So originally i was doing okay , i had about 4k in checking and was meh with my money management. Well my vehicle ended up needing a transmission and my credit isn’t too well for a loan . so now i have around $400 to my name . Also Im married with a kid and she’s a SAHM . She’s looking for jobs now and I’ve realized we are spending more then what im making . I bring 1k every 2 weeks after BAH . Car payments is $800 . spend around $3/400 on groceries ,$1-200 on gas . Phone bill is 150 , wifi is 70. $250 on car insurance . and a while back we bought a couch and paying it off at 150 a month but is almost paid off . I’m starting to get worried and am wondering if there’s any programs with the MFRC that help our situation ? TIA
Posted by Worried_Ad_2011
5 Comments
Sell the cars. No reason with your income you should have car payments totaling that much.
Sell cars.
What’s your rank/TIS? Are you living on base? Any daycare on base to utilize for the wife to then go to work?
Your car payments and insurance are killing you. Can you sell them for what you owe? Could you have one vehicle for awhile?
Your cell bill is a bit high as well. Are you paying on your phones?
Why is your net pay so low? Are you living on base? What is your federal and state tax withholding? What other deductions do you have?
I’m guessing your child is young. Are you getting WIC?
Definitely go to MFRC and make an appointment to meet with a financial counselor. They also have education and job assistance programs for your spouse. You can also access those services through Military One Source.
Make a budget, try the “you need a budget” app. Switch phone to mint mobile and save at least half. Pick up furniture and other items from local Airman’s Attic and Thrift shops. Don’t purchase anything new you can’t buy outright. Have your wife look into work she can do while at home, data entry, transcription, etc. No more loans. Start planning meals around cheaper items, buy in bulk from Costco, etc.
You can dig out of this and set your family up for financial success.
How do you have an $800 payment on a vehicle that needs a new transmission? 40k financed at 7% for 60 months is $792 a month. That should be a damn nice car.