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H.L.A. | I need help saving money? |
This is a rundown of what we spend each month, our income and what we have left over:
Rent - 850
Debt Consolidation - 260
Credit Cards - 40
Electric/Gas - 35
Netflix - 10
Car Ins - 60
Car Loan - 145
School Loan - 50
Phone - 60
Gasoline - 30
Health Ins - 70
Meds - 10
Food - 100
=
1720
Income - 1820
As you can see we only have $100 left over at the end of each month. What are some ways we can save more money?
Additional Details
The debt was from a number of things. When my husband and I first got married he was working under the table, meaning he never filled out any W2's, no kind of paperwork. He was only making $300 a week = $15,000 a year, I was only making $50 a week and had a temp job for about 6 months. So the following year when we filed for taxes, we had to include his income because we filed as married filing jointly...it would have looked a little odd if I only counted in my income and not his and we would have been audited. So we basically wrote down that we got $15,000 from nowhere because his boss at the time didn't give him a 1099 for working as a subcontractor. So we had to pay about $2500 in taxes, we added that to a debt consolidation. |
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Cindy's logic
 |
The only thing I can see you doing without on your list is the phone and netflix. You may consider getting a second job to pay off the credit card and debt consolidation bill. Once you pay those off you could use the money you were paying on that and put in a savings. |
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davion2308
 |
1 - Lose the Netflix.
2 - Start completely paying off the highest debt credit card before you work on any of the other ones. Sometimes debt consolidation is more expensive then simply paying the bills as they come.
3 - Buy food based on how cheap it is. 100 dollars a month on food is amazing, since that's what my wife and I spend on a little over week.
Stay tough and keep knocking out debt. Soon you see some income. |
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MomRMA
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Eliminate anything extra like Netflix. It doesn't have to be forever, just until you payoff your credit cards. Once the credit cards are paid off you may decide you don't need the Netflix. As far as the food goes, buy staples that can go a long way like rice, pastas, bulk frozen veggies etc. Use your freezer for leftovers. Never throw food away. One way I have saved money and have taught it to my three children is, whenever I have a $5 bill....I put it in a big jar and don't spend it. In three months I have saved over $1,200. It becomes a habit. My daughter and her fiance have been doing the same thing and they have saved enough money so far to enjoy an awesome honeymoon in August. Good luck, you can do it. |
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Lisa R
 |
Hello,
You seem to have a tight budget, but you can still save. Put at least 1/2 of the $100.00 in an account & before you know it, you will have a little nest egg. The other $50.00 from the remaining $100.00 left over should be used for any unexpected expenses that may arise. If you don't have any that come up, put that $50.00 in the savings also.
Netflix seems to be your only source of entertainment, so don't drop that (everyone needs something). I'm not familiar with Netflix & how many movies you can rent for the month, but there is a new & upcoming thing called Red Box. Visit www.RedBox.com ~ It's a red box (Large refrigerator Kiosk type of thing) usually located outside / at supermarket entrances & you can rent movies for $1.00. They stock all the new releases like BlockBuster does, etc. You can also view them online, purchase the rental using your credit card & then pick up at your convenience (return at your convenience also / any time of the day or night). You can also save a few dollars here & there because they send you freebie codes & you can also do a search on Google for : free redbox codes. There are sites that just log free codes ~ it's awesome. Check it out. Good Luck & Happy Saving! |
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Scobill
|
I don't live in the US so it is hard to make any serious comment
But I think it is obvious that the main thing that needs addressing is your debt
I can't believe how little you need to spend on Food and Electric/Gas !! I know prices in US are much less than us here in UK but I live alone and spend around £70 per WEEK on grocery shopping !! and £85 per month on Gas/electric
So think yourself lucky you don't have to pay UK prices for those otherwise you would have nothing left over each month !!
I wish you luck in finding ways to increase you saving rate . |
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hallel
|
Sign up to Auxiliary Pio. for a month. I did and I got blessed bigtime. :D :D |
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uranus19
|
always pay yourself first. so, if your intention is to save $200 of your income, for example, take out $200 from your income and put it away. make sure you dont use it. Then, see how you can get by with less to spend. you will be amazed what you can do when you are desperate. |
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angel
|
cut down on your credit cards and loans.. overall.. spend less.. and pick up an exrtra job.. |
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princess
|
that is nuts for rent, i would move |
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David M
|
You tied yourself in a knot with two items. The debt consolidation loan $260 per month and car loan $145 per month. You lived beyond your means when you assumed that debt and are now paying the price. I don't know what you bought that led to the debt consolidation loan, but don't buy any more of it. And you bought more car than you can afford. Once you get those debts paid off you'll be able to save more. In the meantime, do not buy things you cannot afford and pay off that credit card debt. You also may want to think about a less expensive place. |
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Feeling Mutual
|
Use less gas and electricity.
Don't use the credit card.
Pay off the debt consolidation loan.
Drop NetFlix
Pay off the car.
Use less gas.
$60 is too much for a phone.
Eat cheaper food.
Shop for cheaper car insurance.
Get a better job that pays more. |
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La Vie Boheme
 |
Drop netflix first of all. Look into Vonage for the phone..it's $24.99 unlimited. Consider moving or getting a part time job. |
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