- This topic has 1 reply, 1 voice, and was last updated October 24, 2007 at 2:40 pm by .
- October 24, 2007 at 2:40 pm #253833
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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