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My husband and I have struggled financially for our whole marriage. We don’t make much money but we were able to pay off all our credit card debt. The only debt we have left is our student loans. Last week we got great news my hubby got a promotion. He is now a supervisor, which means 37 hours of OT every 2 weeks. We saw the light at the end of the tunnel. We could have the student loan paid off by July and start saving money and have our FFEF and a car fund and we would be ok financially. Then he had a meeting yesterday and the company says all OT is cut. With our health insurance that will only be 830 every two weeks! He has a second job and I work but I don’t know how we are going to do this. I can’t cut anymore everything is to the bare minimum as it is. The only thing we could cut is our food budget. Our food budget isn’t that high to begin with about 250 a month but I have horrible food intolerances and I can’t eat a lot of stuff. I need a lot of organic and specialty foods so to trim is going to be next to impossible. I looked into food stamps but we make $50 too much. I don’t know if we should keep paying the student loans or sock away any extra money we can for the time being. The owner said he has no problems shutting down the company if it isn’t making him money. I feel like I have been punched in the gut. We had such high hopes. We saw ourselves getting somewhere. Being debt free, having savings, starting our retirement, and moving into a better neighborhood. Things like this make me just want to give up and say screw it! I know it could be worse I know he could be without a job but I feel so hopeless right now. All our plans are on hold right now until we figure something out. Hubby’s car is about to die so we are hoping it holds off because I looked at cars and the one’s we could get with the money we have and it will be worse then what he has now. I know nobody is going to be able to give me advise because I can’t trim my budget anymore but I just needed to vent. I don’t want to vent to hubby because he feels like this is his fault when it isn’t. His company is notorious for making a rule and 3 days later changing it so I really hope this is the case. Thank you for listening to me!
 
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Breathe!

When it gets easier varies from person to person, but hang in there.

I am sure other people will chime in with ideas that will help you.

You know you have the student loan, and you know his car is going to die soon. You're making the bills now, so keep paying what you have to on the loans, and save as much as you can towards a car.

We're pretty much in the same boat right now, his car is near dead and we're trying to save a 'bit more' to avoid another car payment.
 

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It's ok, let it all out. Sometimes you need to get rid of the stress. You will get through this. Has your hubby tried applying for other jobs at all? His company is a little fishy. I hope they stay open. I wish that the owner was more invested in the company. It is scary with him saying that if it does not make money he will close it. No matter what happens you are a family and you can get through anything. If you need a cheerleader you know where to find me:cheer4::cheer4::cheer4::cheer4::cheer4::cheer4::cheer4:
 

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Is he a W-2 employee? If so, how much will he qualify for unemployment if the plant shuts down? Can you survive on that without taking on more debt? Meaning minimum payments on everything, just staying afloat, rice and beans, cancel cable, etc., etc. If they are Stafford student loans, he can get an unemployment deferment. You might be in better shape than you think, even if it isn't the desired situation.

Plan a budget with what the unemployment income will be, then you can know how stressed you need to be. If you can survive on the unemployment, then even if you don't want to be there, you can take some stress away and maybe make better decisions.

I hope things go as well as they possibly can.
 

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I have been married for 35 years in September and have often felt the same way you do about when will this get easier. IMO struggling was soo worth it because I now have no mortgage and no car payments. We have paid our own health insurance through all of this. Hang in there because when you are debt free; you will see it was worth the struggle.
 

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Hang in there. You will eventually get the loan paid off. Just remember, they can't come repossess your education if you miss a payment. :)

Have you called Sallie Mae and asked about lowering the amount you pay? Explain that your income got cut, and sometimes they can change your monthly payments.
 

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Hang in there and hugs to you and hubby.
 

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Discussion Starter #8
Is he a W-2 employee? If so, how much will he qualify for unemployment if the plant shuts down? Can you survive on that without taking on more debt? Meaning minimum payments on everything, just staying afloat, rice and beans, cancel cable, etc., etc. If they are Stafford student loans, he can get an unemployment deferment. You might be in better shape than you think, even if it isn't the desired situation.

Plan a budget with what the unemployment income will be, then you can know how stressed you need to be. If you can survive on the unemployment, then even if you don't want to be there, you can take some stress away and maybe make better decisions.

