how do I save when we have 4 kids and bring home 2290.00 monthly ?

Question

600 rent
60 student loan
90 storage
50 phone
15 DSL
42.22 insurance
187.10 payment
650 food
200 gas

Answer 1

I don't have a lot to add as the Yahoo community seems to have given you many good ideas. Some other possibilities I can think of is any school age children you have are eligible for the free lunch program at school (see the 2nd link below). Most schools here in FL offer free breakfast also. Do you brown bag your lunch to work? The part about recycling is good advice but take it a step further. Every night when you empty your pockets deposit any change into a container. I as a matter of routine tossed my change into a 12" glass block bank for my son and when we cut it open after 2 years when it was full it contained almost $800. Other jobs are a good idea on the one hand but I believe spending time with your family is more important unless you just do it for a fixed length of time. The only statement I heard made that raised my eyebrows was the lady who crowed about raising 4 kids on $1600 month. The cost of living varies greatly around the country so I would like to know where that is possible. I live in Florida and until recent years this state had a very low cost of living but it is changing now because of the greed of the insurance companies and our corporate friendly former Governor who is the brother of that guy in the White House that believes the affluent need tax breaks not the hard working people like you who are trying to raise a family, not decide what color Mercedes to buy to drive on Wednesday. Best of luck to you and your family. The 1st link is related to your student loan.

Answer 2

OK, rent you can do nothing about..

Could you request a lower student loan payment?

What is in storage? Are the items in storage worth the cost of storing them? Can you find a place to store them at your house? Better yet..Garage sale!

Food.. No more eating out. For 4 kids to eat at Mcdonalds you could cook a steak dinner. Plan meals, shop at discount grocery stores, shop sales, ask stores to ad match , use coupons . Buy bulk vs. individual servings, stay away from the 'gimmicky snacks" (Sure gushers are neat, but 4 kids eat the box in one setting, while the same $ amount of apples or bananas last twice as long)

Gas.. Limit your driving. No "quick trips" to the store, have the kids ride the bus if available, car pool to work,

Answer 3

Invest in a costco membership. then shop there as much as you can. Get the Amex costco card and an executive membership. My mom got a $121 rebate last year...they give you 2% back on everything you spend, and plus you can buy things like travel and stuff that's so much cheaper with costco.

If you were to spend your entire food budget at costco plus some at costco gas (I believe the Amex costco card gives 5% for costco gas) you could get about a $150 rebate check from costco every year. And that minus the cost of membership, you still come out $50 ahead which you can save.

Answer 4

It's really tough...be sure you clip coupons. The newspaper can be a great source; the price of the paper is offset by the coupons you find. Have garage sales and if you aren't using the things in storage, sell them. Buy good clothes for the kids at garage sales and Goodwill..there are some bargains out there. Save buying the kids toys, etc. for special occasions. Ask friends for hand-me-downs in good condition for the kiddies. Don't throw away those aluminum cans, take them where you can get some $ for them. Buy inexpensive cuts of meat and marinate them for tenderness. Grow vegetables at home. Run all errands in one trip. Good luck, I know it isn't easy.

Answer 5

1) can you find a cheaper apartment?
2) what is $90/month for storage? Is this needed, or can you sell what is being stored?
3) $50 for phone... you can get low cost carriers like Vonage for about $25/month
4) do you NEED DSL, or do you just really WANT it???
5) $187.10 - what is this for? a car?
6) $200 for gas... can you cut down on this?
7) $650 food - cut coupons, shop at discount grocers, and figure out what you are buying... need vs. want. Steak is good, but you might not be able to afford it on your budget...

Answer 6

You aren't going to be able to save much right now, with 4 kids and not a lot of income. But can you put $10 a week into savings? Put it in when you get paid, so that it's out of your wallet or checking account.

If you get a raise, have half of it automatically deposited into a savings account if you have that option, or put it in as soon as you get paid. You aren't used to living on that, so won't miss it as much, and you'll still have half of the raise to spend.

Good luck.

Answer 7

I don't see how you can cut expenses. They do not appear to be your problem. You are barely living above the "poverty line".

Your problem is your income is too low. Change jobs. Change careers. Get a second job. Both of you can get jobs.

Take 50% of the additional income and put it in savings.

Answer 8

Im not real sure you can...that only leaves you about $400.00 to use for clothing or whatever else may come up. But honesly, if you can put away $25 a month, it's more than nothing at all. It is alot easier for me to put money into my 401K because I never see it :)

Answer 9

give one or two of the kids up for adoption?