I’m ashamed to be posting this, but ready to change, and hope that I can get some non-judgmental help. I had posted a few months back about getting a financial advisor and whether or not it was worth it, but so many people reached out and said this sub could help that I decided against it. So, here it is. I am a full-time teacher and own two special needs dogs. My husband owns our home with his father (who does not live here, but helped us acquire the home loan). My mother is a compulsive gambler and has declared bankruptcy 4 times. I really, really, really don’t want to end up there. We have no savings and with maxed-out credit cards, we are usually flat broke at the end of each month. It looks like we have about $500 leftover each month, and we probably spend most of that eating out. So my first goal is to completely cut out eating out. It’s a very bad habit that I’m ready to break. Two things I will not budge on are: costs for my dogs, and leaving my home. I am really open to any other ideas. I am working on getting a second job, so that would be helpful, but for now, here’s our income and expenses. My husband and I each take home (after taxes) $1200 bi-weekly. We are paid on the same week, so the funds seem to disappear rather quickly.
So our monthly, take-home pay is $4800/month
Monthly Expenses: Mortgage: $1690 Phone: $250 Groceries: $600 Dog food/care: $350-450 Utilities (heat, water, elec): ~$200 Internet: $90 (only provider in area) Car payment: $250 Car insurance: $120 Medications: $150 (I am a medical marijuana patient due to a pelvic floor disorder) Gas: $140 All credit card payments (minimum): $400
Outstanding Debt: $600 water bill $4,800 credit card #1 $500 credit card #2 $900 credit card #3 (no interest if paid off by March) $900 credit card #4 (his) $2800 credit card #5 (his) $300 store credit card $150 store credit card $7k owed on car
Again, I’m embarrassed and understand that I got myself into a really awful situation. I’m 27 and not ready to live the rest of my life like this. We want to get pregnant this year but I refuse to do so until I’m financially stable. Thanks in advance.