What else can I do??????

[NYCDiane]

In the past, like many people, I've screwed up with money, credit cards, etc. I'm now (for the past 10 months or so) trying to reign things in, get totally on track, pay off debt, and start some real savings.

I have budgeted out the amount of money we have to spend on things each week. I limit the amount of money I bring with me to the stores. I NEVER leave home without my coupons. I always look for sales, bargains, etc.

Things still weren't working out.

I sat down and wrote out our budget, categorizing things onto different pages: Basic expenese (rent, lights, etc), credit card expenses, and other expenses. It looks like our credit card expenses are only $400/month. I've been paying on all of them and not using any of them (want to pay them off in full). Our basic and "other" expenses take up the greatest percentage of our salaries. Turns out, we only have about $100 "left over" at the end of each month (and that usually goes to unexpected things)

How in the world do I get out of this?????

What more can I do to make some extra money strictly to put away for savings????? We both work full time and can't figure a way to work any more hours than we already do.

 

[crl]

Do you have cable? Do you have cell phones? If you have cell phones, do you have a land line too?

That was our last place that I could cut money. We have one cell phone with no land line. We're very careful with our minutes and use Skype for as many calls as we can. We also cut our cable to the very basic 13 stations. I'd cut it completely, but it's the same cost to keep it and get the cable modem or just pay for the cable modem. If you can cut the high speed internet that would be another couple of dollars. For us, it would be cutting our contact with family and half of our homeschooling resources so it would turn out more expensive for us.

 

[vicki_c]

I think the ideas above are good extra places to look at, but sometimes you do reach a point where cutting more is not an option and you have to figure out a way to bring in more income instead. So you might want to try approaching it that way - sell things, do you have a skill you can use to make some extra money - could be something like tutoring, for example. Take a PT job anywhere you can find one. Sell a car (which can both make money and save you money every month). Do you own any other luxury items - boat, jet-skis, anything like that?

 

[Marionnette]

In the past, like many people, I've screwed up with money, credit cards, etc. I'm now (for the past 10 months or so) trying to reign things in, get totally on track, pay off debt, and start some real savings.

I have budgeted out the amount of money we have to spend on things each week. I limit the amount of money I bring with me to the stores. I NEVER leave home without my coupons. I always look for sales, bargains, etc.

Things still weren't working out.

I sat down and wrote out our budget, categorizing things onto different pages: Basic expenese (rent, lights, etc), credit card expenses, and other expenses. It looks like our credit card expenses are only $400/month. I've been paying on all of them and not using any of them (want to pay them off in full). Our basic and "other" expenses take up the greatest percentage of our salaries. Turns out, we only have about $100 "left over" at the end of each month (and that usually goes to unexpected things)

How in the world do I get out of this?????

What more can I do to make some extra money strictly to put away for savings????? We both work full time and can't figure a way to work any more hours than we already do.

Alot depends on what you considered to be your basic and other expenses. If you still have one hundred dollars left at the end of the month then your not doing bad. It will just take time to pay down those credit cards. But if you dont have things like an emergency fund and do not have a fund for the expenses that come along every once in a while accounted for in your budget then your always going to be playing catch up. You may need to tweek the variable budget areas more. And you may need to reconsider cutting expenses like cable, internet and cell phone to the barest of bones. Otherwise the only answer is to get another source of income to cover the deficit spending.

 

[canopynut66]

In the past, like many people, I've screwed up with money, credit cards, etc. I'm now (for the past 10 months or so) trying to reign things in, get totally on track, pay off debt, and start some real savings.

I have budgeted out the amount of money we have to spend on things each week. I limit the amount of money I bring with me to the stores. I NEVER leave home without my coupons. I always look for sales, bargains, etc.

Things still weren't working out.

I sat down and wrote out our budget, categorizing things onto different pages: Basic expenese (rent, lights, etc), credit card expenses, and other expenses. It looks like our credit card expenses are only $400/month. I've been paying on all of them and not using any of them (want to pay them off in full). Our basic and "other" expenses take up the greatest percentage of our salaries. Turns out, we only have about $100 "left over" at the end of each month (and that usually goes to unexpected things)

How in the world do I get out of this?????

What more can I do to make some extra money strictly to put away for savings????? We both work full time and can't figure a way to work any more hours than we already do.

