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Thread: Getting into it

  1. #1
    sbjmom2002
    Guest

    Default Getting into it

    Hi All,



    My name is Michele. I am a single full time working mom. For many

    years I have lived well beyond my means. Then recently I woke up to

    find out just how broke I am. (I still almost get a panic attack

    thinking about it) I am trying to live on a budget now. But it only

    makes me remember how I got into this trouble in the first place. I

    don't make enough. I have trouble covering basic needs. I know that

    I am just starting and I will work out the kinks soon. But my budget

    will still be so tight that I am not working on paying down my debt.

    I am going to apply for foodstamps and a medicalcard for my kids(

    for at least for the next year) If I am able to get aid that will

    give me about $300.00 a month more. Then in July I could drop the

    kids off my insurance at work and that would be $200.00 more. I am

    also going to change my car insurance company I am hoping to save

    about $75.00 a month with that. What I am unsure about is life

    insurance, retirment, and taxes.



    I have life insurance come out of my paycheck for me and my kids I

    only pay about $15.00 a month and my retirment I only pay about

    $20.00 is it really worth stopping this for $35 more a month?



    My tax allowance is marked for 4 should I take that down to 1 or 0

    to get more on my check and less on my taxes? And should I get EIC

    advanced on my check or wait until tax time? My guess is that I

    would be about $100.00 a month for doing this.



    All together I could have about $700.00 a month more (if all works

    out) Of this $200 would cover gaps in my budget and $500.00 would go

    to pay down debt (about $25,000)



    I am sorry that this turned out to be such a long email. Sometimes I

    wish I had a personal finance advisor to help me learn the right

    thing to do.








  2. #2
    Anggie Thompson
    Guest

    Default Getting into it

    I would recommend shopping for term life insurance to compare with what you have now. You should only have enough life insurance on the kids to cover burial. I wouldn't recommend more than that, as it looks like you're trying to get rich off of a child's death. Term insurance is for a certain amount of time and is really much cheaper than whole life.

    I would recommend that you leave your retirement contribution alone. You will be thankful later that you contributed even the little bit now. Any finacial advisor would tell you to put all you can into a 401(k) because most employers will match up to a certain amount. That is FREE money for you.


    An OT subject.............girls, it's Breast Cancer Awareness month. I just had my very first mammogram today! Get yours done now!
    --
    Anggie
    Fight Breast cancer......no one should die from it



  3. #3
    Ria
    Guest

    Default Getting into it

    Hi Michele,



    It's great that you've recognized that you have an

    issue. Now comes time to be committed to getting out

    of the mess!



    It would be very helpful if you could provide a list

    of your income and expenses, so that the group here

    can provide you with as much feedback as possible.

    There are a lot of people here who have been there,

    done that and can give great advice.



    Good luck!

    Ria



    --- sbjmom2002 <sbjmom2002@yahoo.com> wrote:



    > Hi All,

    >

    > My name is Michele. I am a single full time working

    > mom. For many

    > years I have lived well beyond my means. Then

    > recently I woke up to

    > find out just how broke I am. (I still almost get a

    > panic attack

    > thinking about it) I am trying to live on a budget

    > now. But it only

    > makes me remember how I got into this trouble in the

    > first place. I

    > don't make enough. I have trouble covering basic

    > needs. I know that

    > I am just starting and I will work out the kinks

    > soon. But my budget

    > will still be so tight that I am not working on

    > paying down my debt.

    > I am going to apply for foodstamps and a medicalcard

    > for my kids(

    > for at least for the next year) If I am able to get

    > aid that will

    > give me about $300.00 a month more. Then in July I

    > could drop the

    > kids off my insurance at work and that would be

    > $200.00 more. I am

    > also going to change my car insurance company I am

    > hoping to save

    > about $75.00 a month with that. What I am unsure

    > about is life

    > insurance, retirment, and taxes.

    >

    > I have life insurance come out of my paycheck for me

    > and my kids I

    > only pay about $15.00 a month and my retirment I

    > only pay about

    > $20.00 is it really worth stopping this for $35 more

    > a month?

    >

    > My tax allowance is marked for 4 should I take that

    > down to 1 or 0

    > to get more on my check and less on my taxes? And

    > should I get EIC

    > advanced on my check or wait until tax time? My

    > guess is that I

    > would be about $100.00 a month for doing this.

    >

    > All together I could have about $700.00 a month more

    > (if all works

    > out) Of this $200 would cover gaps in my budget and

    > $500.00 would go

    > to pay down debt (about $25,000)

    >

    > I am sorry that this turned out to be such a long

    > email. Sometimes I

    > wish I had a personal finance advisor to help me

    > learn the right

    > thing to do.

    >

    >





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