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Update and week #2

January 14th, 2014 at 09:41 pm

So my husband pulled it off, he had extra job and we was able to pay rent, insurance, tuition for school and cell phone bill. I am just hoping the days will be good and he will have a lot job and tips. Unfortunately, we do have food benefits., and it feels horrible. Insurance is full coverage, but not from bank. We transferred from our old car. We did try to follow Dave Ramsey method with car, but it back fired. So we took loan on practically new SUV with high percent( almost 8%). My husband just building credit, he never had credit cards, so credit not as good as I wish. But I guess we have to suck it up and deal with it for awhile.
So for this month we still have to pay credit cards, internet, and car. I wish I can use GC from Christmas fund, but they are from stores and I don't shop at the stores until I seriously needed. We have huge stockpile, well it is getting smaller, but probably will last maybe 2-4 month(household items).
So our primary money suckers a bills. And food taken care with food stamps for now.

Unfortunately I did take $77 out of house fund and $1 from emergency fund, but hopefully I will outed back next week, otherwise I keep putting coins in kids jar and I put $2.00 for week #2.

Also while going thru last year finance we realize where we did mistake. We read financial peace book and 1st step was to save $1000 and 2nd step was pay off credit cards. We did that 2 steps and for a moment we fill great, but then things went out control, my husband didn't had enough hours, weather was bad, car breakdown. So emergency fund get drained, and when job didn't picked it up credit cards went in use. I did had to put some of the bills, badly most of them on credit card. So from now on we want save at least $2500 for emergency and only then start paying down cards and the same time adding at least $100 a month to emergency fund until we reach $5000, and only then pay all extra money to credit cards. I am just hoping this plan won't backfire this time.

6 Responses to “Update and week #2”

  1. mamasita Says:

    I like your plan to build a bigger emergency fund, and just pay the minimum on the cards until you have more money set aside. The trick will be to not use the cards while you are working so hard to save.

    I would really look for a job for yourself. Maybe you can swap child care hours with a trusted neighbor, so that you can work outside of the home a few hours a week and bring in a paycheck while your family gets ahead on bills. Obviously I don't know all the details about your situation, but an extra income can really make a difference after a few paychecks, and get you closer to your goals. Good luck!

  2. creditcardfree Says:

    Nothing wrong with a bigger emergency fund! Are you just hoping to save that money, or is the income there to obtain that?

    Definitely keep your eyes open for any money making opportunities, ways to save on what you already buy, eliminate wants from your budget, and sell things you no longer need.

    You might consider waiting on the house fund, while you add to your EF and pay down debt. You need a solid foundation financially before owning a home.

  3. Regichka Says:

    I wish we could wait on house, but place where we living now getting bad. Our landlord owns building, so when the old neighbor moved out he rented to some street guys, which give me creeps. Our other neighbor want to move out too, because of them. NO they don't make noise or anything, but they smoke illegal things and always have people over in the night. If you come after 9 pm, you won't be able to find parking space. Our lease expire on April,30, so we are thinking to renew one more year and then move to our own house. And unfortunately, we cannot find cheaper apartment next to us, and we cannot move farther, because we have only one car. And even we more father, all savings from cheaper rent will be eaten by gas for car.

    Unfortunately, I don't have anyone who could watch kids or with who I could trade babysitting. I tried appling for multiple places for the night or day when my husband off, but everybody want more flexible hours. We checked the route where I will go to work and we put kids in day care, but then in the end I will bring around $30.00 a month plus I wouldn't see kids all day, and my daughter has medical thing, if something happens to her, I wouldn't forgive myself.

  4. Suzanne Says:

    Sometimes you can sell gift cards online for cash.....

  5. Regichka Says:

    but for how much you can sell?

  6. Suzanne Says:

    It's usually a little less than what the gift card is less, but at least you have cash.

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