To me best thing to do is get you a notebook and write down EVERY dime you spend for two weeks. (Month is actually better and what I advise when helping someone) No matter how small it is. Then go back over this and you can see exactly where your money went. Then start the budget. The first thing I have them do is pay off the smallest charges first. While making the payments on others. Then work to pay down the next highest bill or charge card try to double if possible on say one charge card once you have paid off another. You will begin to start seeing daylite. The writing it down to see where it is going helps find out where it REALLY went. it is amazing to all I have worked with that they actually were spending so much on junk food and vending for instance (not saying you are) and once they wrote it down was shocked Then you can start saving.

 

[Disneybuckeye]

I agree with writing down every penny you spend. Once you have to "confess" where your money is going you may be able to find other areas to save. Also, not sure if you have kids or not, but can you offer to babysit on nights and weekends? That really pays well around here. Good luck!

 

[dis-happy]

We took a drastic pay cut at one point in our lives for a better future for my dh and his career. I cut out everything and I mean everything. No cable TV. No eating out at all (not even a trip to McDonald's). Ironed my dh's dress shirts instead of paying to have them done at the dry cleaners. Planned out all weekly meals and bought accordingly, and kept to budget meals (meatless 2-3 times per week, things like eggs one night, pasta another night, soup another night). We even got rid of one car and my dh and I got by with sharing 1 car. It takes work but it can be done! Look at everything in your budget and if it's not a necessity see what you can do to cut it out.

 

[bumbershoot]

It looks like our credit card expenses are only $400/month. I've been paying on all of them and not using any of them (want to pay them off in full). Our basic and "other" expenses take up the greatest percentage of our salaries. Turns out, we only have about $100 "left over" at the end of each month (and that usually goes to unexpected things)

How in the world do I get out of this?????

What more can I do to make some extra money strictly to put away for savings?

Well, instead of letting the $100 be frittered away, put it towards the CC bills. Some will put extra towards the highest total bill, others will put it towards the CC with the highest interest... That brings the time paying off that bill down. Then when that CC is gone, you put its minimum payment, along with the extra, towards the next CC. etc etc.

Right now the money should go to the bills, because you're not going to earn more in savings account interest than you're going to pay each month in CC interest. Many say you should have a small emergency fund...many will start off working to get $1000 in savings so that if a true emergency shows up, you don't have to go to the credit cards (good that you're already not using them!). So you could save that $100 for 10 months to get the small emergency fund, and then start putting it towards the bills.

A quote I like that pertains to budgeting is that you need to "tell your money where to go, so that you don't end up wondering where it went".

If you've cut everything but you're still spending that leftover 100...what are you spending it on exactly? Are those things absolutely necessary? etc etc.

Good luck!

 

[C.Ann]

To me best thing to do is get you a notebook and write down EVERY dime you spend for two weeks. (Month is actually better and what I advise when helping someone) No matter how small it is. Then go back over this and you can see exactly where your money went. Then start the budget. The first thing I have them do is pay off the smallest charges first. While making the payments on others. Then work to pay down the next highest bill or charge card try to double if possible on say one charge card once you have paid off another. You will begin to start seeing daylite. The writing it down to see where it is going helps find out where it REALLY went. it is amazing to all I have worked with that they actually were spending so much on junk food and vending for instance (not saying you are) and once they wrote it down was shocked Then you can start saving.

I agree with this..

Also - what does your food budget look like? The cost of food is just soaring through the roof and for a time, you may have to make some heft slashes there that would allow you to put that money into savings - or paying off the CC's faster.. A healthy diet is important, but a short term change to what you buy isn't going to doom you for life.. Brand names may have to go for awhile; you may have to find 101 ways to cook chicken or hamburger (whichever is cheaper); soups for dinner; pancakes for dinner; elbow macaroni with canned diced tomatoes, some oregano, and some garlic salt; oatmeal for breakfast; etc.. Just remember that it's NOT "forever".. Maybe do the grocery thing every other month (so it doesn't get to the point where you can't bear it anymore)..

On the alternate months, no eating out anywhere (fast-food; vending machines; Dunkin Donuts cup of coffee; NO food away from home).. Play the "gas game" - see how long you can make one tank of gas last.. (Car pool; walk; ride a bike; etc.)..

