Hello
I'm basically looking for ideas on how to adjust our budget to increase our safety zone...
Nitty gritty:
My income, take home: 814.37 every two weeks
My SO's income: about 150.00 every week.
Our joint income: 680.00 around the 5th of each month. (We split babysitting duties for twins for one of my coworkers. The care is state paid, thus a big part of our income.)
Our monthly expenses:
Rent: 550
Electric: 35
Natural Gas: 30
Auto/renters insurance: 125 two vehicles, two drivers and the apartment with a 50,000 policy for belongings.
Internet, 45
Netflix, on one of the credit cards.
Savings (starting first of August , 100 a week out of her money, and 20 e2w out of mine)
Groceries: 250 +/-
Our monthly bills:
My student loans: 170 a month on 23000
My SO's student loan: 40 a month on about 2500
Bad debt: (last payment) 175
Credit cards (2): 250/month total for both (we don't carry a balance, mostly used for gas and groceries, both cash back reward cards one in each of our names)
Car payment: 260 (yes it was a bad idea) owe about 9000.
We have no savings currently
We have no home phone. We do have cellphones, but won't have to pay for them ourselves for another year. I already have the cheapest handset available (cost me 15 dollars brand new after twin 1 flushed my previous phone).' And we will likely have my phone on a 10.00 plan. The SO's will likely be 10 bucks/month also.
We do have cable, paid for by the parent of the twins.
About the cars, one is owned out right. The other is financed. I commute 13 miles each way. My SO is looking for another job, that will allow her to quit the one that she has, but either accommodates the twins, or will pay enough to break even or better... But the economy is recovering slowly here... And wasn't great to begin with.
Because we live in such a tight area, two cars are a necessity for us at this time. We plan to sell both for to purchase an Alaska appropriate vehicle before we move back up north. An appropriate vehicle would be like a jeep liberty or a Honda CRV and the like. 4wd is a requirement, manual tranny also required.
Our goals:
Get debt free
Move back to Alaska
Achieve financial independence by the time I am 45.