My husband makes 60k but we are always broke?

Question

We have no savings, no health insurance, car insurance, etc. We live paycheck to paycheck. He grosses $4500/mo and brings home about $3500.

I don't want to live like this anymore, so I guess I want advice on what to change! Thanks.

Bills:
Rent $1000
Heat $ 120
Cable $ 50
Car $ 350
Cc $ 20
Cc $ 20
Loan $160
Phone $ 95
Water $ 30
Trash $ 15
Medical Bill $75
Food $600
Gas $100
Total $2625

guys i have 800 left over for the whole month. Thats only $200/wk for a family of 5 for clothes, toys, car repairs, etc. I can't even afford to buy our clothes at Walmart at this point i have been buying them at Family Dollar and Dollar General

Answer 1

Credit cards only $20 a month? You are only making minimum payments???? Sell the car you are making payments on (very stupid to NOT pay cash for a car) and take that money and put $1,000 in the bank. The rest of the money goes to buying a $5,000 Camry that you can afford. Cut back on food--coupons, generic/store label, and so on. Stop eating out at restaurants--you are broke! Start using some discipline. You are one paycheck away from disaster and seem to know it. Cut expenses, cut cut cut. Unless you have very small kids at home, I think you need a part time job. ALL of the money you earn goes to paying off credit cards. When they are paid off, ALL of the money goes into savings until you have at least 6 months expenses in the bank. Can husband take on odd jobs or deliver pizzas to earn enough to pay off credit cards? Cut those stupid things up and pay them off fast. Sell the car, buy something cheaper with cash. Cars and credit cards are tremendous drains on $$. A thousand for rent sounds like a lot to me, but then I don't know where you live. Around here, you can actually buy a pretty good house in a small town for ~$40,000.


Kent in SD

Answer 2

According to your own math, you have about 900 dollars left over at the end of the months. Where do they go? Chances are, they are spent on things you don't even remember. Keep track of them and you'll find the answer.....

900 dollars saved for the year is 10800 dollars a year. That is a nice saving.... Do it for few years and you'll have an emergency fund.

Most people actually spend amazing amount of money by spending small amounts every day, here, there, and everywhere. 3 dollar coffee + donuts a day will cost you 100 dollars for the months. Save 2 dollars at lunch each day and you'll have 60 dollars. Do both and you save 160 dollars.

Answer 3

Ever heard the saying "the more you make, the more you spend"? Look at where you are spending the free money... Starbucks, eating out, clothes, etc. You obviously have extra money after bills that is just being piddled away. Get a little notebook for you and your husband and write EVERYTHING down that you buy. I mean, even if you spend 50 cents on a soda at the vending machine. EVERYTHING!!! Youwill be amazed at where you spend money without even thinking about it. I want to know how you get away with only $100 a month in gas!

Answer 4

you don't need cable.
you don't need cable. just watch regular tv--it's free.

paying a thousand dollars for rent?
not good.
how about living somewhere less expensive while you save up to buy a house!

why would you pay $350/month for a car you don't have insurance on? if you are leasing, wait until your lease is up and then buy an older car. save up a little--buy a $5000 car, and then instead of paying monthly bills you just have to worry about maintenance.

the money you have leftover after paying bills should be put in an ira or savings account at least--living paycheck to paycheck is dangerous.

Answer 5

The ex is already broke, and would need an attorney to file a petition with the court to ask for an increase in child support -- it doesnt sound as if she has the funds to pay an attorney. I'm not sure if she could get an increase in child support if she petitioned the courts. It would be up to the Judge's discretion. I wonder if she has applied for Social Security Supplemental Income or Social Security Disability? She may be eligible for one of those programs, since she was disabled.

Answer 6

Ever think about going out and working YOURSELF----or maybe taking in a couple of kids every week to make BABYSITTING MONEY that could surely help out???? how old are the kids? can any of THEM work? Paper routes, lawn mowing, etc? EVERYONE who can help out in your family SHOULD be helping--- you might have to become a little cheaper on what you spend the left over money on---ONLY necessities....or get out there and get yourself a job.... like I said, BABYSITTING ---you could watch maybe 2 or 3 kids at $100 per KID per week... that alone would bring in $1200 more a MONTH....(at best).... it depends of course on how many of your kids are home all day---you can babysit up to 5 kids wthout being registered as a day care center in MOST STATES....but you HAVE to start doing SOMETHING to help out or all this stress is going to give your husband an early heart attack.......

Answer 7

According to your tallie, you have left over. Make a budget and stick to it. Record every CENT spent in any form, including a cup of coffee, newspaper, any and everything.
Make certain the money that is "left over" is put into a savings account. Once you have enough for 1 months' expenses, start putting it into C.D.'s, then U.S. Savings Bonds until you have enough for at least 6 months expenses.
Good luck.

Answer 8

Acording to your figures, you should be saving (3500-2625) 875/mo. That's huge! You must be spending on some other non-essentials that you have not listed.

Answer 9

ive heard that if you invest in the place you work pay check after paycheck you will have alot of money if they do good in a couple years

Answer 10

Things to consider is stopping all purchases of prepared food-fast food and etc., consider buying the cheapest food possible (rice and beans have all the necessary amino acids and vitiams), store brand can food, and etc.

The following link you may find useful. http://www.daveramsey.com/