JoeSo wrote: ↑
Wed Feb 07, 2018 9:47 pm
TheDDC wrote: ↑
Wed Feb 07, 2018 5:46 pm
Advising a guy to sell a house and live in a car for a while with a wife and kid? Really? That's not advice... unless the guy was like 20 years old and single.
Joe- Bottom line is give us a good idea of dollar amounts. I think we're spinning our wheels here.
What is your estimated monthly income (including SSDI)?
Your income- $1600 monthly net.
Wife SSDI income-$1200 monthly.
Medical insurance- None.
Mortgage- Rent $880(including the $80 late charges monthly)
Utilities-Electric $170 in winter,$30 water,$15 trash.
Cell phone-$165(wife pays,3 phones including her son's back east)
Internet/phone/TV- Internet $70,cable $98,no home phone.
Groceries- Avg $80/wk.
Medical-None. I owe $800 on a hospital bill which I've been trying without success to squeeze into budget.
Auto fuel-$75 weekly.
Credit card debt payment-Approx $210 monthly between 7 cards.
Pay day loan debt payment- Pay as I go...if I borrow $200 I pay it back next payday.
Anything else-Current traffic tickets totalling $250(wrong place at wrong time snagged by johnny on the spot thirsty cops for going a bit over the limit...bound to happen driving 140 round trip.)
The more info the more helpful info we can give you other than living out of a car, really.
Just a few things that could be challenging at first, but I think you could start a "snowball" effect to help you get out of the current debt service problems affecting your cashflow. If you aren't declaring bankruptcy, this would be a good way to get out of your current situation.
First, I get around $740 left over after I tally everything up. Anything else you left out (besides cigarettes)? Here is where I would start...
1. Create a small cash buffer and throw anything left into it. That will help bring you to current levels to pay your rent on time and avoid the late fee. Getting to that point knocks off $80 monthly which is about 3% of your monthly income right there. Start a savings account with whatever you have left over right now.
2. Consider dumping Cable TV. Since you mentioned you are doing satellite, it seems like your cable and Internet may not be bundled so you shouldn't take a hit for unbundling TV and Internet service. That knocks off $98.
3. Cell phone - $165 for three phones is a bit pricey. My T-Mobile ONE plan costs $120 for three lines (including the $10/line kickback discount if we don't go over 2GB). You may be able to take your phones with you as well. That also includes the ONE Plus upgrade for my line (addl $10), so that could be $110. That knocks off about $55.
4. Your hospital debt is not large. Have you called the hospital to explain your situation and see what they would take? If it goes to collection it may end up being much less, but something to try before it gets that far.
5. Cigarettes are costly. I won't moralize, but you know how much that costs month to month (and with long term health effects). That may be something to consider.
6. Did you fight the ticket? You take a gamble, but it won't hurt you financially or legally in any way to enter a not guilty plea and have a chance to discuss the situation with the magistrate or maybe even find out that cop doesn't show. I've done this a few times and gotten my money back.
I get another $220 out of steps 1-3. There is potential for more, but it's a start. Anyone else is welcome to chime in, but this took a few minutes to look over. I'm sure spending more time would yield some more thought about that.