Getting Out of Debt - May 2013 - Page 2 - Mothering Forums
1  2
Frugality & Finances > Getting Out of Debt - May 2013
SunRise's Avatar SunRise 04:00 AM 05-14-2013
Quote:
Originally Posted by orangemomma View Post

trekkingirl - I am so right there with you, my DH is not on board with a budget either.

 

So I got a job offer for a 20 hr/week position with a non-profit that I am considering taking.  

 

After paying taxes and deductions for a family health insurance plan - I will only see 46% of my gross salary. Does that seem about right for the United States??  I don't know if I am going to net enough to make it worthwhile.

 

I would also be curious to hear what folks say that are living in the rest of the world - how does that compare?


54% does seem high. The health plan premiums will be deducted off your gross and then the tax withholdings will be calculated... that may make a difference in your net pay.



Carson's Avatar Carson 09:14 PM 05-14-2013
But if the health premiums are average and she's only working half time, it might not be out of line. You also would want to check the number of exemptions you claim to right size your take home now so you don't get a huge Refund later.
orangemomma's Avatar orangemomma 05:09 AM 05-15-2013

I took my gross earnings for a pay period - subtracted the health insurance before any taxes - then took 30% off for taxes which is about the usual rate for me. Equals 54% of my paycheck deducted. (My deductions have been changed to as low as possible now - had to pay in to the feds the last two years.)

 

It is because it is only a 1/2 time position - if I worked more, the company would pay more of my health insurance and I would obviously have to pay less.

 

It's such a bummer - sigh. But I will need to decide if I should take it or keep looking - just trying to figure out if it's likely to be the same elsewhere.  Sounds like it probably is.

 

Thanks for everyone's input!


trekkingirl's Avatar trekkingirl 08:39 PM 05-15-2013
Got a bill from the IRS today for $1044. Apparently they think I should have paid 20% tax on my disability pay last year. seems crazy since that money was tax money that I paid into the program when I was working.
pollyanna02's Avatar pollyanna02 04:20 AM 05-16-2013

trekkingirl redo your taxes to inclue the money the IRS said you should have. When they send you the bill sometimes they don't figure your exemptions you have. what they say you owe might not be correct.


orangemomma's Avatar orangemomma 03:27 PM 05-16-2013

lilac- how's the job search going? Find the best one yet?

 

Hope things are going well for you and the little beans.


lilacvioletiris's Avatar lilacvioletiris 03:43 PM 05-16-2013
Extremely tired pregnant with twins momma. I have a second interview on June 6 to be a math tutor at the local community college. I think that would be a good fit for me and maybe someday I could teach math at the community college. One week and a day left with kids then clean up 12 years of accumulation in my classroooms. Ugh.
ILoveMyBabyBird's Avatar ILoveMyBabyBird 07:23 AM 05-19-2013
I am at a loss now that I am borrowing for college. Not sure what to pay down now. Guess Dr would say the smallest. But should i try to put snowballing on hold and save money for classes and get lower loans for upcoming semesters. I usually can figure this out but my mind is drawing a blank. My new used car needs new brake pads and the winsheld needs cracks filled as a rock gave it 4-5 small cracks on the freeway just after I bought it...I racked up some cc debt this past month too. I need ti get back on track greensad.gif
kitteh's Avatar kitteh 07:52 AM 05-19-2013
If you can get federal student loans for school (especially if they are subsidized!) then my personal opinion would be to use the cash to pay down higher interest cc debt. However, some might disagree with that because student loans can never be discharged in a bankruptcy, so maybe it would be better to avoid it. Obviously you want to avoid any private student loans like the plague they are, but I'm sure you already know that.

How much do you think you are going to need to borrow to complete your degree? Can you try for any grants and/or scholarships? And what degree are you looking at, again? (sorry if you said all of this earlier, I have a severe case of pregnancy brain.)
ILoveMyBabyBird's Avatar ILoveMyBabyBird 11:48 AM 05-19-2013
Quote:
Originally Posted by kitteh View Post

If you can get federal student loans for school (especially if they are subsidized!) then my personal opinion would be to use the cash to pay down higher interest cc debt. However, some might disagree with that because student loans can never be discharged in a bankruptcy, so maybe it would be better to avoid it. Obviously you want to avoid any private student loans like the plague they are, but I'm sure you already know that.

How much do you think you are going to need to borrow to complete your degree? Can you try for any grants and/or scholarships? And what degree are you looking at, again? (sorry if you said all of this earlier, I have a severe case of pregnancy brain.)

I am getting a restricted teaching license and that leads into a masters in teaching. I already have a B.A. and I am taking grad level classes which are all unsubsidized. One thing that I can do is get a defferment on my current student loan debt though it is pretty low and will not free up much money per month, those loans are subsidized and I think will not acrue interest while I am enrolled in college.

 

I already accept 2300$ for my summer classes in student loans at 6.8% interest accruing as soon as it is disbursed next week. That is for 6 hours plus money for books. The restricted teaching license will only put me about 5K in debt, but I was planning on picking up some of the masters classes because of the timing and the unlikelihood of getting a job in January. The total amount for all the masters classes I need for the degree is about 18000$. 12 hours are actually a paid internship when I get a job teaching and at that point I hope to be able to pay as I go or shortly after I complete the hours.

 

My current debt is about 1750$ in cc and 4000K in student loans. I have reduced my emergency fund to 2000$(which is more than DR suggests but I rely soley on alimony/cs from xdh so that amount is as low as I feel comfortable, and I do have a bit extra right now in the bank but I am not paying anything off with it until the end of the month once i get my car issues fixed and paid for and see what is left.

