Would love to hear some perspective. I've also posted at my blog.....
www.flinthillskittykitty.comIncome: $40,000 (husband) full time experienced carpenter with thirty plus years of experience. Salary comes with state pension plan and full benefits of time off and good health insurance rates. (Wife) unemployed. Health issues. One contract to write at $500 per month plus bits from sales on ebay, etsy, amazon.
Take home pay is at $2,560 per month right now (with both incomes) after health insurance deduction and higher IRS withholdings which began Jan 1 2014 (see below).
Current expenses:
Home payment: $750 (includes escrow for ins and taxes)
School loans: $200
Credit Card: $275 minimum payment.
Life Insurance: $54
Car Insurance: $26
__________
$ 1305
Electricity: Low is $130 per mo. High one month last summer (a/c) was $280
Propane: $1000 - $1200 per year
Water: $40 per mo for 4000 gallons (rural water district)
Landline and internet: $85. Would cost the same whether or not I kept the landline - monopoly service provider in my rural area.
Cell Phone: Husbands. $35
Fuel: About $250 mo. 17 mi one way commute for husband, plus two tanks per month for me.
Groceries: $400. Gluten free, all cooking done from scratch.
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$ 1040
Total outgoing per month: $ 2345
Assets:
Home and acreage: $100,000 appraisal just before the downturn. Our area didn't take such drastic hits as the rest of the country as we are generally pretty economically depressed even in the heyday years. Lived here 28 years.
Vehicles: 2001 Olds Bravada with 210,000 miles. Good condition. Accomplishes what we need in hauling groceries, trash, recycle, grandchildren in unpredictable weather and gravel roads. 1994 GM 4x4 truck, 225,000 miles. Same - needed for the rural location and lifestyle DIY repairs and odd jobs for extra income.
Savings: $2700 in cash, State pension plan with 14 years of contributions, $12000 IRA and one very small 403 (B) that will pay out $600 a year forever at retirement.
Liabilities:
Home: 4 years left to pay. Just under $30,000 owed at 4.? %
School loans: $27000, 5.?% - these were on forbearance and deferment most of the past 30 years. Started paying in 2008. I never goes down much.
Credit Card: $13300. 19%. About half of this is vehicle repairs since I lost my job in 2010. This card was down to less than $1000 dollars payoff when I lost my job.
Assorted small medical co-pays that I can't ever pay: $490
IRS: Owed them $400 for 2011 taxes, paid $100. Got depressed. Didn't file 2012 taxes because I knew it would be the same result of owing another $300-$500. Delayed too long. Jan 1, 2014 - IRS set husband's withholdings at maximum until this is all straightened out - taking another $300 per month from our budget. We should get most of it back but it will be a year before I can get the increased withholding reversed.
Is it hopeless? I know I need to bring in some more income. In the past, everytime I bring in more income, my husband buys newer vehicles and I continue to cover up the messes from the past so he won't be cranky.
This time, my health cannot bear another full-time professional job. I can make about $35000 annually. But at this point, I would most likely move to a bigger population area alone and rent a studio apartment if I am forced into going back into the full-time professional job situation. And my health would only hold up a limited time....possibly a year. And I know I would crash much sooner if I did the hour plus one-way commute each day (rather than pay for a studio apt) Otherwise, I need to up ramp up my writing income and ebay/etsy income but both of those require upfront commitments of time and resources with no way to predict the timing or payout of the results. Starting a business with no savings - done that before - not sure I can do it again. It seems I've tried everything to make this too rural location work for us. This is the result.
Enough ranting from me. I'm interested in what you have to say.