Hey everyone, I am a new poster but have been lurking for a year or so. Quick background on myself, I am a Airforce wife with a 16 month old daughter and worked until yesterday at home as a Claims Processor. DH is in the Airforce as his career, so we move every 4 years and do not have health, life, dental insurance costs. We live in Montana so take that into consideration of weather and housing, lol we had a blizzard last week! I need some help with my budget since we have lost about $750 in monthly income. Here is our monthly expenses:
So, $559 left over each month. Anyways, we have $2500 in savings and we are canceling the wireless internet card which is $60. DH is deploying in August-Feb so that will be an extra $350, we are having a baby in December so any help on getting rid of debts and extra would be greatly appreciated! Also, he may be going to Alaska for range clearance in June for a month so that will be an extra $4000.
I will be getting a Stafford Loan in October for about $12,000 to go to school as a Radiologic Tech and will be taking night classes for about a year.
My first question focuses on your housing and food. Do you guys not get a monthly allowance for food and a monthly allowance for housing? Military families are usually privvy to those things. When I was in the Marine Corps, I got money for both.
I wanted to get rid of the cable while he is deployed, I wasnt sure if I could because it is a contract. The CRV we wanted to keep because I will be at school full time in a year but I will look into that! We have the cell phones because we dont have a house phone and our family lives in different states, but we can cancel his cell with no penalty when he leaves. Thanks for the help, I am going to look into everything you suggested!
First question: you list your net income as $3836. Is this before or after you lost your $750?
I was going to say the same thing: sell the CRV. Even if you're upside down on it, getting rid of it in exchange for a much smaller loan will be worth it, especially with your DH out for the next several months. If I were you, I would not have a $24k loan sitting in the driveway the entire time he was gone. Edit: About you needing two cars when you're in school next year. I'd suggest seeing if you can manage on one car. My DH and I have been functioning on one car for about 2 years - since before we were even married! We've both been in school, working, and somehow its worked out. We really need another vehicle, but for now, we're making it work. If you can't make it work, for some reason, I'd suggest purchasing a small car that is 3-4 years old. New cars depreciate like 60% or something in the first 2-3 years, and buying at 3-4 years old is probably the best time to get your money's worth. You can probably find something for under $10k if you try hard and aren't picky.
Second, throw all of your extra cash on your cc's - you could be saving thousands in the long run on interest by paying that down early. Check out my signature. We started with a $14k student loan at about 5%. Not bad at all. However, we've been paying between $100 and $650 EXTRA each month for the past 7 months, and we've already saved almost $3500 on interest we'll never have to pay. Your $2200 loan at 23% could behave the same way. Knock it down!
If your net income listed was before you lost your job, it looks like you need to make up about $200 each month. You've already decided to cut out the wireless cards, thats great. Selling the CRV - even IF you owe more than its worth and end up with a small loan for the difference - will get you that extra $200. At the least!!
Now that I've already given you my two cents worth, let me ask the question I should have asked before posting lol3: what exactly are you wanting/needing to achieve with your budget?
That sounds pretty high to me. I understand if you are stuck in a contract but I would be researching to find a better deal. You could probably drop cable too. You can watch more and more shows online.
I think that while you have the two cars AND while you are both there that I'd make sure you have a stockpile of shelf-stable foods for when your honey is gone. I'm imagining the PX or whatever you have is not close, so take advantage of whatever travel you have that's close and make a buying trip for beans, rice, dry milk, dried fruits, etc. that you can use up when he's gone. It will reduce your food bill when he's gone and the chores you need to do on your own, and pregnant?
If you haven't already switched to CFL's, I'd work that into the budget too, also power strips to turn off the TV, computer, etc.
Do you have a plan/budget for snow removal from your walks, roof, etc. if/when he's gone and you're pregnant? If not, see if you can trade services or home-made jam or something with a neighbor....
$3836 is what DH makes on his own, when I was working I made an extra $750 ontop of that. Really it is DH that is the problem, he loves to spend so the extra money we have goes pretty quick. His shop eats out constantly and he pulls $40-$80 out each week. I never spend money, and if I do I look at bills/bank account and most of the time it is necessity on LO. I want to get rid of the CRV but the Rad Tech program has contracts with clinics scattered around Montana and I will be driving 3 or 4 hours one way to intern several times a week. We actually just bought the Suburban in Feb, losing my job came out of nowhere. When we married in Feb 2006 he had a paid off acura, got into a wreck, so we bought another acura, and then we had our daughter and needed a bigger car so we bought the Honda.
