How would you do this? Serious people only.?

Question

I am currently 5 months pregnant. It was not planned, I'm not asking you to judge me, but I would like a little help. I had to drop out of school for cosmetology and I am just starting back at a new job at an attorneys office (secretary) 20 hours a week at 7$ an hour. That's 140$ a week. How would you budget that money to pay for a cell phone bill averaging anywhere from- 80-100$ a month. Car insurance- 60-80$ a month. Credit Card- 150$ a month. And also save money for a newer car. And money set back for the baby? Please serious people only, I'm not asking anyone to judge me, I would just like someone who is good with finances to kind of set me out a plan to do this. I am horrible with money, but I feel like if I have a plan, maybe I can make things better for me and my child. Because I will be a single mother very soon. Thanks in advance for all of your answers. :

I would get rid of my cellphone TRUST ME there is a slight problem kind of signed a two year contract and I can't until it's over and it will be over in about 5 or so months. My credit is done, I dont use it. Although I do pay a minimum payment on it, that's just to pay it off. I am not making any new purchases with it. And I wasn't asking for any child care advice, I am keeping my child. Adoption is not an option for me. But thanks again.

Answer 1

Hi there.

I am a 32 year old man, living with my parents. You asked for people not to judge you, so I ask that you don't judge me. Fair enough?

One of the reasons I still live at home is because I suffer from severe OCD. But I am moving out soon, and getting married. My Fiance and I are probably getting married in about six months.

I can relate to your pain, in a way. I am a paralegal, too. I am only getting $6.50 an hour, part-time, working for my attorney. I usually get about 20 or 25 hours per week. On really lucky weeks, I may get a "full" 32 hours.

Although I am not a father (yet), I do have a family to support. My parents are in horrible financial ruin. Someone appears to have stolen one of my parents' identities, and has been hacking into their bank account. I just had to loan my parents $2K. Over the past four years or so, I have had to give my parents over $25,000. Maybe that doesn't seem like a lot, but I wasn't even working until May of 2007. Before, I was on Social Security disability, only getting 600 dollars per month.

There are a lot of solutions you can try. Here are some suggestions:

1. Get a regular landline telephone. It may cost you about $50 per month. But, it may not be feasible for you. You may need your cell. If so, consider shopping around for a cheaper calling plan.

2. Shop around for cheaper car insurance.

3. Don't use your credit card any more. Destroy it. Pay cash for everything.
If you don't have the money, then don't buy things. Live within your means.

Other essential things would be to use coupons when you go grocery shopping- and/or only buy items that are buy one get one free. Ramen noodles aren't all that wonderful, but they are super cheap. You can get 5 or more packs for one dollar.

Try to buy in bulk, IF it is less expensive. Pay close attention to the prices, and determine which way is less expensive.

You may be eligible for TANF or food stamps. I would try to apply for them.

I wish you well! Good luck, and God bless!

Oh- another thing- do you go to Church? Just pay your tithes. God will always provide your needs if you put him first. Have faith. Read the Bible. Pray. God cares!

Answer 2

I have to agree with newjerseyguy that you should get rid of your cell phone - or at least shop for a plan that brings down the monthly payment.

Another suggestion would be to check with your bank, to see if they can help you get a loan to pay off the credit card. Often, you'll get a better interest rate from the banks than you will from the credit card companies. This could lower your monthly payments significantly.

The next thing I would do is get back in school. You can make a lot more money as a cosmetologist than you can as a secretary. And (at least once you have an established clientèle), you can set your own hours, so you can worry less about daycare. If you can't finish school, you might look for another part time job to bolster your savings.

I'm concerned that you're not including other costs...For example, you obviously have a car, but you haven't included any expense for gasoline. Also, childcare will be a factor once the baby comes. Additionally, the salary you have mentioned above does not take into account any taxes, which should be pulled out of your paycheck.

Your basic earnings, minus the expenses you have listed above, leaves you with $250 a month. I don't know where you live, but where I live, this doesn't cover groceries, let alone rent.

