Trying to keep in line with budget
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Trying to keep in line with budget
| Sat, 07-25-2009 - 11:46pm |
I haven't posted much, but have been lurking for a couple years now. I lost my husband to cancer last June - I was 4 months pregnant with our first baby. He left us some insurance money - enough to pay all our bills, car, credit cards, etc, plus put $30,000 in a savings account. I have a really good job, make about $100,000 a year, which sounds like alot, but not in Southern CA, where I rent an older, 2 bedroom for $1475 and that is a tremendous bargain. It does have a garage and nice backyard and is the price of a standard apartment here so I really don't ever want to have to move. Lately, my company management has been panicking because we have alot of staff who are not billable (I am not meeting my goal, but they are aware that I am totally on proposals and winning alot of work). There have been 2 rounds of layoffs already and talk of a third shortly. I feel I am safe for a while, and have 8 months of savings if I do get laid off. I also have great contacts and clients so I feel optimistic, but the economy is such that most companies (including mine) have completely stopped hiring, at least for this year. Anyways, I am a complete idiot - running up the credit cards again to the tune of $6,000 when I am a single parent. Yes, I can pay them off. I have strict budget with $500 a month going to savings or debt after long term disability, $500,000 worth of life insurance, $150 a month in discounted company stock and 6% in 401k. I was just spending on stupid stuff before. I did spend alot on my husband's memorial which I don't feel was wasted. Anyways, just on the board to keep me in line with my budget - I have a bad habit of making a budget and then borrowing from the next couple months until I give up.

Welcome.
I am so sorry to hear about your husband and with a baby to boot you have a lot on your plate.
Don't give up but do allow for mistakes(you will get the hang of the adds, stupid rice!). Write down everything you spend your money on for a month. This is the only way to see what you spend. Review your budget monthly and see where you can cut back on. You can save while paying down debt. I suggest you make savings and debt repayment into two separate budget lines. I know 6,000 sounds like a lot and it is but not in the grand scheme of things. You need to keep preparing for the next round of layoffs and if that doesn't happen(sure hope it does not!!) then you can save for your and your baby's future.
If you stay diligent and remember what is important(feeling safe and the future) you will do this.
Good luck!
Maybe you should sit down and re think some of the things you are doing. Looks like to me that trying to put back to much into saving and retirement
I am also so sorry for your loss.
After I left my H and my Mom let our 2 kids and I move in "for a few months" - which has turned into 3 years :( I somehow turned 10k of savings into almost 18k of credit card debt! Sure I had attorney bills, but I too had to do some soul searching to finally put an end to the charging madness this past fall or I will NEVER get us a place of our own. Here a 2bdr apt rent is 1600+ - yes if its legal I'm willing to sleep on the couch to get our own place. (plus I need to get out of here, I'm in the midst of clinical depression due to this situation)
I realized that the the major charging was for mere materialistic items in attempts to feel successful because I "was a failure" and buying expensive toys for the kids due to my guilt from the divorce.
Its still hard to stick to my budget but I allow myself a small indulgence here and there (9bucks a month for netflix, 50 bucks gym w/daycare), but otherwise I try to find enjoyment in just doing free things with the kids, riding bikes, parks, playing games we already have, etc. They seem just as happy.
Like you my job may be on shaky ground too, we're about to move back to downtown NYC where we were in 2001 (across from WTC site--ugh) and we have already had 2 rounds of layoffs. I'm bracing for a secret 3rd and brushing up my resume. I wasn't smart like you and have no reserves--I will fix that too.
You are very strong, I admire that very much and I know that you will persevere. Remember to take care of yourself.
Thanks everyone - your responses were really helpful and exactly what I needed to hear.