You are lucky those amounts are very manageable as far as paying them off I started out with 30,000 in debt.
Have you come up with a plan? I am sure that the collections are the first on your list then the others and Pop coming in last
If you have a plan we would love to see it. IF I were you I would try to knock out the little ones One each paycheck if you can I am sure with using a lot of coupons and meal planning that the 13.00 could be paid off in one week.
Are you guys back to work yet?
How much is your overhead like rent insurance and the like.
Forgive me b/c I don't know your situation but any way you can work a night job? or pet sitting? or house sitting? House cleaning? Watching kids? Something to bring in additional income?
Hi Rochelle, Can you clarify a couple things for me and then I might have some better suggestions?
1. Are the amounts you list paying on the bills monthly or each paycheck? 2. Is the health insurance monthly or each paycheck? 3. Is the gas a monthly charge or is that some sort of back payment? 4. You aren't showing any variable expenses or insurance. Things like groceries, gasoline, renters or life insurance, utilities, gifts, haircuts, clothing. It will be important for you to get a sense about what you are spending there. 5. What are the minimum payments and/or interest rates on these various accounts?
Thanks and hope we can offer some suggestions. Any good news on DH's job hunt? What does he do?
My husband still looking for work. He not having much chance it this time of the year. Hopefully next year it be better.
1. Are the amounts you list paying on the bills monthly or each paycheck? The each paycheck 2. Is the health insurance monthly or each paycheck? each paycheck 3. Is the gas a monthly charge or is that some sort of back payment? back payment 4. You aren't showing any variable expenses or insurance. Things like groceries, gasoline, renters or life insurance, utilities, gifts, haircuts, clothing. It will be important for you to get a sense about what you are spending there. Groceries I spend $136. Clothing I usually layby and that about $13, haircuts $81, Utilities $34 and gifts $10. 5. What are the minimum payments and/or interest rates on these various accounts? I have a savings accounts and don't know my interest rates.
Based on your second email, I'm assuming that the Alinta Gas acct will be paid off w/your next payment.
Biweekly: Income $375
Rent $74 Groceries $136 Utilities $34 Gifts $10 Clothing $13 Health Ins $67 Mobile $17 Recovery Course $13 Ambulance $6
Expenses you are paying now: $370
You aren't paying on: Telstra Cable TV Your CC Matt's Pop I didn't include the haircut because I assume that isn't the right amount and you don't get a haircut every 2 weeks so I just left that out for now.
Not much breathing room in there. Do you have a vehicle? You don't mention any expenses related to one so I'm assuming not.
I would say the one number that jumps off the page is the grocery number. Do you think you could get that down to $50/week? If so, that would save you about $72 per month and you could use that money to try and knock some of this down. If you took that money and the regular payment you are making now and another couple dollars you scrape up, you could knock out that recovery course in a couple of months. Then take that $100 per month + the $34 you are already paying them and work on the mobile bill. That'll be another 4-5 months. Then take that entire $134 and apply it to either your credit card, the Alinta or Matt's Cable bill. Again 4-5 months and then do the same with one of the other ones and then the final one. Then work on the ambulance bill. When you get done there, start knocking down the amount to his dad. Hopefully Matt will land a job soon and you'll have a bit more to apply to the task.
The only other number that is alarming is the medical insurance cost. Holy cow! That's a huge chunk of your income. I don't know about health care in Australia but at your income level in the US, you'd likely qualify for subsidized health care of some sort. Do you feel like you did full research on your options and confident that you got the best deal on that?
You mention you are unable to work. I'm not sure if this income is a disability income or some unemployment benefits but does Australia have disability coverage? In the US, you could prove you were unable to work and the gov't would provide income to support you (assuming you had worked enough quarters to qualify under Social Security).
Good luck! I hope DH lands a job quickly after the new year! HTH!
You want to get your food bill down Coupons and checking here in the USA the Sunday paper for sales. Get a neighbor to let you have their paper after they have finished it. And sit down and plan your food for the week by what is on sale.
You are lucky those amounts are very manageable as far as paying them off I started out with 30,000 in debt.
