What to do when $1000 down per month!

iVillage Member
Registered: 05-04-2003
What to do when $1000 down per month!
6
Sun, 01-16-2005 - 12:56pm

Okay, I have seen lots of different ideas on saving money and paying off credit cards, but right now we are $1000 per month in the hole. We are going to get rid of cable $30 per month, cell phone $40 per month, everything else is cut to the bare minium. Where do we go to get out of this hole? We are $35,000 in debt and have no equity in the house, we also have two kids, one is a baby (so we need formula). Just some back ground, I am bipolar and spent a lot of the money in a mania, my dh now has my credit cards and I am on an allowance for spending and food.

Kristin

iVillage Member
Registered: 11-13-2004
Sun, 01-16-2005 - 6:49pm
Are you on any medication for your bipolar disorder? Have you applied for SSI for your disorder or are you receiving any assistance. If you are unable to work due to this you should qualify for SSI. I have an ex neighbor who is bipolar and is unable to work and he gets about $2000/month from SSI/disability. If you haven't already, check it out. Also, you may be able to have your medications covered also. Take care and be careful.
iVillage Member
Registered: 05-04-2003
Sun, 01-16-2005 - 7:58pm

I am lucky, I do work part time, and I would work more if for 1. the babysitter wouldn't cost as much as the job pays and 2. if it didn't send me into a mania from doing so much. My dh does have a ft job with benefits, thank God. My doc actually wrote a prescritption for my dh to take away the checkbook and cc's as I am a little bit manic. It is so frustrating, I want to get a real house some day, but how do I get out of this debt when I can't even pay the bills on tme? Would a credit councelor help?

Kristin

iVillage Member
Registered: 12-05-2004
Sun, 01-16-2005 - 8:33pm


I'm not sure on this, but is it possible that you might qualify for some sort of assistance program to help you with the costs of diapers, formula, well-child visits, etc? Something like the WIC program? It might not make up the whole $1000 difference, but it might help to decrease your grocery and medical bills, which can get high quickly with a new baby (well doctor visits, visits for peace of mind when you feel something 'might' be wrong, etc).

Pat

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Sun, 01-16-2005 - 10:42pm

If you're coming up $1000 short every month, then you have to plug the hole.

All my best,
Danni

iVillage Member
Registered: 11-13-2004
Mon, 01-17-2005 - 1:38am

I don't know if a credit counselor could do much good for you or not considering this is a symptom of a medical illness rather than just simply lack of a budget. I would suggest to your husband to cut up all but one of the credit cards, so that they cannot be used till they are paid off. And keep one for emergencies. As far as him giving you money for allowance/food etc; he is careful with money or does he have issues where he needs to learn to budget also? You need to stay on whatever medication you are taking and when you get the urge to spend money, train yourself to do something else eg (go for a walk, do craft, puzzle, read, whatever).

Have you done any research on your own on bipolar disorder? That wouldn't hurt so that you get an understanding of your patterns of behavior. Maybe keep a spending journal to see if you can recognize any patterns of when you tend to overspend. You mentioned that you are slightly manic. I assume this is when you tend to overspend. Do you have many depressive episodes and what do you do during these times? It is good that your husband handles the checkbook, as mentioned earlier, he should also cut up the credit cards; and just keep one for emergencies. Maybe you both could sit down with a credit counselor and go over ways to budget and see where you can cut. Could your husband pick up extra hours at his job, or pick up a second part time job until the debts are paid? Keep us posted. Best of luck.

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 01-17-2005 - 11:43am
I don't have any advice for you, but wanted to let you know that you are not alone.
Sarah