[FrugalMamaof2]

This is my first post.

I have been a lurker for a while and have learned a lot from reading previous posts.

Let me give a brief descriptiogun of our situation.

I am a SAHM to a 2 year old child with special needs and I am due in about a month with our second child. My husband is a fulltime nursing student and is a server at a restaurant about 36 hours per week.

3 years ago my mother died unexpectedly and left me quite a bit of money. We have been living off of it for the last 3 years. Going on trips, buying things we don't really need. Pretty much living like it would never run out. Well... it is about to run out. I am terrified because my husband does not graduate until December '12. He is pretty much guaranteed a RN job before he graduates. But it is still a little while away.

My son receives therapy 2 times a week through an early intervention program and it is paid by insurance and by the state.
I have looked into getting a job, but 1)they are very limited in my area of florida and 2) i would be pretty much working to pay for both my children to go to daycare. I am also a breastfeeding mom which makes it difficult because not all places are open to pump breaks.

I have about 5,500 in savings.
18,000 in a brokerage account ( what I have been pulling from)
and 40,000 in an inherited IRA that cannot be touched.

My husband brings home about 1600-2000 dollars a month which varies on how busy or slow it is. We really do not have a set amount that he brings in every month. But it is the most flexible with his school schedule and he tends to do pretty well for the hours he works.

We have a car that we owe 7,000 on with a 4% interest rate, and another car that is paid in full. If we were to sell it we could get about 16,000 dollars for it.

Rent: 605
Utilities:180
Phones:190
Internet: 50
Hulu:7
Netflix:9
Insurance:140
Car Payment:172
Groceries: 300
Gas:250-300
Medical Bill: 125 for the next 13 months

We want to make it last as long as we can. Things just keep coming up and that scares me.

That is all I can think of, any suggestions will be greatly appreciated.

 

[ladykemma2]

190 for phones?

do you know about trac-phones or straight-talk from walmart? my phone is about 200 a year....

 

[FrugalMamaof2]

i know it is crazy. we are going to downgrade them for sure...we have a 2 yr contract that was just renewed and it will cost about 700 to cancel so we have to go to the lowest plan possible. it will be about 60-80 a month when we downgrade our plans.

 

[FrugalKate]

This is my first post.

I have been a lurker for a while and have learned a lot from reading previous posts.

Let me give a brief descriptiogun of our situation.

I am a SAHM to a 2 year old child with special needs and I am due in about a month with our second child. My husband is a fulltime nursing student and is a server at a restaurant about 36 hours per week.

3 years ago my mother died unexpectedly and left me quite a bit of money. We have been living off of it for the last 3 years. Going on trips, buying things we don't really need. Pretty much living like it would never run out. Well... it is about to run out. I am terrified because my husband does not graduate until December '12. He is pretty much guaranteed a RN job before he graduates. But it is still a little while away.

My son receives therapy 2 times a week through an early intervention program and it is paid by insurance and by the state.
I have looked into getting a job, but 1)they are very limited in my area of florida and 2) i would be pretty much working to pay for both my children to go to daycare. I am also a breastfeeding mom which makes it difficult because not all places are open to pump breaks.

I have about 5,500 in savings.
18,000 in a brokerage account ( what I have been pulling from)
and 40,000 in an inherited IRA that cannot be touched.

My husband brings home about 1600-2000 dollars a month which varies on how busy or slow it is. We really do not have a set amount that he brings in every month. But it is the most flexible with his school schedule and he tends to do pretty well for the hours he works.

We have a car that we owe 7,000 on with a 4% interest rate, and another car that is paid in full. If we were to sell it we could get about 16,000 dollars for it.

Rent: 605
Utilities:180
Phones:190
Internet: 50
Hulu:7
Netflix:9
Insurance:140
Car Payment:172
Groceries: 300
Gas:250-300
Medical Bill: 125 for the next 13 months

We want to make it last as long as we can. Things just keep coming up and that scares me.

That is all I can think of, any suggestions will be greatly appreciated.

