I need to budget for the new year. My wife just quit her job to stay at home with the kids!?

Question

I work full time and I am able to work quite a bit of overtime. I have a house payment, car payment, and 3 Credit Card payments. Please point me in the right direction, website or personal advice. I want to pay off the credit cards so that I don't have to work very much overtime. Please help if you can, any help would be greatly appreciated.

Answer 1

You are on the right track by thinking about a budget.

Things you can do include:
1) use a spreadsheet to list ALL of your bills/expenditures. This way, you will be able to really see how much you need. It is important to list everything to fully understand where your money is going. Using online banking, you can see what you spent/took out from every account in any given month. I would suggest looking at two months data to catch patterns in spending.
2) once you have an idea of what you are spending on, you can decide if there is something you can cut out
3) consolidate you credit card payments- high interest personal debt is a disaster for anyones finances if it is not used properly
4) have all of your payments come out of one account- this way you will feel more in control of your finances.

Answer 2

Consider having your wife do a home-based business, where she gets to be with the kids and still bring in a significant income. I happen to know of one that works, has a low startup cost.

Answer 3

beside ur full time job n some ot,u can do other part time job like selling some food in the stall or other kind of job that suits u.use ur talent to do something shouldn't be a problem,ok?

Answer 4

Wow, sounds like you are really in debt.

I would have both the wife and kids working to get us out of debt.

Try: www.clarkhoward.com

Answer 5

Can you say alimony?