I'm not an advocate of making it a life-long pattern, but it might be worth applying for governmental aid. AFDC or even just food stamps would be a huge help

Start by seriously looking at what you're spending. Look at every single thing you spend money on (count every trip to Starbucks, etc.). Categorize your spending into major buckets. Once you have everything in front of you, put together a spreadsheet that lists your income, and all of your monthly expenses. Then, stick to the budget...If you're at the grocery store, and your grocery budget is $50, and what you want is $51, put something back and find a way to do without it.

Best of luck and congratulations on your new arrival?

Answer 3

I don't think you can do all of that on $140 a week. I know you are trying to do the right thing especially with a baby coming. The cell phone expenses seem really high. I know it is a way to keep in touch and it is great if you get lost or stranded. If you still feel it is necessary maybe you could get a cheaper plan. Cars are very expensive, cost, gas, repairs, insurance etc. Any chance for mass transit? When you say credit cards expenses of 60-80 per month I assume you are paying the minimum or close to it. Don't get conned into buying things because they are $x/month. That is for suckers. You end up paying so much in interest that you can't get ahead. Don't charge anything but emergencies e.g. car repairs, insurance, etc - not for eating out, clothes, getting your hair or nails done etc. Normally, people would say cut them up - but if there is a real emergency you may need it and once you give it up it may be hard to get back. If you have a decent record of paying on your credit you might look to see if there is one with a better rate. If you have had the credit card for awhile and have been regular in paying it - call them up and ask for a better rate. Say I am a good customer and I want a better rate. Most times it works but they arent going to volunteer to cut your rate.
Do a good job at work, I mean a really good job. Check your work, don't complain, volunteer to do extra, be friendly. After you have been there a few months ask your boss for a raise or for more hours. I hear Starbucks pays that amount and will grant part timers health insurance. Check it out you may need the insurance coverage with the baby coming.
Good luck - hope you catch a break.

Answer 4

You asked that we make no judgments, but I can't help making one: You are an incredibly brave woman. Your financial situation is not good. The expenses you list are over half your monthly income. I believe you will not be able to save any money until you cut your expenses. I agree that you probably need to let the cell phone go. Definitely cut up the credit card. Credit card debt is the worst possible kind of debt. The amount you are spending on finance charges every month could pay for things you really need. I suggest you set a goal, such as "I want to have $300 per month to spend on my baby's needs." Then you can make the very hard choices necessary to meet that goal.

Answer 5

Open a second checking account at your financial institution. Take your bills (average) divide them by four or two, depending on how often a month you get paid. Place the money for bills in one account (including any you want to set aside for a newer car) and any money you have left over in the other account.

And the cell phone, get a Cricket so you know how much the bill is going to be every month. I hope this is helpful.

Good luck to you and congrats.

Answer 6

I am assuming that you have some means of supporting yourself (ie. living with parents or friends) since you didn't mention food or shelter in your list of expenses. That being the case, you will have enough for the items you mentioned. That being said, you are spending WAY too much on your phone. My advice: reduce your phone expense,attack that credit card and pay it off (then cut it up), then you should have no trouble saving money for car and baby. Please don't think I'm preaching to you, I just want you to consider something...I would like to see you look into the possibility of adoption for your child.

Answer 7

I would get rid of the cell phone and credit card. You honestly dont make near enough money to raise a child though.

Answer 8

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Answer 9

Hi,

I'd like to add one more piece to Jim S.'s. Most financial institutions offer CD's (certificates of deposit), which pay a higher interest rate than a regular savings account. In fact, many allow you to start with a lower amount of money, like $100, to put into these CD's. Once you have a small chunk of money saved, see if you can invest your money in one of these instead because with compounding interest, your money will work to get you more money.

And I'd like to offer another round of CONGRATULATIONS to you!

Patricia

Answer 10

You don't say anything about living expenses. Are you still supported by your parents?
The first thing I would do is cancel that cell phone ... you're paying more for that than your car insurance?