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Income vs Expenses

February 19th, 2019 at 09:48 am

Bottom Line... I need more money somehow.

For clarification:
I work a full time job M-F
My husband works full time M-F
We are both earning a decent income now, we are just behind due to the closing of our business and my husband transitioning.

ELECTRIC 295
WATER 100
TRASH 76
CRAPPY LOAN 159.01 every 2 weeks
CAR 390
JEEP 390 - PAID OFF IN 8 MONTHS
INSURANCE 167
DISH 79
VISION 28.76 - HAVING TO PAY UNTIL JUNE 2019
LOAN 342 - TAXES
IRS 300 - TAXES
PERSONAL LOAN 500 - TAXES
CELLS 224
INTERNET 85
NETFLIX 11.90
MTG 1275.05
_____________________

$4429.72

INCOME

ME (AFTER INSURANCE & TAXES & 401K): $1580/ MONTH
My job requires me to contribute 2% and they match 5% on retirement.
DH: $3000

___________________________

WE SHOULD HAVE $150.28 LEFT A MONTH

This does not include food, gas, rxs, or dog food.

This also does not leave any room for debt repayment. I haven't posted those numbers yet, but you get the idea. We just aren't making it.

BUT...
The stupid loan from the crappy loan place will be paid off 05/10/19. That will add $318.02 a month. HUGE! And the jeep will be paid off in 8 months....so that will add $390 per month. We are planning on doing the garage sale in 2 weeks if weather permits. And we have 17 items listed for sale.

Thanks for all the support.

8 Responses to “Income vs Expenses”

  1. NJDebbie Says:

    You definitely have an income vs. expenses problem but hang in there! You will soon be able to free up some money. Are you or your husband able to work a part-time job?

  2. rob62521 Says:

    I'm curious what the "crappy loan" is. At least you only have a few more months on that. And, if you have Dish and Netflix, could you do without one or the other?

    You cell phone bill seems a bit high for the two of you. Any chance you can call and see if you can get it lowered or change carriers?

    Hope the garage sale is a success to bring in some extra money.

  3. Rose. Says:

    Hi Rob. The "crappy loan" is a loan I took after we closed the business. It was so I could float us until my husband got a paycheck. Although I was grateful to be able to pay our bills, I am paying $690 in interest and fees.

  4. Wife of the Deacon Says:


    In your situation, I would ditch Dish and Netflix for the short-term. $90 toward groceries and Rx is a better use of your very limited funds. Electricity and water and trash seem very high also. Not sure if you are on a budgeted billing or those are high because of owed balances.

    Is your insurance for your cars? Can you increase the deductibles to lower the premiums?

    Cell phones also seem really high. I pay $210 for six lines on T-Mobile. We don't have a landline, looks like you don't either. See about getting those down.

    I feed a family of six on $100-$115 a week (my daughter do cook two nights a week, so I feed for seven breakfasts, seven lunches, five dinners, plus snack and dog food and all household items). I use the Dollar Tree for frozen fruit for our smoothies, shop mostly at Aldi's, use CVS for personal care items and milk. I don't work full time so it is easy for me to cook from scratch that saves money in the long-run too. Since you work, can you use a crock pot for stew or soups or chilli?

    I don't know how far you drive to/from work, but I know here stores like Jewe/Albertsons have savings on gas stations if you link your cards/accounts. I don't use it, but maybe its something.

    Good luck to you! Glad that there is an end in sight for some of these bills!! That will help out immensely. Smile

  5. Jenn Says:

    I know that it's easy to say about the budgets of others but in your situation I'd be more ruthless on expenses.

    Could you share a car since your schedules are similar? Then sell the other to create an EF and pay debt? Consider cancelling all paid entertainment for a while? Consider ditching the expensive cell phone plans for a cheapo prepaid one? With your internet you could use Skype for calls.

  6. rob62521 Says:

    Ouch on that loan. It will be great when you get it paid off.

  7. Butterscotch Says:

    I would get rid of Dish, Netflix, and the phones plans, regardless of penalties. Also, Jeeps are terrible on gas so I hope you don’t have a long commute. Otherwise I would sell it, pay off the balance of the loan, and buy something used and cheap, then throw whatever is left at bills.

  8. disneysteve Says:

    I agree with the previous responses about Dish and/or Netflix. I also agree that the cell phone bill is awfully high if it's just for the 2 of you.

    Your job can't force you to contribute to your 401k. They may auto-enroll you but you should be able to opt out. I actually don't recommend doing that as there is other stuff in your budget that should be cut out first. And once the loan, Jeep, and vision thing are all paid off, you're budget will work a whole lot better.

    In the meantime, you both need to look for additional income that you can earn when you're not at your FT jobs. There are tons of ways to earn extra cash, from Uber/Lyft to monetizing hobbies to babysitting or dog walking and more.

    Good luck!

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