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.
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Disclaimer: longtime lurker, need some advice.
My work offers a 403(b) program. I am a teacher so my retirement savings is at 11%, but I just learned of the other retirement plan (403b) that they offer through an outside company. First things first - is that a good investment? I’m starting small, with $30 a week, but will eventually add more weekly as I can afford it.
Secondly, the retirement guy offers financial advising for $100 a month. He basically micromanages all of my money (I have a lot of credit card debt - ~$8,000 and student loans about to kick in) and helps me find areas of trouble and build a savings. We want to have a kid in the next year or two, and I refuse to do so until I am financially stable. Is this a good idea? His contract states that I can opt out any time, and he will refund all fees I have paid, whether it was 1 month or 12 months. It seems pretty risk-free, but I’m still uneasy about it.
Today I found out that my high school psychologist died. He was mowing his lawn when a garbage truck lost control and killed him. This man is irreplaceable. We've talked regularly since I graduated in 2008. He took me to dinner when I conquered my fear and got my license. He texted me every holiday. He never saw me as a burden. He was the man who would've walked me down the aisle had my dad not been able to. He helped me accept and cope with my mental illness. He answered calls of panic at 3 in he morning even if he had work the next morning. I haven't had to deal with this much pain without having him help me through it. He's the only one I want to talk to. I'm heartbroken. I meant to send him pictures from my honeymoon last week and forgot. And now he's gone. I need some guidance. I'm crushed.