as promised, here's a rundown of my financial situation. this is hard to admit - but i'm serious about changing my life, so there's no point in hiding the truth. ready? here we go.
monthly income:
$3600 + $1150 alimony payment = $4750
(my health insurance and retirement are taken out already) (and the alimony disappears after june)
monthly expenses:
$1150 student loans
$915 mortgage (includes homeowners insurance, taxes, water, trash)
$333 HOA membership and parking
$300 loan payment to my sister
$130 charitable contributions
$26 life insurance
$38 pet health insurance
$180 cell phone
$100 car insurance
$18 loan payment for retirement loan
$65 cable/internet
$35 electricity
$50 prescription copays
$1000 credit card payments (the minimums are around $500 total)
$400 food/gas/entertainment/everything else
ok that is my budget. here are my debts:
loan from my sister:
$1,200 remaining
credit cards:
$8,750 - citi
$5,750 - citi (2)
$17,092 - capital 1
$31,592 - total
plus the mortgage and student loans, but i'm not worried about that at this point. if i can get the credit cards paid off, i'll be able to manage the student loan payments within my current budget. in an ideal world, i'll pay off the credit cards and my sister by july, so i can take the $1300 i'm currently paying towards them, and just transfer that towards my student loans.
is it crazy to think i can come up with $32,000 in 5 months?? it feels crazy. it feels impossible, actually. although i'm already planning to pay $5,000 between now and then, so i really only need $27,000 more. that's just over $5,000 per month. it could happen, right??
aieee!!! this is why i'm panicking.
so this is my situation. just for the record, a) i feel extremely fortunate to have all the money and luxuries that i have (cell phone, cable tv, etc). i don't mean to take any of that for granted. and b) i take full responsibility for the situation i'm in. i haven't always made the best choices, and i'm not making any excuses. i've gotten myself into this position - and i'm prepared to work to get myself out of it.
so i need help. i'm willing to take on another job, or do freelance, or babysit, housesit, dogsit... i'll work nights and weekends, i'll clean houses or offices, i'll proofread foreign students' term papers... i'll do pretty much anything! do you have any ideas?
Where there is a will, there's a way.
ReplyDeleteSo, let's brainstorm.
1- My cell phone bill is unlimited with great service and $60 less per month. I'd look into a cheaper plan FO SHO!
2- Can you get any kind of refinancing on your student loan payments? or credit cards? I've heard that credit cards are willing to work with those that are trying, maybe there's something you could broker there?
3 - Extra income: Focus on your strengths. MARKET THEM! ASK FOR REFERRALS. It's not who YOU know, but who your FRIENDS KNOW, so be sure to share what you need, so your network can help you.
Hey! I found your blog by way for Stephanie, I'm currently unemployed so I've had to cut a lot of corners to make ends meet.
ReplyDeleteI cut my cell phone down to a basic phone with unlimited texting and plenty of calling minutes. So my bill is now 65 a month instead of 100. ( I miss my iphone but I'll get it back when I'm able to)
I've also switched car insurance since my previous provider increased the rates. Look at the competitors, I went from paying 75 a month to 55 a month ( geico to progressive) and still able to maintain all of the save overage.
I've also canceled fancy cable but kept about 25 channels.
Currently I am nannying a few evenings a week to make money to keep my afloat while I look for regular work again. Check to see if there is an agency near you. The one I work for will email/text me when there are open positions and I can choose to take them if I'd like.
best of luck while you work it out!