Budget Help

[mmmess]

I am a mostly lurker that is feeling that our overall debt situation is hopeless. I was hoping that being brave and posting our budget would get me some advice from you smart ladies.

Monthly take home Income: $6600

Mortgage $1800

Utilities $350

Car payment $450

Car insurance $200

Gas $200

CC #1 $1046  Min Pay $34 22.8%

CC#2 $4500 Min Pay $100 16.90%

CC#3 $3300 Min Pay $94  28.99%

CC #4 $1400 Min Pay $45 22.90%

CC#5 $2900 Min Pay $65 9.90%

CC #6 $1100  Min Pay $38 27.24%

CC #7 $1275 Min Pay $51 18%

CC # 8 2115 Min Pay 64 24.24%

CC #9 3100 Min Pay 107.82 28%

CC #10 1900 Min Pay 55 18.05%

CC#11 1900 Min Pay 88 25.99%

Student Loan #1 $4300 $70 12.74%

Student Loan #2 $50,580.40 $111.05 6.80%

Student Loan #3 $16385.51 $35.87  8.50%

Student Loan #4 $10,070.83 $66.80 6.65%

Student Loan #5 $3,929.13 $33.20 8.75%

Student Loan #6 $10609.58 $111.19 9.75%

(These are all paid as one payment)

Student Loan #7 $743.38 $6.55 6%

Student Loan #8 $2864.56 $26.50 6.80%

Student Loan #9 $2206.16 $12.60 6.80%

Student Loan #10 $2354.34 $11.77 6.00%

Student Loan #11 $523.17 $2.62 6.00%

Student Loan #12 $5729.76 $26.74 5.60%

Student Loan #13 $4127.41 $23.39 6.80%

Student Loan #14 $4201.17 $23.81 6.80%

Student Loan #15 $1868.40 $10.59 6.80%

Student Loan #16 $2461.47 $13.95 6.80%

Student Loan #17 $8024.08 $45.47 6.80%

Student Loan #18 $5492.90 $20.60 4.50%

Student Loan #19 $4703.80 $25.65 6.80%

Student Loan #20 $2869.77 $15.66 6.55%

Groceries/kids lunch money and eating out $750

Kid's clothes and lessons $300

Trips to Target/fun money/hair cuts etc $200

We both work and contribute to retirement there.  We haven't started saving for college for the kids yet.

I am sure I am leaving something out but hopefully this is enough to get some advice.

[illgetthere]

How much of the kids money is lessons and how much of the food is lunch money? I'd reduce both of those. I'd also try to sell the car. Can you reduce your car insurance?
What is the cc debt from? Are you still using the cards? How much are you paying on the cc over the minimum? I'd make sure to attack one at a time. And snowball them. Are you finished with school; with there be additional loans? Pay minimums on them until until the ccs are handled

Edit. I'd probably hit cc 6 then 1 then 4 first

[Deleted]

The first things that jump out to me are:
1) Student loan consolidation. Assuming these aren't consolidated since the interest rates are all different.
2) Balance transfer on the credit cards to the lower interest cards.
3) Part-time job.
4) You might be able to cut $100 total from Kids's stuff, groceries, and Target/fun/hair.
5) Cheaper car and insurance.

[mmmess]

Oct 23, 2014 13:44:08 GMT -5 illgetthere said:

How much of the kids money is lessons and how much of the food is lunch money? I'd reduce both of those. I'd also try to sell the car. Can you reduce your car insurance?
What is the cc debt from? Are you still using the cards? How much are you paying on the cc over the minimum? I'd make sure to attack one at a time. And snowball them. Are you finished with school; with there be additional loans? Pay minimums on them until until the ccs are handled

Edit. I'd probably hit cc 6 then 2 then 1 first

Kid's money is about $200 lessons

Food money it is $100. Not sure how I can make them a hot lunch cheaper that them purchasing it at school. I think it is $1.10 for breakfast and $2.25 for lunch.

We try not to use the cards but it seems as if something always comes up where we do.

[mmmess]

Oct 23, 2014 13:45:52 GMT -5 superduper said:

I may have done the math wrong, but I only came up with $5500, am I missing another $1000 in bills or are you putting that into savings?

On paper that is everything. We are running out of funds each month so it is going somewhere.

[Deleted]

Oct 23, 2014 13:50:40 GMT -5 mmmess said:

Oct 23, 2014 13:45:52 GMT -5 superduper said:

I may have done the math wrong, but I only came up with $5500, am I missing another $1000 in bills or are you putting that into savings?

On paper that is everything. We are running out of funds each month so it is going somewhere.

Go over your last few months of bank and credit card statements and try to account for as much as you can.  Doing this was very eye opening for me.  I thought we were spending around $250 for gas and we were spending $400+.  The same type of thing happened for eating out.  

[oswin]

Ok, so my math adds up to about $5685 spent, so you should have $914 leftover (unless you've forgotten some spending). That's really not so bad. I'd probably try to start by paying off CC #6 completely ASAP, then go at the other high percentage cards next (3, 9, 11, 8).

If you're serious about getting out of debt, you should probably cut as much discretionary spending as you can. Do you really need a haircut, to go out to eat, etc?

Do you mind if I ask how the debt was accumulated? Was it just overspending due to lack of budget or did you have some emergencies that ended up on the cards? Please tell me you're not using them anymore.

[tealblue]

Sign up for mint.com and import your checking accounts. You'll need to spend some time categorizing everything. It's eye opening where you actually spend your money vs where you think you do.

I have a feeling you are missing or understating hoe much you actually spend.

