What are some realistic ways that a person can do better financially?

Question

When my daughter turns 18 soon, child support payments will cease. This will in turn leave me with only one income. My net income (from work, minus child support) will be 771 dollars less than my money going out. The only bills that can be eliminated are phone/internet, cell phone, and student loan. The latter will be paid off shortly. Eliminating those three will still have me in the red. I live in a rural area, so public transportation is unheard of. I make "too much" money to qualify for any welfare assistance, subsidized housing, etc. I am classified as working class, lower middle class. I have two teenagers. The oldest will be graduating. I work 3rd shift. I can go to 2nds and make the same but not see my kids. My boyfriend gives me 40 a week toward food. He will not move in, though. I have a relative in California who will take us in, but that doesn't solve my long term problem. And the cost of living is high. I have only an AA degree. Any suggestions

Answer 1

The easiest, fastest, and best way to improve your financial situation is to look at your spending. The financial wisdom concerning your phone, internet, and cell phone depend entirely on the plans/rates and on how they are used. Increasing income never solves financial problems because spending always increases with the income unless a firm budget is already in place. Wise investments for increasing net revenues (salary, interest/dividends, property value appreciation, etc.) are vital to a long term solution.

As a side not, living on the "dole" harms your financial future psychologically in many ways .. you are much better off not having this option (it's a blessing in disguise), as financial dependence on anyone actually harms your sovereignty and financial wisdom and power.

Concerning spending, the goal is not to eliminate things as much as to increase the return on your "investments." EVERY cent that leaves your "hands," must work for you in a variety of very carefully calulated ways: physical health, psychological health (including charity and entertainment), diversified interest (not all eggs go into the same basket), and liquid security (a financial "safety net"). Some of this may not make sense, so I suggest that you turn to the advice of Susan Orman, but the charity actually makes you feel wealthy and releases your grip on money so that you can send it in the proper directions at the proper times.

Whatever you do, NEVER allocate resources (money) simply because you believe that you have "found a good deal" (or something on sale) and NEVER buy in bulk (more than a couple of weeks in advance) until you are in the positive AND you have a strategic plan (i.e. food storage/emergency preparedness plans).

Severely limit the revenue stream into highly depreciating assets, most notoriously being things such as automobiles. This means owning a reliable car about 3 years old or older but not so old that the maintenance costs are significant. Eliminate items which harm your health or productivity such as unhealthy foods like junk food, or drugs like alcohol/cigarettes. Minimize investments in entertainment and comforts, such as big stereos, large TVs, and expensive furniture; time for a garage sale?

Invest in your own education by considering all routes to increasing your value (not just via the traditional school routes, which are typically very costly both in tuition and in lost income during studies). Explore internships, mentorships, self-taught routes, and additional opportunities for important roles within your company.

Focus on property ownership in a safe area of a residence which fits your budget. Renting throws money away and in no way advances your long-term financial interests.

Answer 2

Even though your daughter will be an adult, why should that really affect your income? You won't be getting support for her but either A) she's moving out and therefore she won't be an expense to you or B) she's staying home and getting at least a part time job to help you all out.

How about looking into qualifications for doing daycare in your home during normal working hours since you work 3rd shift.? You don't necessarily need to have an educational background with children, but you do need to demonstrate that your home is safe and accessible for people to bring their children into your care. You definitely don't want your boyfriend moving in if you opt to do this. Yes, it takes a lot of patience and it's hard work and definitely not for everyone, but if you are committed to making it work, you can make extra money and still be home when you want to be.

Answer 3

I suggest you start reading. The best book I have read about personal finance is The Total Money Makeover by Dave Ramsey. He tells you how to save, do a budget, get out of debt, invest, etc. All in an easy step by step format.

You may need to sell your car and get a cheaper one, for a little while. Maybe your housing is over 30% of your take home income, if so, sell the house or move apartments to one that is under 30% of your take home income. Maybe get a 2nd job while you get out of debt and if the above is all your debts, buff up your resume and start looking for a higher paying job.

Good luck!

Answer 4

For starters, invest only in yourself. That means buying and keeping non-perishables on hand - in bulk. Buy large. Stay stocked.

You will always need to go to the bathroom. Keep toilet tissue, kleenex and sanitary items on hand - always.

You will always need to wash yourself and your hair. Buy bar soap in bulk - on sale. Don't be afraid to stock up when you have the opportunity. You don't need shampoo for your hair - bar soap works just fine. And you don't need dish detergent for your sink nor your dishwasher. Wash by hand, save water and use a scrubbing spnge after rubbing it on a bar of soap. Economize.

If you always use paper towels, stock up on them. Vitamins, stock up on them. Buy the generics that say on the label to "compare to_____."

Keep freeze dried foods on hand - these are better than dehydrated because the nutritional values stay in.

How does this help? These are things you won't need any more because you have them on hand. That will curb your spending needs in the future. Never let your stocks run short to the point of having less than a case on hand.

You will always need deoderant - buy the generic and save big on multiple purchases. In many states, Suave or the store brand is just as good as the more popular brand names.

keep a good supply of sugar, honey, low cal sweeteners on hand as well as flour, baking soda and baking powder. You know you need these items - stock up on them while you can.

When you are hit with leaner times, the more you stock up on now the less you will have to buy when your really can't afford to get all the things you usually shop for.

Answer 5

Go on your journey - travel have fun, relax - I have always belived that true love doesnt happen until you are in your thirties

Answer 6

Why not try working from home