No new clothing purchases that aren't absolutely necessary (necessary would be underwear, socks, etc. - "if" needed)..

If your land line is cheaper, ditch the cell phones.. Cable? Go with the bare-bones package.. Same with internet..

Check to see if you can lower any of your insurance rates - car; home; etc..

Go on the budget plan for your electric if it's available in your area.. Cut down on your electric use (unplug things not in use numerous times throughout the day; don't leave your computers on or in "hibernate" mode; etc.)..

Once you actually "see" where your money is going, I'm sure you will find things you can cut out or reduce significantly..

However - a strict budget like this will usually fail if you feel "deprived".. So either make a game of it - "How much can I save this week?" - or - allow yourself one small treat every 2 weeks or so..

Good luck!

 

[2disneyboys]

Its so hard to disect your budget and see where you can make changes, but little things really do add up. and if you truly feel you have cut out all (or most) needs then maybe look for way to increase your income even if its only for a short time. It will be worth it in the long run. Good Luck and don't let yourself get "down" with the day to day details.. keep your eyes on the final goal as it will be so worth it! I am on this journey myself and its so empowing to see the plan suceed! Good Luck!

 

[dyna]

How many cars do you own? How many do you really need? We decided we could get by with 1 less when my parents asked us to help us find them a newer van. We had 4 vehicles only needed 3 and was making payments on 2 of them. We sold them my van I started driving the old truck that was mainly sitting here taking up space. We was able to pay off both car payments this way.

Then we also sold a very much loved old harley that we had owned since 1978 and paid off the new harley.

DH is retiring 3 yrs early by getting rid of 2 things.

 

[Mathfailure]

As everyone has stated in one way or another:

Earn more or spend less

Quickest is both together.

I note the NYC, and know that is a HIGH cost of living area. So the amounts you spend on items is most likely higher than most, but usually the income is higher too.

When we went through this, the physical envelop spending plan helped me. Do the budget, I did it per pay back then, pay the bills for that pay and place in envelps the spending for the next two weeks. No more available.

I remember looking up how to make hot dog rolls because I had flour but no more grocery money. It was the principle to me at that point, no more spending if money in a catagory was gone.

I did save at the same time, a small amount, because I knew something would come up - so a small saving was included in my budget. NOT touched with the understanding that was for an emergency ONLY!

IF I had any money left over, and soon I did as I got more intense, that $20 or $30 dollars went toward the credit card debt I wanted gone. It helped that one of the cards had a branch near me, I would physically go into the branch and pay on the card twice a month extra. No one blinked, and it got paid off.

Now, patience was important for our journey, as we could not get another job either, and had to do it with the income we had. It took over a year.

BUT now it feels wonderful, and it also feels like we have so much more income, although we really do not, because it belongs to us now and not bills.

Hope you stick to it, and see the freedom ahead.

I am trying to teach my children not to spend tomorrows money today.

 

[Ava]

Ditto what others said - take a look at your "basic" expenses and see if there is anywhere you can cut.

If you have both a landline & cell phones, get rid of one of them. Cancel cable TV. If you have a car, try to drive as little as possible to save on gas.

We recently switched to the "balanced billing" plan for our electric & gas - they estimate your usage for the next 12 months based on your usage history, then divide the total by 12 to give you even payments every month. At the end of the 12-month period, if you used more than you paid for you will owe them the difference, if you used less they will credit you the difference. So you aren't technically saving any money, but it does make it a lot easier to budget your monthly expenses if your gas/electric bill is always the same.

I also 2nd the recommendation to write down every penny you spend for 1 month. You will probably be surprised at where your money is going. Even if you think you don't buy any "extras," small things like a coffee in the morning on the way to work, chips from the vending machine, a newspaper or magazine here & there, etc all add up.

Also, if you don't take your lunch to work, start. Even if you only spend $5/day on lunch (which, at least in midtown where I work, will have you eating McDonald's or pizza every day), that's $25/week. If your co-workers are big on going out to lunch together, allow yourself to join them once or twice a month so you won't feel deprived.

Good luck, you can do this!

 

[minnie1928]

Have you called the CC companies to see if they can lower your rates at all? That might help get the balances down a little faster.