478.26 rate 19.8
4-Balance 0 rate 23.24
5- Balance 6469.46 rate 12.24
6- Balance 130.64-0 rate 19.99 (paid off)
7- Balance 780.66 rate 21.24
8- Balance 484.55 rate 13.24
9- Balance 714.91 rate 17.9
Most of the debt was accrued while we were both in school full time.
Alright areas to focus on:
plan of attack to pay down credit cards
food budget
Other plans in the works that aren't finalized:
For me to go back to school and finish my BSN which would be paid for by the GI bill and also give us a 'housing allowance' payment each month. I applied last week for my GI bill benefits and applied to the BSN program. Right now I am waiting to hear back from the VA and from the school to accept my application. It is all last minute, rushing to meet the deadlines for the fall semester since I wasn't planning on going back this year.
I called my last boss (from the job before the job I just got laid off from) to see if I could come back to work there. My old FT position is filled but she was going to check if I could come back per diem and pick up some shifts.
Send out my resume and find a new job. I am pregnant and due in November so I am not sure a new job would work out right now. If I got an interview and could get into a September orientation I would probably only be able to work for part of October and some of November before going out on maternity leave. That would also mean adding some childcare expenses for my son.
Questions and input welcome. Be gentle though, I am embarrassed that our finances are in such bad shape.
Thanks in advance for taking the time to look at this.