Single mom living beyound her means...

iVillage Member
Registered: 11-03-2008
Single mom living beyound her means...
9
Mon, 11-03-2008 - 1:26pm

Again, for a third or fourth year in a row i'm at a

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 11-03-2008 - 1:29pm

If you get a large tax return each year, then you are over-contributing to taxes - giving the government an interest-free loan, while you use cc's and pay high interest just to get by.


I would look into changing your current payroll deduction to more accurately reflect what you should be paying in taxes so that you have that money to live on throughout the year.

All my best,
Danni
cl-phocid, Debt Support Group



All my best,
Danni

iVillage Member
Registered: 09-26-2006
Mon, 11-03-2008 - 2:02pm

Hi,

I don't have much advice but I wanted you to know that I've been there. I divorced five years ago, and until I got married again this past spring, I had not taken in more than I had spent in a single month! I survived on various windfalls, tax returns, and support payments from my ex. I am recovering from being $27,000 in debt.

If you spell out what recurring bills you have and for how much, some of the great people on this messageboard may be able to help you with particular money saving strategies and tips.

Good luck to you,

Recreating Myself

iVillage Member
Registered: 11-03-2008
Mon, 11-03-2008 - 2:31pm

Thank you.


My tax returns aren't that high.

iVillage Member
Registered: 03-27-2005
Mon, 11-03-2008 - 2:36pm

I hear you.

iVillage Member
Registered: 11-03-2008
Mon, 11-03-2008 - 2:40pm

Thank you!


iVillage Member
Registered: 11-03-2008
Mon, 11-03-2008 - 2:43pm

Thank you.


That's a good idea.

iVillage Member
Registered: 11-03-2008
Mon, 11-03-2008 - 2:53pm
Oops..I forgot to mention money for Insurance and $100 amonth towards savings.
iVillage Member
Registered: 11-17-2007
Mon, 11-03-2008 - 7:54pm

Might be a great idea to sit down when the house is quiet and make a list of all your bills and the interest you are paying on the credit cards and such to really see how much you are going in the hole a month. You might want to post your numbers on here.


One thing you might want to think about You say you get back around 2,000 on your taxes each year. Instead of that 100.00 a month you are putting in the bank I would stop that if you are short on a month. Instead I would take 1200.00 out of your tax refund and put that in a lump sum when the tax refund comes in into the bank. Adding that much to a saving account also ups your interest on a month. You could also use that interest money

iVillage Member
Registered: 06-03-2006
Tue, 11-04-2008 - 7:52pm
With regard to the paying off the second credit card, I have always heard that while you are focusing on paying off one credit card, you should only pay the minimum on the others. The extra $20 you are paying on the second card could be added to the payment on the first card and pay it off quicker. Then, once the first card is paid off, you then apply that monthly payment to your second card and quickly will pay that off, too.