I hope things go as well as they possibly can.
We would be able to defer the loans even though they are my loans? We have looked at canceling cable but if i were to drop cable and just keep phone and internet it will actually cost about the same. I need internet because I work from home and I need a land line since I have a young child at home. I wish we could do rice and beans but with my dietary restrictions we can;t because I will get really sick. Thank you for your suggestions. I am hoping that he doesn't get laid off. The owner owns 3 companies and my husband works in all three so we are hoping they would only close down one or two companies and then he would still be able to work in the third company.
 

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We would be able to defer the loans even though they are my loans? We have looked at canceling cable but if i were to drop cable and just keep phone and internet it will actually cost about the same. I need internet because I work from home and I need a land line since I have a young child at home. I wish we could do rice and beans but with my dietary restrictions we can;t because I will get really sick. Thank you for your suggestions. I am hoping that he doesn't get laid off. The owner owns 3 companies and my husband works in all three so we are hoping they would only close down one or two companies and then he would still be able to work in the third company.
I misunderstood. For your student loans you could get a forebearance if you haven't used them all up. This means no payments, but all interest accrues. His student loans could be deferred, with no payments and subsidized loans also have no interest accrual. This assumes Stafford student loans.
 

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It does get better.. I promise! Then sometimes it gets slightly less better again... but then it gets really better for a while... until that better-ness gets a bit dented... but after that it does get better again.. some more :)
 
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Well the weather is getting nice. Any chance of doing some gardening for veggies? Even container gardens can really help out plus you can grow things organically. See if there are any organic co-ops in your area or organic farms where you can purchase food.

The economy is horrible right now. I can't help think everyone is finally starting to really feel the trickle down effect of it. Stay strong, keep doing what you are doing.
 

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Sending hugs and keeping my fingers crossed for you two!
 

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Hugs to you :hugz:. I know it's frustrating, but things will get better.
 

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I can relate to how you feel!!!! Try to hang in there!
 

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First let me just say i am sorry you are stressed and frustrated.
And you may not think this is a good idea but...
I did notice all the little funds you have add up to $8300. (just short). Could you pay off the college loans w/ this. Is it 1 loan or 1 each? If it's 2 maybe dump 1 to reduce fixed payments? Take the rest for a down payment On a vehicle. It's shifting but sometimes>>
I am assuming the student loan payments are sizeable??

I am currently doing this w/ my 2 visas. I actually will charge a little on one to payoff the other. I will have less places to pay this way. I will then snowball the remaining visa. After a time snowballing I will ask for an interest reduction on the remaining visa gaining further ground... Good luck what ever you decide.
 

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Discussion Starter #16
First let me just say i am sorry you are stressed and frustrated.
And you may not think this is a good idea but...
I did notice all the little funds you have add up to $8300. (just short). Could you pay off the college loans w/ this. Is it 1 loan or 1 each? If it's 2 maybe dump 1 to reduce fixed payments? Take the rest for a down payment On a vehicle. It's shifting but sometimes>>
I am assuming the student loan payments are sizeable??

I am currently doing this w/ my 2 visas. I actually will charge a little on one to payoff the other. I will have less places to pay this way. I will then snowball the remaining visa. After a time snowballing I will ask for an interest reduction on the remaining visa gaining further ground... Good luck what ever you decide.
We actually talked about using our savings to pay it off but the 2 savings accounts that would make the most impact would be the car fund and emergency fund. We hesitate from taking money from either of those because Hubby's car is on it's last leg so if it goes he would need a car to get to both of his jobs and we don't want to empty out the EF in case his company does shut down. My parents told us they would give us $200 for my student loans since they feel bad I have them to begin with which is a big help since the minimum is 160. As of now we are able to pay our bills and have some extra money. We are going to split the extra money between EF and student loans and hope that his hours come back. He is applying for any extra type of work he can find to get some more income in the meantime.
 

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Rough times like these tend to make us wonder if it's all worth it - it is - we get to choose to be in charge of our lives (and finances) - It is hard and yet I know that you will get through this I don't know how we got through some of our rough spots - and yet we did....and you will too.

Let us know how you're doing and what you decided to do about the car, student loans, etc. Sometimes it really helps to talk to someone - and we're always here to listen. Please take care.
 

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I really think we all ask ourselves this question at some point, some more than others... I ask way more than I should. I hope things start to look up for you. :)
 

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Hang in there it does and will get better! Sending you sunshine and happiness.:sun::sun::rollsmile
 
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