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Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

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Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

Postby Drake » Tue Oct 03, 2017 8:51 pm

I know I sound like a dead beat! I'm not, I'm current on everything. I worked full time since I was out of college for 10 years. I took a massive pay cut 4 days after closing on my first home two years ago. I have been searching and searching for a new job, none have even come close to paying what I make hourly now...I went to college, graduated, I work, I own a home, I am current and pay all my bills but I'm starting to become REALLY overwhelmed and finding it difficult to buy groceries and day to day needs for my family. we don't go out, EVER, don't smoke, dont drink...we do nothing. All we have is our cable and we sit home and watch it every weekend. Besides cutting that and working a second job (which I've tried already but I do have to sleep or I get sick)....I'm out of ideas. Any tips on surviving? I've made a budget, stick to it.I've put the high medical accounts in consolidated credit (working great) There's nothing else to cut except the cable and life insurance. Suggestions? I'm screwed aren't i? If you have any tips, please feel free. I'm getting really stressed and nervous - thanks
Drake
 
Posts: 60
Joined: Wed Jan 01, 2014 7:42 am

Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

Postby Reilly » Thu Oct 05, 2017 9:10 am

On your car insurance, have you tried to cut back that bill?

How about getting a high deductible?

Did you know that some people even pay for things like key replacement or towing?

^ Cut all the fat.

Could you handle liability only? Is your car paid off?

How about home insurance?

I called and got a new estimate on my home price and my payments dropped.

Also get a high deductible.
I think you can get up to 12% of the home as deductible.

Property taxes?

I called the office to tell them about the new price the home insurance told me my home was worth.
They had someone come over, and I am saving $200 a year because they re-assesed.

Cable.
Call them up and tell them your situation.

You can maybe just get 3 news channels only VERY cheaply.
Reilly
 
Posts: 55
Joined: Thu Jan 30, 2014 6:31 pm

Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

Postby Judas » Fri Oct 06, 2017 3:55 pm

I would either look into renting out the house and getting a smaller place or take in a roommate to help cover the bills and perhaps pocket money go to your states dept of consumer affairs for those laws have a written agreement and state the tenant will be responsible for all legal cost and prorated rent (in case they take a day or two longer to get out.


I do not have cable I do have internet watch when I want most of my favorite shows from the network site, Hulu, and I do have netflix. my computer is set up so my TV is my second monitor and its a big screen which I had a new video card put in my computer to do so but saved in the long run over cable.

I have two hanging plants on my porch tomato and pepper but am researching aquaponics.

If you must buy clothes try sales and 2nd hand garage sales etc, but know your prices a deal isn't a deal when its not.

my transportation is my bike, it forces me to keep in shape and next month if I can't find a second hand baby carrier for groceries too I'll buy new.
City transportation (bus) is a hassle but I really can't afford the aproz 300 per month a car takes to keep it on the road (that includes repairs tags, smog, oil, tires, get the picture?)

I babysat for a while I didn't need the money but one child can often mean lots of money when the mom works second or third shift...have a "over time penalty" some mothers will be hours late and if you have children try to set it up if their late their child is taken to your child care so you can go to work.

You have probably tried cutting expenses so perhaps a hobby can bring in a solution of pennies but who knows
Judas
 
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Joined: Sat Jan 18, 2014 6:24 am

Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

Postby Amoz » Fri Oct 06, 2017 6:57 pm

I think it's very important that you discuss your situation with a bankruptcy attorney.
(I'm not suggesting that you need to file for bankruptcy, but I am suggesting the attorney can recommend the proper priorities of debts to pay).
He can assist in negotiating the debts, too.
Amoz
 
Posts: 56
Joined: Tue Jan 21, 2014 6:37 pm

Drowing In Debt B/c Of Pay Cut. Not Sure What Else To Do?

Postby Stephan » Wed Oct 11, 2017 4:25 pm

thank you " go with the flow" - yes the car ins. is that the cheapest rate. We have high deductibles and have collision only on the cars (which sucks if something happens) I will however utilize your suggestion about the homeowners insurance (another joke) and see where that will take us. Thank you all for answering
Stephan
 
Posts: 58
Joined: Wed Jan 15, 2014 3:44 am


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