Stay or try on my own?

Question

I'm 20 yrs old, female, and currently have been working at my job for 2 1/2 years. I make $10 an hour 35-40 hrs a week. I make an extra $80 a month cleaning a house. I have:car payment 115 a month, car insur. 184 a month, cell phone $60 month,internet $50 a month, gas for car 100-125 per month, and food expense for 100 a month.This means 634 for my base expenses.
I'm staying at home with my single mother and my 17 yr old brother.She's employed and he isn't. My mom has been in debt a long time, and I don't see any way out of it for her. She asks me to pay bills and I pay them. Half of one bill or all of another bill.I haven't been keeping track of how much I pay a month on the bills. I also contribute to the family's groceries. I feel like I pay too much and would actually be paying less on my own. I have a real fear that I won't be able to make it on my own, but on the other hand I want a place of my own. I want to own my own home in the future and also go to college.300 in savings.

Answer 1

First, I think you have to wrong avatar name...you should change it to "smartgirl".

You got it tough...and I admire your willingness to help the family, but you will have to get on with your own life.
I'm surprised your mom hasn't encouraged you to do this...but then, we don't have the full story here (and I'm sure you don't have time to tell us everything).

What is your education level?
Are you in a position where you can take some night classes to improve your education and find a better-paying job?
Your current job doesn't seem to be going anywhere after two+ years.

What about your brother - is he planning on staying and helping out after high school?
What are his plans?
College?
Is he even motivated to work part-time to bring in some family support?

In doing the math (you bring in more/less $1680 a month), you might have about $1,000.00 left over...which probably gets eaten away from paying moms' bills.

Your savings account amount is small.
If possible, start a portion of your paycheck into the account each month, even if its only $10.00.
Set a dollar figure that you can live with...and set up your checking account where it automatically deducts that amount each month on a set date.
You need to start socking away money for the day you do go out on your own.
ALWAYS pay yourself first.
Keep that money in savings and earn some interest.

Now, keep a record of all other expenses you pay for (including your moms').
You may never get that money back, but you should have a record of what is going on here.
It almost sounds as if you should handle your mothers account as well, since she doesn't seem too organized.
She might consider a loan to consolidate all her debt into a small, affordable monthly payment.
Talk with your banker about this and see what he/she says about doing something like this.

Lastly, any chance that you can talk with several college councilors and see what kind of scholarships are available that might pay for your room, board, books and tuition?
At the very least, you might consider a college loan to cover all those expenses and then move out to improve your self.

I don't want this to sound like I want you to dump on your family, but you will get drug down into a wasted life if you don't try to reach your goals.

Good luck to you!

Answer 2

The best way to answer your question is get yourself on a budget now while you are still living at home. You write down all of your expenses and compare to your income.

Include the bills you help your mom with in your budget. It will help you to see where your money is going. Then you'll have a better feel of if you can handle rent, utilities, grcoeries and you other expenses.

Answer 3

You really need to stop paying your mother's bills, and save all that money away so you can move out and go to college. Your number 1 priority is to avoid the mistakes that your mother made. You need to go to college, and not have any kids until you're married.

Answer 4

Go to college! Do it either PT or FT but definitely finish. You have first hand experience with what opportunities lie ahead with just a HS diploma.

Family is definitely important. You need to do what you need to do. However, you have to prepare yourself for a good and challenging career. When this is accomplished you will be able to help out your family more if needed.

Answer 5

College is the solution to all your economic problems.