Getting into it

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    • #253833

      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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