The reason why I came on here to post is because I am really tired of living in debt, I am tired of my husband freaking out saying we are going to struggle even though we have $560 left over and he spends it on stupid stuff. I want more money in our savings account so we can retire when his military career is up and he doesn't have to work like my dad does even though he retired as an Officer after 25 years. It is not like we can't do it, heck we are in a much better shape then a lot of people our age (22 and 25). I wish I could just get it in his head! Sorry for the mini vent here .
Thanks Judi! I really did not think about that at all. At the moment I am unsure if I want to have the baby here and have people come to me or to go somewhere. My only worry is leaving our house in winter, I am going to ask a single guy from my husbands work if he would like to house sit for me. If not, I may leave the utilities on and cancel our internet and cable and have someone come and check on the house. If I stay here the guys from his work offered to shovel the snow and help around the house. What do you recommend for shelf stable foods? We are finishing our basement right now and I was going to turn the extra room into my food storage.
Have you ever heard or read anything from/by Dave Ramsey? Check out his book Total Money Makeover - his principals have changed our life! It sounds like you guys are in pretty good shape, but your DH's spending is what gets you down. Its so easy to see the shape of the financial plan when you read or listen to Dave (he's got a call-in radio show, three hours each weekday, and another hour on the fox business network at 7 central each evening), and see where your financial life is going. I would heartily recommend his material to everyone!
I second the Total Money Make Over book. I read it, and it changed my view of finances! Also, I wanted to tell you about cloth diapering. I spent an initial $250 for the diapers and covers, and they have lasted me over a year now. I know when the baby changes sizes, you have to buy new ones, but I use prefolds (about $2 a piece) and covers (you can buy the cheapo gerber ones for $5 a pack of 4.) Then, you don't have to worry about the diaper budget. It's small, but significant
Hi, if you look in Challenges you will see the stockpile challenge. It is full of good basic ideas for stocking a dry pantry for whatever duration you want.
I totally get where you are with DH and the whole eating out thing. DH did the same thing - spent about $60 per week on eating out! Our solution? Brown bagging lunch. I know how most military guys are, though, and they think that as long as they have stable income coming in that they made themselves, they have the first right to spending that income. I was married in the Marine Corps and it's all I saw all of the time! After I got out of the Marines, moved back home and then moved to Canada, we discovered that for both of us to succeed at this whole saving money thing then we had to both contribute. We had to realize that by burning all of that extra cash, we could do way better if we buckled down and got a little more creative with it.
If he goes out and eats with the guys, there's nothing that says he can't take his lunch with him and grab a Coke or something. That way he still feels like he's one of the guys but makes them all jealous with yummy food from home.
I don't know how it is in your state, but here in Texas when I was out of work I called my insurance company and told them to change my vehicle insurance to "pleasure only". Since I wasn't driving to and from work my risk of an accident was lower so my insurance rate was lower. BUT I had to call.
Are you both safe drivers? What kind of deductible do you have on your vehicles. If you raise the deductible, your rate will go down.
I think it is really hard when husband and wife are not on the same page. You could also check to see if you are getting best rate on insurances by calling around and putting all ins with the same company. I would definately work on paying down that high interest credit card.
I agree about not being on the same page. I have been after this for years and we are just now getting on the same page in our house. I even think I just about got him to cancel DirecTV. I also have to agree to take time and read through posts. There are only a few ways to cut large amount from the budget, but if you do a lot of small things they will quickly add up to large savings.
Good luck.
I dont know in yoir state but here in PEI Canada- PLPD doesnt cover your vechile if ur in the wrong and hit someone. It will cover only up to a ceratin amount of theirs unless they take u too court.
I Would sell it. But thats only my 2 cents. Tjis the forst time we have 2 vechiles in so many years i cant remember. only beacuse the tryck was costing too much on gas and reapirs. since we already put over $3500 now on it we cant sell it ans get enough back for a 2002 ford 4 door truck. extended cab. they arent worth $5000 now. ughh
I don't have any advice I just want to say welcome :hero:
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