i make $15 an hour and work 50 hours a week. my apartment cost $670 and daycare cost 400 a month and my car payment is 300 and insurance is 100. and everything else costs like 500 (i think)....can i do this or no? i also go to school full time.
2007-01-12 05:06:31 · 11 answers · asked by jeff m 2 in Business & Finance ➔ Personal Finance
You gross $3k/month, take home aprox. $2,400.
Rent + day care + car + insurance =1,470 in fixed expenses.
$500 for everything else leaves you with $530.
You can do it but it will be tight.
You don't mention health insurance. See if your school offers coverage for you and your kid(s). If not, look into local county or state programs. Have a list of low-cost community clinics so you know your options in a sprained ankle, case of chicken pox or bad flu etc.
You need to have some money saved for emergencies or unexpected expenses (flat tire, trip to the emergency room, etc.).
If you can, join a credit union to lower your banking costs or get a checking account designed for students.
Look into any programs that might help subsidize your day care costs or lower-cost day care (church groups, through school for students). Also check into food programs for families.
See if you can qualify for any grants/scholarships. Check with your school's financial aid office and local service organization (Lions Club, etc.).
Also, make sure you are taking advantage of any/all tax breaks. See if there is a United Way Tax Assistance program in your area. This program is designed to help working families figure out their taxes accurately.
Don't be too proud or stubborn to get all the help you can. You're working towards a better future so let people help you now.
It seems that you are a single parent. If so, here are some links you might find useful.
http://singleparents.about.com/od/scholarships/bb/Scholarships.htm
http://singleparents.about.com/od/adulteducation/a/scholarships_us.htm
For 06-07, but check back for 07-08
http://www.cod.edu/dept/fin_aid/scholarships/cod_singleparen.htm
2007-01-12 05:41:59 · answer #1 · answered by Treadstone 7 · 0⤊ 2⤋
Sell your car and take the bus for three months. In three and a bit months you can buy a $1000 car with CASH, and have no car payment. If you keep making "dummy" $300/month payments into a savings account after that, by the time your $1000 car dies (which it will!) you will have enough saved up to maybe buy a $3000 car with CASH.
Eventually it won't matter that you're only making $15 hour, you will not have 'payments' dragging you down and you'll get to spend more time with junior and doing school work.
Good luck!
2007-01-12 06:48:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
$15/hour * 50 hours/week * 4 weeks/month = $3,000 before taxes.
Let's assume the government takes 25% of that, leaving you with $2,250.
670 + 400 + 300 + 100 + 500 = $1,970.
But things like groceries, *utilities*, and gas cost more than you might think. I assume it's too late to get a different apartment and car, so you'll just have to be really frugal about groceries, entertainment, and driving.
2007-01-12 05:13:45 · answer #3 · answered by Anonymous · 2⤊ 2⤋
Wow, you do have alot on your plate, everyone does. I had to find a way to make money from home because of the huge daycare bill and the cost of gas and food while I am out. You might want to find a way to supplement your income. Especially if you have dreams of having things you don't have now. I would give you a great email address but I don't want to be accused of advertising. You could email me though. Good Luck! I know it's hard. I have 4 kids! How do you do it all.
2007-01-12 05:21:19 · answer #4 · answered by jenniferjotheos 1 · 0⤊ 1⤋
You are cutting yourself pretty thin. Try to create an emergency fund in case you need to take some time off work. I recommend cutting your costs (if possible) and tracking all your expenses with a budget.
I don't know where you could fit it in, but if there were extra hours in the day, I would recommend getting a 2nd job for extra cash. GL.
2007-01-12 05:35:44 · answer #5 · answered by MR MONEY 3 · 0⤊ 0⤋
Yes you should be able too. You make roughly 3000 before taxes. You should have 1000 left a month - taxes. And hopefully those are not 33% of your paycheck. :)
2007-01-12 08:13:45 · answer #6 · answered by Modern_Monroe 3 · 0⤊ 0⤋
Assuming you make time and half for everything over 40 hours, then yes, you will have plenty to cover everything.
2007-01-12 05:19:38 · answer #7 · answered by Joe L 3 · 0⤊ 0⤋
Financially yeah you should make enough but the question is. When do you sleep? If you aren't making the grades in school you are wasting your money. So if you find that you aren't doing so hot get a little financial aid to make sure you're getting your monies worth from the education!
Good Luck
2007-01-12 05:12:41 · answer #8 · answered by psycho-cook 4 · 1⤊ 3⤋
No...there will always be the factor forgotten such as medical for the child...if you do try it, don't count on going to the movies as you won't have time or money.
I wouldn't try it...
2007-01-12 05:29:19 · answer #9 · answered by Dana 2 · 2⤊ 0⤋
its do able but i think u r going to starve.
2007-01-12 05:14:34 · answer #10 · answered by Miki 6 · 0⤊ 2⤋