Well I was already broke. Here are the gory details. I live in a 2 bedroom condo with my wife and 2 kids. We owe about $110,000 and it's worth about $80,000. I will be talking to a lawyer about a loan modification since we are so under water. Been stuck here for 10 years. Now to the real dirty details.
Paid biweekly $2395 Health,dental,vision, 401k deduct $546 Company car, life insurance, 401k loans deduct $380 Taxes Social Security and state taxes = $350 So every 2 weeks I get around $1100.
Now to the neccessary expenses...
Credit card minimum $450 Mortgage $850 HOA $195 Cell phones $270 Gas $50 Electric $75 Bundle- TV cable phone $210 Groceries and personal $800 Water $50 Car insurance $110 Gas for car $120 These are monthly.
So between expenses and being frivolous we screwed ourselves. We are back to about 12k in credit cards. We negotiated out of 30k in credit cards 3 years ago. I took a large 401k loan to pay it off. By doing so I made it impossible to have enough to live off.
We have about 2k in savings. We will owe $8k for school and preschool this coming year. (Before you hate on preschool and private school expenses please note the schools where we live are some of the worst in the state. I will die before I send my kids to our local public school.)
I was hoping to take the family on vacation but I don't think we can afford it. The vacation will cost around 3k at least. We have a lot of outstanding medical bills. I have child with special needs. The vacation is very important since my child will spend most of summer stuck in bed after a medical procedure. She will likely spend all summer recovering from surgery.
I was planning on a raise and bonus this year but that fell through. Moral of the story do not count on money that is NOT a guarantee.
On the brightside sometimes I make extra money via overtime. But as restingbitchface01 advised in a prior post this is fruitless unless I cut my budget. So step one is make a budget and stick to it.
Wondering if I may be better in bankruptcy. Luckily one of my 401k loans is up so I should be getting $250 more every check. Any thoughts or action plans? My goal is to get out of debt, pay off my children's school, and pay down our medical bills (7k). I can not take on a part time job. My wife should be able to in the fall. Any help is greatly appreciated. I do appreciate sarcasm but some serious responses are needed. Thank you.
Submitted March 26, 2017 at 01:11AM by Beatpeaceforonce http://ift.tt/2oizVgm
