We are a family of 5 - two adults (age 33), 3 kids (age 10, 7, 4) and a small dog
Income: DH has a full time job (works as a bank manager)and take home is about $2,000 a month. I work PT from home (as an independent contractor) my income is different month to month but approximately $600-$800. Recently I've taken on higher paying work and more steady work, so I should see an increase from that starting next month. I stopped working full-time because we were paying full-time childcare. What I make part-time is more than what I'd make if I were working FT once child care and other expenses are paid. The good thing about this arrangement is I have the potential to make more money - I just have to find more hours to work. This is easier when the kids are in school.
TOTAL MONTHLY INCOME $2,600-$2,800
Current expenses:
Mortgage $1,300
phone bill $125
car payment $285 - have already discussed selling this car and getting a much cheaper one
electric bill $175
home/car insurance $100
internet $45 - best deal and definitely necessary since I work at home
credit cards (3) total - $125
Student loans (3) total - $415
Netflix - $8
gas for cars - $320
signature loan $200
life insurance $35
food - varies but about $300 monthly - already discussing ways to drop this to rice and beans diet
TOTAL ACTUAL BILLS and MONTHLY EXPENSES: $3,133
Other expenses - We owe my dad about $250 for a loan. We pay for our kids to do sports most seasons. Right now we are in football for the oldest and we still need to pay $150 for that. We also will have to pay $60 for cheerleading. We don't eat dinners out, but we do have a habit of picking up a quick pizza here and there and making too many trips to the grocery store that add up!
My husband has a 401(k) and I have no retirement right now. It does not have a lot in it (under $12,000).
We are just tired of drowning in debt. We are tired of missing out on life in general and always saying no because we "can't afford it." I knew the FB and cheer would be a target, as they should be. We do have a low-income option at our school that we can look into, but it points to a bigger problem I have and why I think Dave Ramsey failed me. When we're in a situation like this, where we're talking YEARS and not MONTHS, how do I deal with life passing me by while we dig out? My son is a fifth grader only once (I hope). I KNOW I should say no to sports, but it sucks. Time to suck it up, I know. I just want to be able to pay our bills and have money to do things, like a modest vacation. We don't have cable, we shop at the thirft store and dollar store, we don't take trips anywhere and we certainly don't do extras like movies. We've done the obvious like checking on lower deductibles, lower payments, deferments, etc. I feel like we're out of options! We have one car that is on its last leg and will need to be replaced very soon but it's been paid off for a few years now. I'd love to know where to start digging ourselves out of debt. I hate it when the phone rings because it seems like it's always someone calling about a payment that's late!