What do you do when you are paying out more money on bills?

Question

then you are bringing home?

Answer 1

Clueless,
write a budget (financial plan) for u.
1st Food for u and family (no fast food / restaurants) at home food only.
2nd Shelter rent/mortgage lights water ac/heat etc
3rd transportation - car loan, gas , (car loan = more than one week take home = sell it)
4th bills pay minimum on all except smallest . load that one up u'll win faster.
now turn over the cable tv and get 2 more jobs. great place to go when broke/in debt - work.
begin to READ and apply
personal financies 4 dummies
the millionaire next door
finacial peace revisited.
visit daveramsey.com to learn what working poor don't know aand why bankers pray they never ever learn or worse apply in life.

Answer 2

You know, that is a good question, and one that I don't have the solution for--I wish I did! It's easier for some people than others to make ends meet, depending on their resources: their level of education, material resources, and emotional and physical health.

Some people have trouble earning enough to live on, even just the basics, and that is, I think, a more serious problem than the trouble some people have in learning to manage the money they have. In the first situation, the only thing I know to suggest is to try to improve your level of "official" education (credentials) so that you eventually have greater earning ability, while doing your best to keep the wolf from the door.

A lot depends on your situation. If you have a college education or an entrepreneurial spirit, if you have a personality that is good with sales, then you have an advantage when it comes to making extra money to make ends meet.

If you earn what you think should be enough, but somehow can't seem to make it go far enough, then you are in a more positive position than some.

Watch the t.v. show "Til Debt Do Us Part" in which host Gail Vaz-Oxlade helps couples who are in debt. So far I've never seen her do a show featuring any couple making a joint income of less than $50 grand per year. It amazes me that some couples making over $100,000 per year can still have their debit cards declined when they go to buy groceries. I don't mean to be judgmental, but I wish I had as much as what they can't live on! Anyway, information about the show is available at this link:
http://www.slice.ca/Shows/ShowsPage.aspx?Title_ID=93097

More information on money management that you might find helpful is available at these links:
http://www.debtproofliving.com/
http://www.daveramsey.com/
http://www.crown.org/
http://www.debtorsanonymous.org/

General advice: stop using credit cards. Write down all your income and expenditures to track your money and use this information for better planning.

Buy second-hand whenever possible. Shop thrift stores, garage sales, and sign up for your local Freecycle (Yahoo group in which members offer free stuff to some one willing to pick it up). http://www.freecycle.org/

Use the library for books, movies, and music instead of (or at least as a supplement to) purchasing them. Check out cookbooks with thrifty recipes, such as "Miserly Meals" by Jonni McCoy (ask a reference librarian for more suggestions). Check out books on the topic of frugal living, such as "The Tightwad Gazette" and "Live Your Life for Half the Price."

It may be a good time to clear out the clutter by selling those possessions you can do without, either online (by yourself or using a service that does it for you and takes a commission) or at second-hand stores. You probably won't get much for used clothes, books, movies and music. You might get more if you have any decent furniture to sell. Again, it depends on what you have and what you're willing to give up. How desperate are you? How much does a few dollars mean to you?

As a Christian, I believe it is vital to tithe (give 10% of your income) and to pray for God's help. These things don't make much sense to many people, but I believe we all need God's help to see us through.

God bless; I hope this information is of help to you!

Answer 3

There are exactly 3 options. Reduce outgo, increase income, or go deeper in debt. Option 3 is the worst and most common option.

Answer 4

Call a credit counseling company and explain your situation, and they will help work with your creditors to establish a more reasonable payment plan. One such good company is Consumer Credit Counseling International, http://www.cccsintl.org/ The tradeoff, of course, is that you won't be able to apply for any more credit cards as your debt is reduced, you will not be able to continue to use whatever existing cards you have, and you will have considerably more difficulty obtaining any other loans (for example: car, house, medical expenses). But it really does help to only have one payment to worry about.

Answer 5

STOP! you goofed! it should be the other way around.

reevaluate your bills and PAY OFF THE CREDIT CARDS.

do not spend more than you earn.

Answer 6

Get rid of the things you have that you should not have because you cannot afford them! Think about it, it's not rocket science!

Answer 7

I had to supplement my income, I had no choice. Jennifer