I need advice on cutting debts. Daycare is the killer.?

Question

I want to know what I could do to cut down on my debts. My husband and I work full time. He pays the rent, his car note and half on car insurance. I pay day care (600), my car note (400), other half of car insurance (120), cable (80), and light bill (120). As you can see I didn't even include food, gas expenses, diapers, and other necessary things. Day care is $600 a month alone for two children. I don't have anyone to keep my kids and I don't qualify for any government assistance. I don't think it's a good idea to stop working. Or should I? I'm seriously thinking about it but we are in no shape really to do that. My biggest thing is we don't have anything saved. I mean not even $20. I have $14 in a junior savings account that I opened for my first born son. SAD. Help!

Answer 1

Your budget sounds just like MINE!........It's hard to save.  Check to see if your work has any savings plans.  Just put $20 a payday away, start small and then work your way up!

Put you bills together and split them even.  That's what me and my husband do.  We put both of our checks direct deposit to the bank and then I pay everything from there.  He doesn't pay one thing and me another, we pay it all together.  

Good Luck!

Answer 2

Talk to a financial adviser local to you.  They can better help you than anyone on here.

All and all, you need to either cut back or make more money.  Which is less painful?

Answer 3

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Answer 4

Well, see if in your job you can work 4 10 hour days instead of 5 8 hour days, or some schedule where you still get the same or about the same money, and save a day at daycare and gas to work.  Next step is to cut the cable.  Not a need, just a want. That will save you $960 a year, or try and at least reduce your package!   Then, make sure you are checking the grocery ad and cutting coupons.  Eating what is on sale helps a lot.  Also, make sure you are taking a lunch, not eating out at work.  Another really big savings.  Make sure you are turning lights off and unplugging things not in use, it will save you some on your electric bill.  Those are at least some general ideas!  

Answer 5

So, you pay 400/month for a car and I am guessing he probably pays the same amount as well.  That right there is 800/month.  Next your car insurance is 240/month!!  I pay 40/month for my car insurance.  

If you downsize your transportation you could probably save around 800/month.

If either one of you right now lost thier job you guys would very close to foreclosure, sad? More like scary.