I just joined here myself, so I am not experienced in how this blog replies to posts such as this person’s original request, but it seems to me that MK came here for help and was given some very good down to earth suggestions by both Lisa and Mary, which she then shot down 90%, tinged with some defiance. I am 57 years old. self employed for the past 30 years, so I know what I am talking about, I’d just like to point out that there is no miracle, getting out of debt means you simply have to cut corners and expenses whereever possible. If you are not willing to do so, your progress will be one step forward and two steps back until eternity. It’s that basic!
If you cannot reduce your monthly expenditures, then your only alternative is to increase your monthly income.
Get a part time job of some sort, have your kids start earning money for their own needs by performing service related jobs in the neighborhood, start selling on ebay etc. If you must borrow money, do your utmost to stay away from Quik Check, if you have credit at all, try going to your local bank, if you don’t have relatives who can make you a small loan, then perhaps one of them would trust you enough to act as a co-signer.
Above all, have your children participate in solving your money problems, children who are taught to manage money at an early age will not find themselves in debt when they mature. They can be incredibly helpful and resouceful, if given the chance.
Basic foods that you actually cook from scratch during the week, or shop at Aldi’s or Sav-A-Lot and buy the least expensive prepared foods, then on one day a week, have a nice meal and include everyone’s favorites. Same with pop and chips and other expensive snacks… make them a weekend only treat. This gives the kids somethng to look forward to!
& Car insurance… higher deductibles is the way to go here…consider the amount you save monthly when you have higher deductibles…bank on NOT-needing the insurance, if possible, take the difference that you save and put that into a seperate account as an emergency fund- this may not be a perfect example, but you have to think like this… You might save as much as $20 per month with higher deductibles… $20 x 12 months equals $240. in 2 years you have saved $480 (almost the $500 deductible). Unless you are accident-prone, this is the way to go…