We are still working on our budget. I wish it wasn't driving me as crazy as it is, but in working it out, we realized something. We are spending more than we are making. CNN Money says that it is very common in many families today. I think that we knew it already, but seeing it in writing makes one thing very clear--we need to do something about this-and fast.
We have been sitting down together every night after the kids are in bed, discussing where we are, how we allowed ourselves to get here, and how in the heck we are going to turn it around. When I tell you that we are sitting down (every night) and talking about this, you cannot see how happy (and shocked!!) I am. For many many (many) years, anytime the money subject would come up, it would always end in an argument. It never failed, we would both start out defensive I think, and that just isn't a recipe for success at all. So, I am really proud of both of us, and it shows that we are both willing to do what it takes to change things, and are both pretty much on the same track.
We saw, after a few very long, tedious discussions, that we are spending way too much eating out. If we weren't eating out we were overspending by running to the store to get a few things for that nights meals. I think this is one of our biggest mistakes. I didn't realize it at the time, but the more numbers we have crunched, the more obvious it has become.
We also realized we need more income coming in, plain and simple. At least until we get things where they need to be. We have bills that need to be paid just like everyone else (Mortgage, Electric, Gas, etc.). At the same time, we have older bills that we need to take care of (Hospital, back due amounts from some other bills, money we owe family, etc).
Another thing is savings. Short and sweet--we have none. Not even a dime. If we have an emergency right now, then one of the previous mentioned bills isn't getting paid. And we are living in an older house, and anyone that lives in an older house knows one thing for certain--there is always an emergency lurking around the corner.
So with all of that said, we have decisions to make, goals in mind, and we just need to start making them happen. Here is where we stand as of tonight.
- We need to stop eating out. We have decided to limit that to once a month. It is going to take a whole lot of buckling down, but if things are going to change-it must be done. Then, we need to cut the food budget. I would like to get it down as low as possible. We are shooting for $450.00/month right now. After we get it down to that amount, I am going to see how much farther down I can get it.
- My husband is working overtime, and also called his old boss to see if he could work there twice a week. All money that comes from overtime/his second job will be going to past due amounts.
- I feel that I should be helping out financially, and that is the only disagreement we are having. For me to work, I would have to put Thing4 in daycare. Until I go back to school, I would only be making minimum wage. Is it worth me going out and working? He doesn't think so, and I am torn. This is still up for debate. Thoughts?
- We need to find some money, somewhere, to start putting into the bank. Right now it looks like minimal amounts will be able to go to that, until we get a whole lot of these bills taken way down.
I will write more about this subject in the coming weeks. We are still trying to get a grand total of our debt, and after I have that I am going to start a running tab here on what we have in debt, what we put towards it that pay period or month, so maybe a biweekly or monthly update. Several people mentioned they would like to start a challenge on this subject. I am really liking that idea, and if you have any ideas or would like to participate, I would love to hear from you! You can find an email button on my about me page.
CircusDad is playing softball, so I need to get dinner dishes finished so I can spend some time with the birthday boy man when he gets in, so I will stop here. I cannot wait to hear your feedback!