 

At this point making extra money is near impossible as far as side jobs, I have little time as it is, and I need to keep my 1-2 days free for studying when the xdh has the kids. His hours are long and unpredictable so him keeping the kids any more is not an option. I also have no relatives within 20-40 mins of me and no one to keep my kids weird hours for a job or would accept the little money i could pay. I make 80$ a month at a church where I can bring my kids, but with illness i usually miss 1 day a month so it is more like 60$.

 

I do have small items I could sell on CL but I am not going to focus on that until summer classes are done on june 22nd. I will then have an 8 week break until classes start for the fall.


lilacvioletiris's Avatar lilacvioletiris 07:18 PM 05-26-2013

Thanks to overtime for DH we have been able to pay off another credit card.  8 down, 12 cc/student loans to go!  Making progress again after doing our IVF feels good.


pollyanna02's Avatar pollyanna02 08:39 PM 05-26-2013

Geat news. I love OT when it comes to getting bills paid.


pollyanna02's Avatar pollyanna02 03:50 PM 05-27-2013

Got Paid today 325 went to rent and 175 in bank for bills. The 86 dollars i had left over got split up as 25/dollars for the christmas fund and rest went into EF total 700 in EF. in june i will br able to finish the EF and then be able to pay off SL by christmas. I'm right on track just need a few more checks with 79+hrs in them


trekkingirl's Avatar trekkingirl 11:14 PM 05-28-2013

polly make sure you are doing something for yourself during the week or that many hours of work will catch up to you and you'll burn out before christmas. Happy to hear you are so focused though! Keep up the good work.

 

AFM, I have my car back in the shop. My second transmission is going out. The shop says they will cover it even though the warranty is past but we'll see. It's only been a year but I drive a lot. 

 

I haven't heard anything back about the house and can't seem to make up my mind as to what I should do. I'm back on disability as I threw my back out again. Living on a fixed disabled income is becoming more and more of a reality to me. All the more reason to get out of debt ASAP!


sarafi's Avatar sarafi 02:55 AM 05-29-2013

Gosh I haven't posted or read in a while! I remember where a lot of you ladies where six months ago, and am impressed with the progress :-)

 

We made it through BS2 a month or so ago (my computer died and I didn't have a back-up of Quicken so it's all a bit fuzzy).

 

My only financial goal for 2013 is to have 2 months saved in an E-fund and have enough to buy a Roth for me this year.

 

As of today, was have 16% of our two month E-fund and 0% for my Roth. And DH just got the notice that he will be furloughed this year, so it's going to be tight. I am setting the E-fund goal low so that hopefully we can reach it, and also because that's all I want to live in the accounts we are filling right now. After that I will shift to something that earns more interest.


pollyanna02's Avatar pollyanna02 08:19 PM 05-29-2013

trekinggirl the 79hrs is a 2 wk total, since in this state most places pay every 2 weeks. I plan on paying off my SL for chistmas figured i needed to pay 270/m to do it. so it is beginning to look doable.


John16n33's Avatar John16n33 10:51 PM 05-29-2013

Can I ask for thoughts and prayers that these two tutoring interviews I have go well?  It will more than likely be only an hour each/week/kid (50.00 extra a week), but that's 200.00/month to put towards debt and savings.  I am still trying to get an online tutoring job, but these would help a lot!


pollyanna02's Avatar pollyanna02 02:35 AM 05-30-2013

meagan hope your interveiw goes well for you.


John16n33's Avatar John16n33 06:27 PM 05-30-2013

It went great, besides Starbucks internet not working banghead.gif.  Thankfully I was able to explain to her my ideas and we are having a trial run next week.  I just pray it goes well.  Next Tuesday I have my second consultation so I am praying it goes a little better!


pollyanna02's Avatar pollyanna02 01:51 AM 05-31-2013

glad for my emergancy fund yesterday. we went to the store for groceries tire went flat we need to get fix a flat to hold it until we got to walmart to get a new tire so 79 dollars of unexpected expenses.


eirual's Avatar eirual 12:43 PM 05-31-2013
Well ladies, I have one last mat. leave payment before our income stops for 3 mos. we have savings- not enough, but we always make things work, so I'm sure we'll figure it out! This BS3 has been EXHAUSTING and drawn out. I can't wait until DH is done school and bringing home the bacon!! 18 mos to go...
John16n33's Avatar John16n33 11:53 AM 06-01-2013

Good luck eirual!!  I am sure you will find a way to make it work, the good news is if your on BS3 that means none of the money is going towards debt!

 

So Dh has decided he wants to apply for an early out, they are doing away with the language mission he is involved in anyway (Tagalog, he is a linguist in the Army) and have already told us that sometime in the next few years he will either have to switch MOS's or have his contract dissolved...he said he would just rather jump start the process now and get on with our lives.  If it's approved he will get out about Nov 2014, so we have about a year and a year and 5 months to get out of debt and save, save, save.  Lucky for Dh I am obsessive about numbers so I am in the process of creating us a plan to do just that.  When he gets out of school we will have his GI Bill and a PELL grant (which the grant will pay for all his schooling since it's at the Junior college) so we will have some income coming in.

 

Ugh my mind is just spinning...


orangemomma's Avatar orangemomma 04:02 PM 06-05-2013

Started a June thread - come on over and post there!


Tags: Frugality , Finances
1  2

Up