1. As Dave Ramsey would say "Sell the car and get a "beater" " You'll be getting at least $9,000 and saving the $172 a month car payment, at least do so till your hubby graduates and starts making the $$$

2. I don't know what phones you have but you can get an unlimited family plan for much cheaper than $190 a month. TMobile has data, talk and text for $69.99 a month.

3. Internet - I pay $29.99 a month for my Internet. I don't have a home phone since I have a cell. Verizon FiOS Internet Plans Offers High Speed Internet At Top Speeds

4. Get rid of Netflix, you already have Hula

5. Start couponing! There is a great site called Grocery Coupons & Deal Forums - A Full Cup - Coupons (free coupon forum) that has a coupon data base and they will actually match up the coupons with the sales flyers and tell you where the "deals" are.

6. Gas - start combining trips and get rid of the "junk in the trunk" if you have any.

 

[FrugalMamaof2]

I coupon and I get pretty much all toiletries and health items for free. I also cloth diaper, and make all of my own detergents, and cleansers. We use rags for paper towels and have completely cut out going out to eat.

 

[Anna43]

Have you and your dh kept track of every penny you spend for a month or two? Until you do you really won't have a good handle on your spending. Often its the little things like buying soft drinks, snack and meals at work that you forget to count. Or maybe treats for your child. Nothing wrong with those things as long as they fit your budget. I'd think seriously about getting rid of the car payment especially if you could manage with only one vehicle. I know that's not always practical but its worth considering.

You have an emergency fund but you've been using it for living. You need to make a better plan so you don't end up with the EF gone and no way to replace it. That is a very scary place to be as I'm sure many here will agree.

 

[forHISglory]

Hi! Welcome aboard!

Right now, your hubby probably cannot bring home more. I think he's bringing home a lot, considering that he is a full time student. So the challenge has to be not in bringing in more money, but rather making the money you have last.

Here' some thoughts:
We have a car that we owe 7,000 on with a 4% interest rate, and another car that is paid in full. If we were to sell it we could get about 16,000 dollars for it.

Rent: 605
Utilities:180 Do what you can to lower this by $10. Once you do that, try to lower it another $10. I don't know if you pay a set amount for utilities, but if not, challenge yourself to lower it.
Phones:190 Is this price set in the contract? Would not hurt to contact them and see about lowering it some ways. Sometimes they will work with you.
Internet: 50 Is it possible for you to use the library internet? I know you have a small special needs child, so this might not be possible. Or check about lowering the amount/quality of service.
Hulu:7
Netflix:9 You are not paying much for Netflix and Hulu, but it all adds up. Can you do without until Hubby graduates?
Insurance:140 Is this health? car? renters?
Car Payment:172
Groceries: 300 Here is where you can make a big difference. By many folk's standards, you are not spending a lot. But if you can knock $50 a month off this, that is $600 a year!!! FV can give you LOTS of advice on how to do this.
Gas:250-300 Won't criticize this without knowing more info. Gas is expensive and you may have long routes for your family.
Medical Bill: 125 for the next 13 months

My FV reputation is being gutsy enough to go bare bones. The standards I have held for myself are to cut to the bone anything that is not a bare essential, knowing that sacrifice now usually means more abundance later. I encourage you to hang in there, learn to entertain yoursellf, and cut cut cut. Let us know how the journey goes!!!

 

[GirlBoyGirl]

My husband brings home about 1600-2000 dollars a month which varies on how busy or slow it is.

Hello and welcome! My first advice is for you and your husband to go to the Dave Ramsey Financial Peace University, ASAP!!! Classes are taught at local churches etc and you can find them on his website. If you can't find one, read his books and read any book you can on budgeting, etc. I think it would be really helpful! You obviously have no idea what it means to budget and save, you should still have most of that money in a tidy nest egg, saved for your kids or retirement or a downpayment on a house. Your income (at the lowest amount, $1600) is the same as ours and we have 3 kids and higher expenses and with strict budgeting, careful planning and some restraint we do just fine. Although we are trying to reduce our expenses by finding cheaper housing (our largest bill). Anyway you got some great advice and I hope you can implement some of it, good luck!

 

[larabelle]

I agree with the other posters. In addition get The books titled "The Tightwad Gazette one+two +three" from the library....then implement the suggestions.