I am married have 3 children I have a job that pays 16$ an hr and a Husband bringing in nothing I my rent is $950 car note $320 and lights $300 per month
what can I do to get out of debt?
Jackie
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It is too hard to cut grocery bills, unless you are buying soda and frozen foods. Hopefully you are being frugal with electricity and your heat/light bill probably can’t be cut further. I bet you won’t want to hear this, but you need to get rid of your car. I know that’s harsh to hear and you probably love having a nice vehicle, but you are making a mortgage payment on that thing. The percentage of your budget being spent on the vehicle is way too high, and one income of $16/hour is too low to justify the expense. See if you can find a friend or relative that will help you get a used vehicle.
I once wanted a brand-new vehicle, but I had really bad credit so I got my father to co-sign the loan. After a year of faithfully making payments on it, my credit had improved so much that I was able to take it back to the dealer for a used vehicle that was much less costly, and I was able to get it on my own — no cosigner. My dad was happy, and I was happy with a less costly vehicle.
Your husband needs to be bringing in something to your household, whether he is mowing lawns, shoveling snow, painting houses, roofing, or even just filing for unemployment. If he has a disability that prevents him from working, do research and find out how he can qualify for SSI or disability payments.
See if your church (or community center, or other religious affiliation you may have) has a financial freedom seminar that you and your husband can attend together. Even if all my other advice is unwanted, remember Proverbs 22:7, Poor people are slaves of the rich. Borrow money and you are the lender’s slave. Learning how to budget is a critical household skill. These classes about financial freedom can keep you from getting yourself into debt in the future, and staying out of debt is the best thing you can do for yourself and your family. Good luck with your situation and I hope things turn around for your family really soon.
I also recommend that you check out books from the library by Suze Orman and Dave Ramsey. Both have excellent financial advice and everyone from financial beginners to advanced can benefit from hearing what they have to say.
I’m sorry you are on hard times, slash grocery bills!
I’ve been/am in your shoes. You have to look for every area to save – even if its only a small amount. Eg: Pack lunches rather than pay for your kids lunch – ok, maybe the school lunch is ‘only’ $2 but you can pack a lunch for $1 so thats a 50% saving that will add up over time. Look to slash your grocery bill anyway you can. Sell on ebay – rght away you probably have a ton of stuff you can sell – those sales can really add up. You have to be very resourceful to eek out places to save money. Your husband is not working so let him do the ebay stuff plus he has time to got 3 different stores to take advantage of best deals – if milk is cheap at Winndixie go there, then go to Taget if bananas are cheaper then Walmart if there’s a deal on pasta- it takes time but the savings are real.
Sorry to hear about this Jackie,
Why is your electricity bill so expensive, possibly try more efficient bulbs and some look at how electricity is being used in the home and you may be able to reduce that cost by up to 40%
R