Its 4am and I am having a hard time sleeping because way too much financial stuff is in my head. I posted about whether we should move to another apartment, try to buy cheap condo with FHA loan or stay where we are (1 br with our 5 yr old son) and general consensus is to stay put unless something amazing comes along to rent. But I feel very uneasy overall...here is our situation:
Income:
*Mine Net approx 3k (I may need to leave my job soon as Grad school demands are becoming insane, at the very least find different way less demanding job. But not making any moves until we have a tight plan)
*Hubby Net 2800
*Savings: $6472.64; earmarked for emergency fund. Trying to determine just pay off all small debt other than the "old bills" with this & possibly buy hubby a cheap car say 2k to reduce wear & tear on other car. Adding about $400 monthly to this. Only have been saving since July 2014.
Expenses:
*Rent: $1133 for 1 br
*Car Payment: $365 (1 car, 23,496k left on it. 2011 Toyota Highlander. Public transportation is not an option where we live, work & daycare. I checked into trading it in & even with a car that is say 16k with negative equity added to it the payment may go down $50 if that the bank said)
*Cell phones: $60 a month
*Gas: Approx $200 monthly
*Utilities: Electric $60 monthly, Gas $20
*Food: $750 monthly?!?!?!? (This is a huge issue! Just tallied up groceries, Starbucks, lunches, dinners for each of us...on bank statements for last month, whoa. Obv if I am working less this will be dramatically cut but we will curtail this immediately, this realization alone was worth the post!!! )
*Daycare: $640
*Personal Loan: 110 month
*Car Ins: 107 monthly
*Health Ins (son): $148
*Health Ins (me if I lv my job) $232
*Entertainment (Currently this is about $200 or so for the last few months)
*Unexpected/unusual things (car repairs, gifts, tires, car registration, trip for business to FL, etc. this happened last 2 months, needed tires & car maintenance) so need to start adding a line item for this. each event was about $200-$600.)
Credit Cards (all are current):
*Target card- $25 monthly, bal $112.27
*Old Navy - $25 monthly, bal $117.08
*Care Credit - $29 monthly, $349.13
*Capital 1- $75 monthly for 2 cards; totaling $619.59
*Credit union card - $25 monthly, $312.19 bal
*Old Chargeoff will pay next week $180
Student Loans: 50k currently in deferment but in grad school total cost will be about 60k
Old bills that do not affect credit in order of importance of repayment
* Old LLC dues $3600
*UCLA $947 *UCLA $390.56 *UCLA $291.43
Retirement is nearly non existent. My hubby & I have about 2k each in IRA's my job canceled the 401k program & never matched and he is contributing very little now to his. I am 33 he will be 40 this year. This is mainly what's keeping me up.
Feel free to tear it apart. We need a plan!!