[illgetthere]

Oct 23, 2014 13:49:27 GMT -5 mmmess said:

Oct 23, 2014 13:44:08 GMT -5 illgetthere said:

How much of the kids money is lessons and how much of the food is lunch money? I'd reduce both of those. I'd also try to sell the car. Can you reduce your car insurance?
What is the cc debt from? Are you still using the cards? How much are you paying on the cc over the minimum? I'd make sure to attack one at a time. And snowball them. Are you finished with school; with there be additional loans? Pay minimums on them until until the ccs are handled

Edit. I'd probably hit cc 6 then 2 then 1 first

Kid's money is about $200 lessons

Food money it is $100. Not sure how I can make them a hot lunch cheaper that them purchasing it at school. I think it is $1.10 for breakfast and $2.25 for lunch.

We try not to use the cards but it seems as if something always comes up where we do.

I agree to continue buying them lunch if they eat it. I don't know that I would buy breakfast. I cook biscuits every weekend and my son heats one up every morning with cereal or something. Can you try to cut food to maybe 550 plus their lunch?

You also seriously need to account for your missing money. If you have 1200 or so extra, you can pay off three cards in less than 3 months. That also gives a buffer to cash flow emergencies and stop using the card.

[oswin]

Oct 23, 2014 13:53:16 GMT -5 @forcuatro said:

Oct 23, 2014 13:50:40 GMT -5 mmmess said:

On paper that is everything. We are running out of funds each month so it is going somewhere.

Go over your last few months of bank and credit card statements and try to account for as much as you can.  Doing this was very eye opening for me.  I thought we were spending around $250 for gas and we were spending $400+.  The same type of thing happened for eating out.  

Yes, do this.

[tealblue]

Also- do you get a bonus or tax refund? I would ear mark that to knock out a few of hose cc balances.

What's the interest rate on your mortgage? Could you refinance and save there?

[mmmess]

Oct 23, 2014 13:56:05 GMT -5 oswin said:

Ok, so my math adds up to about $5685 spent, so you should have $914 leftover (unless you've forgotten some spending). That's really not so bad. I'd probably try to start by paying off CC #6 completely ASAP, then go at the other high percentage cards next (3, 9, 11, 8).

If you're serious about getting out of debt, you should probably cut as much discretionary spending as you can. Do you really need a haircut, to go out to eat, etc?

Do you mind if I ask how the debt was accumulated? Was it just overspending due to lack of budget or did you have some emergencies that ended up on the cards? Please tell me you're not using them anymore.

It was really a combination of the two.

We try not to use them but sometimes at the end of the month we find ourselves needing to use them to get gas.

[thebulldog]

Stop using the cards if you have not already.
Believe me I understand it is a hard habit to break but it can be done.
I agree to sign up for mint or do something to see where the money is going.
I would try to consolidate cards or try to call for a lower rate, having that many bills to pay alone can be frustrating in itself.

i be typing from me phone. typos and grammer dont count.

[mrshandy]

Cut up your CCs. Seriously those interest rates are crazy.

You are never going to get ahead unless you make some serious cuts. How many cars is that payment for?

Track your money. Don't do this in a silo, get your H involved and make a plan together. You both need to be on board to make this happen.

[maddiepaddy]

These can't be the only places your funds are going. What about health costs? Insurance, co-pays, etc? Are you spending anything on home upkeep? Cable, cell phones, internet? As PPs have mentioned, you need to really look at the past few months of spending and see where your funds are really going. Once you do that, you can identify where you can cut back.

Also, do you have an efund or other savings?

[oswin]

Oct 23, 2014 13:59:01 GMT -5 mmmess said:

Oct 23, 2014 13:56:05 GMT -5 oswin said:

Ok, so my math adds up to about $5685 spent, so you should have $914 leftover (unless you've forgotten some spending). That's really not so bad. I'd probably try to start by paying off CC #6 completely ASAP, then go at the other high percentage cards next (3, 9, 11, 8).

If you're serious about getting out of debt, you should probably cut as much discretionary spending as you can. Do you really need a haircut, to go out to eat, etc?

Do you mind if I ask how the debt was accumulated? Was it just overspending due to lack of budget or did you have some emergencies that ended up on the cards? Please tell me you're not using them anymore.

It was really a combination of the two.

We try not to use them but sometimes at the end of the month we find ourselves needing to use them to get gas.

If you really need to keep one around, keep #5 since it has the lowest interest, but even then you should do everything you can to avoid using it.

Since you're having trouble knowing where your money goes, try making a list before going into any store and ONLY getting things on the list. Many people here are guilty of seeing extra things at Target they didn't know they needed and buying them, but most of them have the luxury of spending more than they intended.

[tine]

I agree with everyone else. You can't make a real budget until you know where your money is going. Either look back through your statements or start tracking today and do it for one month. Break your spending down into specific categories (separate line for each utility, figure out what you're buying at target, etc) and be mindful of where you can cut. Once you cut, start chipping away at your credit card debt, then car payments, then student loans. I would do smallest balance first for credit cards to knock some out quick and put the payment toward the next. I think the snowball will work faster for you that way. Also, you may want to post again after you track your expenses.

[crashgizmo]

Ditto the question about an e-fund. Do you have savings?

How is your credit? Could you or DH get approved for a 0% balance transfer CC? I wouldn't normally advise this, but your interest rates are killing you.

[ssmjlm]

There seem to be a lot of holes in your budget.

I would recommend going to a cash system at least for the expenses you know: food, gas, kids stuff. I would seriously cut back on any fun money or dining out.