Almost Drowning.....
Date: Tue, 05/15/2007 - 18:38
Ugh. That's how I feel. I am sitting here with my head spinning with all of the information I have to absorb to get my family on our feet. Actually, when I look at it from a different perspective, we aren't that bad off. No credit card debt, no foreclosures, no repos. But we do have debt. I have student loan debt on an education that I had to stop. We have medical debt. I just don't know where to start to fix everything.
We are a family of seven. A lot of kids, blended family. Budgeting is difficult - with that many children, unexpected expenses are almost expected! My husband and I both came in with financial baggage, but never had a chance to fix it. Now we are having to move out of state for his job, and we really want to buy a house. Renting seems like such a waste, especially when you are paying around $14,000 per year!
Anyone with advice on how to do this, please post. I am actually quite well educated, a "near" degree in economics. I understand the macro-side of econ, just don't understand how to make it work in my life. We are a one income family for the time being, with two small children, one of them special needs. We just desperately need a new start, and I am not willing to file bankruptcy for that. I know there is a way to do this on our own. Just where do we start?
We are a family of seven. A lot of kids, blended family. Budgeting is difficult - with that many children, unexpected expenses are almost expected! My husband and I both came in with financial baggage, but never had a chance to fix it. Now we are having to move out of state for his job, and we really want to buy a house. Renting seems like such a waste, especially when you are paying around $14,000 per year!
Anyone with advice on how to do this, please post. I am actually quite well educated, a "near" degree in economics. I understand the macro-side of econ, just don't understand how to make it work in my life. We are a one income family for the time being, with two small children, one of them special needs. We just desperately need a new start, and I am not willing to file bankruptcy for that. I know there is a way to do this on our own. Just where do we start?
With your knowledge you can get your debt problems sorted out. Y
With your knowledge you can get your debt problems sorted out. You have to focus on your budgeting so that you can save more and pay a portion towards the debts.
Calculate all your essential expenses and the monthly payments. Go through all sources of your income and plan a fixed saving. You should stress on saving more so that you can put large payments on your debts. Once they are paid, your credit will improve. If it's necessary, get a part time job temporarily. This will help in your situation.
