this is what a make help me make a budget to live on?

Question

I am a Correctional Officer I make $24778.00 a year salary. Some of my bills are that I have 3 kids that live with me 14, 11,&7 and I also pay child support $600.00 a month on 3 other kids 13,11,&9. Help me set up a budget. ( I KNOW IM SCREWED RIGHT)

Answer 1

Im really good at this sort of thing, I do this for a living( not set budgets) but loan according to debt to income ratios. so you need to let me know what other bills you have.I would love to help, Email me.

Answer 2

Yup, that's a lot of kids. I don't think you're "screwed" at all but you'll have to make some tough decisons. You have a pretty good job which will probably include a better salary in the future. I've known women that made less than you and paid off their morgages well before retirement.

Search for household budget tips, household cost savings, check out yahoo finance and Msn money for personal finance tips. Groceries and housing are often the easiest things to cut back on-cheap menu tips are available too.

Answer 3

I am guessing you bring home about $1600 after taxes. $600 of your money is tied to child support, I am guessing another $600 is tied to housing, leaving you $400 left each month for utilities, food, gas, and other necessities. I am sure you are struggling financially based on these numbers. I would try to find a second job, try to find a higher paying job, and/or go back to school in the evenings so you can set yourself up for better opportunities.

Some cost savings I would suggest

1. Move in with someone to share housing expenses
2. Sell your car and get a older model with smaller payments
3. Stop all unneccessary services (cable, cell phone, etc)
4. Rideshare with someone to cut down on gas expenses

Good luck

Answer 4

2064.83 a month income
- 600.00 child support
------------------------------------
1464.00 a month is left.

The only thing I can say is shop for your grocery's at discount stores. Don't buy anything that is not for a meal. Keep your electric bill down by making everyone turn out the lights in the house exept for the room they are in. Only use energy saver bulbs. make the 14 year old babysit to buy the thing he/she wants such as clothes etc. It can be done. i promise but without knowing all of your bills it makes this question very hard.

Answer 5

Go and get a book by Larry Burkett called "The Complete Financial Guide for Young Couples". It takes you through step-by-step on how to set up your budget, making sure that you include yearly expenses like insurance, car maintenance, birthday gifts, etc. that usually are the budget busters! You can do it! This book is a lifesaver!

Answer 6

I think it is important to focus on increasing your income so that you can meet your obligations and live a lifestyle of freedom and enjoyment. I have found that vehicle for myself and it is called Primerica Financial Services. I would not hurt to find out about this company because you can really get ahead by earning some extra part-time money. One more thing, I have been her already, but, don't let other people tell you something is bad like it was a book in the Bible, find out for yourself by visiting them. Best of luck.

Answer 7

Learn to say no to the things you don't need. Also you don't need to get your kids everything they want, they will still love you..And put whatever you save in savings or a CD

Answer 8

Yep you are screwed. You sure got busy on those kids though.

Answer 9

look around on suze orman's site, she's an amazing finacial person....and can help you set stuff up to budget yourself right, just be prepared to sacrafice

Answer 10

You will need to get another job.

Coach