Have you come up with a plan? I am sure that the collections are the first on your list then the others and Pop coming in last
If you have a plan we would love to see it. IF I were you I would try to knock out the little ones One each paycheck if you can I am sure with using a lot of coupons and meal planning that the 13.00 could be paid off in one week.
Are you guys back to work yet?
How much is your overhead like rent insurance and the like.
Lastly Welcome to the board.
Mary Ann
I'm unable to work but dh is looking for work.
Hi Rochelle,
Can you clarify a couple things for me and then I might have some better suggestions?
1. Are the amounts you list paying on the bills monthly or each paycheck?
2. Is the health insurance monthly or each paycheck?
3. Is the gas a monthly charge or is that some sort of back payment?
4. You aren't showing any variable expenses or insurance. Things like groceries, gasoline, renters or life insurance, utilities, gifts, haircuts, clothing. It will be important for you to get a sense about what you are spending there.
5. What are the minimum payments and/or interest rates on these various accounts?
Thanks and hope we can offer some suggestions. Any good news on DH's job hunt? What does he do?
Peg
My husband still looking for work. He not having much chance it this time of the year. Hopefully next year it be better.
1. Are the amounts you list paying on the bills monthly or each paycheck? The each paycheck
2. Is the health insurance monthly or each paycheck? each paycheck
3. Is the gas a monthly charge or is that some sort of back payment? back payment
4. You aren't showing any variable expenses or insurance. Things like groceries, gasoline, renters or life insurance, utilities, gifts, haircuts, clothing. It will be important for you to get a sense about what you are spending there. Groceries I spend $136. Clothing I usually layby and that about $13, haircuts $81, Utilities $34 and gifts $10.
5. What are the minimum payments and/or interest rates on these various accounts? I have a savings accounts and don't know my interest rates.
Ok, I'm going to take a stab at it here:
Based on your second email, I'm assuming that the Alinta Gas acct will be paid off w/your next payment.
Biweekly:
Income $375
Rent $74
Groceries $136
Utilities $34
Gifts $10
Clothing $13
Health Ins $67
Mobile $17
Recovery Course $13
Ambulance $6
Expenses you are paying now: $370
You aren't paying on:
Telstra
Cable TV
Your CC
Matt's Pop
I didn't include the haircut because I assume that isn't the right amount and you don't get a haircut every 2 weeks so I just left that out for now.
Not much breathing room in there. Do you have a vehicle? You don't mention any expenses related to one so I'm assuming not.
I would say the one number that jumps off the page is the grocery number. Do you think you could get that down to $50/week? If so, that would save you about $72 per month and you could use that money to try and knock some of this down. If you took that money and the regular payment you are making now and another couple dollars you scrape up, you could knock out that recovery course in a couple of months. Then take that $100 per month + the $34 you are already paying them and work on the mobile bill. That'll be another 4-5 months. Then take that entire $134 and apply it to either your credit card, the Alinta or Matt's Cable bill. Again 4-5 months and then do the same with one of the other ones and then the final one. Then work on the ambulance bill. When you get done there, start knocking down the amount to his dad. Hopefully Matt will land a job soon and you'll have a bit more to apply to the task.
The only other number that is alarming is the medical insurance cost. Holy cow! That's a huge chunk of your income. I don't know about health care in Australia but at your income level in the US, you'd likely qualify for subsidized health care of some sort. Do you feel like you did full research on your options and confident that you got the best deal on that?
You mention you are unable to work. I'm not sure if this income is a disability income or some unemployment benefits but does Australia have disability coverage? In the US, you could prove you were unable to work and the gov't would provide income to support you (assuming you had worked enough quarters to qualify under Social Security).
Good luck! I hope DH lands a job quickly after the new year! HTH!
Peg
Thanks Peg for all the advice you gave me.
You want to get your food bill down Coupons and checking here in the USA the Sunday paper for sales. Get a neighbor to let you have their paper after they have finished it. And sit down and plan your food for the week by what is on sale.
Tell us a bit more about how groceries work in Australia.