Are the cards you have the small balances on high interest? If they are can you transfer them to one of your major cards that has a lower interest? then put away those cards,( it is not advised to close out the accounts.)Personally I would close those cards then I wouldn't have any temptation to use them. Then you can put the payments you would be making on them to the major cards. It may make your total minimum payments a bit smaller.
Can you cut down on any other variable expenses? Maybe trim down the kids extras for a few months, you have the Y membership that you could use for fun activities.
Check your cel phone plan maybe you can get it lowered. (I had ours lowered by about $40 a month by having the rep look at our phone history and found a better plan for us last summer)
I'm sure the others on here will have some great ideas for you to try as well.
There are many other people like you here. You have come to the right place. Feel free to vent any time.
Believe me $600 a month, even though it doesn't sound like it, is a very good amount to start paying down your debt.
This will not be easy, debt reduction never is. Get your husband on board and start with the little things. You already have a budget, you know what comes in and goes out each month. Try to eat at home, and do the family thing. I would keep the Y membership and since you already pay for it, use it often, swimming, working out, classes. Use it as your main form of family entertainment. Try to trim your grocery budget where you can and cook bigger meals to take left overs for lunches. I buy a lot of no name groceries, this helps my bill a lot and coupons never hurt.
I would use your overage each month to take care of the department store cards first to reduce the amount of minimums you are paying. Then, once those are gone(you will feel better), put them away and you can use the minimum payments you were using for the department store cards to start attacking your big credit cards. Do not miss payments on anything! Be very careful of all your due dates and of course stop using your credit cards.
You can do this. I know you are overwhelmed but as things progress you will get more control and confidence.
We are all here with you. Check back for tips on how to save etc.
Welcome to the board. I am sorry I have to agree with the bank on that 401K it is about 5% to high Did you borrow from the 401K because you have 3.5 years left.
If you didn't then all your saving is going into something you can not touch. The average saving on most budgets on the net is 5% of your monthly income You are doing 10% See if you can cut that down to 5% and take the extra 5% and start an efund or snow flake it
Are the cards you have the small balances on high interest? If they are can you transfer them to one of your major cards that has a lower interest? then put away those cards,( it is not advised to close out the accounts.)Personally I would close those cards then I wouldn't have any temptation to use them.
Then you can put the payments you would be making on them to the major cards. It may make your total minimum payments a bit smaller.
Can you cut down on any other variable expenses? Maybe trim down the kids extras for a few months, you have the Y membership that you could use for fun activities.
Check your cel phone plan maybe you can get it lowered. (I had ours lowered by about $40 a month by having the rep look at our phone history and found a better plan for us last summer)
I'm sure the others on here will have some great ideas for you to try as well.
Sharon
Hello and welcome to the board.
There are many other people like you here. You have come to the right place. Feel free to vent any time.
Believe me $600 a month, even though it doesn't sound like it, is a very good amount to start paying down your debt.
This will not be easy, debt reduction never is. Get your husband on board and start with the little things. You already have a budget, you know what comes in and goes out each month. Try to eat at home, and do the family thing. I would keep the Y membership and since you already pay for it, use it often, swimming, working out, classes. Use it as your main form of family entertainment. Try to trim your grocery budget where you can and cook bigger meals to take left overs for lunches. I buy a lot of no name groceries, this helps my bill a lot and coupons never hurt.
I would use your overage each month to take care of the department store cards first to reduce the amount of minimums you are paying. Then, once those are gone(you will feel better), put them away and you can use the minimum payments you were using for the department store cards to start attacking your big credit cards. Do not miss payments on anything! Be very careful of all your due dates and of course stop using your credit cards.
You can do this. I know you are overwhelmed but as things progress you will get more control and confidence.
We are all here with you. Check back for tips on how to save etc.
Good luck!
Hi Tm
Welcome to the board. I am sorry I have to agree with the bank on that 401K it is about 5% to high Did you borrow from the 401K because you have 3.5 years left.
If you didn't then all your saving is going into something you can not touch. The average saving on most budgets on the net is 5% of your monthly income You are doing 10% See if you can cut that down to 5% and take the extra 5% and start an efund or snow flake it
Your mortgage and HELOC
Many good suggestions have been presented.
You have some great assets in your corner, which you wisely listed in your post-- important to remember the fundamentals are in place.
Raising a family on one income is a feat these days.
JMO but $600 per month is very good amount to have left over to pay down the debt.
My first word of advice is to pay yourself first.