Question

Hi guys, I need some help. I just found TBM and trying to start my budget. So. I am a PA and make good money. My husband took a pay cut a couple years ago to go work for something that he loves to do. So our income has gone down. I have 3 credit cards and we both have student loans. Right now our student loans are on hold due to pandemic. So I have started my budget and our expenses (mortgage, utilities, groceries, gas, car payments, child care, medical bills, car/home insurance, minimum cc payments, and some left for fun/misc) I have about $500 left over. But then come October when we have to pay our loans (which total about $1200). what do we do?  

Answer 1

Cut expenses or make more money are really the two choices you have. Since you are new to budgeting, the first option might be easier than you think. Have you gone back through what you typically spend above your regular bills in a month to set a very realistic budget? If you have, can you trim somewhere you "optionally" spend at the level you are such as dining out? How much do you pay out in cc minimums a month? You may find you have more than $500 a month if you put the squeeze on your spending. I am one of the mentors on here that just focuses on tweaking the math portion of your budget. Let me know if you need any help.  

Comments

@unknow yes, I would love some help. My minimum cc are $482. We are a family of 6.  

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@defoe We are a family of 6 as well. Sent you a pm