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A look at how I use my money

June 15th, 2011 at 11:56 am

I think that I am screwed up with my ideas of how to pay my bills.
I was paid on June 10th - my standard amount of $905.00. I had a negative balance in my account from car insurance and a bank NSF Fee. So, right off the bat I had around $700.00 to pay all my bills and still have the basics (food, rx, gas, and electricity) for two more weeks. So, this is what I did with my money: I paid my electricity (which i'm already on a payment plan for, normally my electricity is around $48 per mo.)
Electricity: 95.00
Taxi gasoline: 25.00
My personal car gasoline: 32.00
Prescripton: 10.00
Unexpected drug & alcohol class for son: 60.00 (that's a whole other story)
Cell phone family plan: 162.00 (workin on this)
Groceries: 45.00
Eating out: 69.00

The problem is I don't have money to pay the most critically important bills I have:
Rent: 750.00
Chapter 13 payment: 500.00 (regular 250.00 + 250.00 late amount)

My Chapter 13 is past due and if I don't pay the $500.00 by today it will be dismissed, and all the creditors in my plan will start garnishing my wages.

And I can't pay my rent until the 24th, which it will then incur a 10% late fee. Rent will be $825.00.
I will have $75.00 left over to use for all the bills and necessities.

I have the taxi driving job, but it costs me money each weak to lease the taxi and if I don't work every night after my day job, I won't make any money from that job. I like driving the taxi, it's a good job. On a Friday and Saturday night I can make about $250.00 (minus the $40.00 for gas) so I think $200.00 for about 7 hours is pretty good money. But, I get tired after working my day job and don't want to leave my (at risk) son at home alone so I don't drive the taxi.

I make the same mistakes and each payday I am in the same situation and I am trying to cut and reduce my current bills (cell phone, car insurance, cable tv & internet) but I feel literally sick right now. I need so much money and I want to be all caught up and not be behind with every single bill, but i don't seem to be able to make it happen.
Last week, sitting and going over my money situation I had a thought: I could sell all my furniture and belongings (except the absolute necessary items) and move into an extended stay hotel for a few months to catch up on everything, I was in such a state of freaking out. I do have an extra couch, a hutch, some old dressers and odds n ends I could try to sell for some type of money, that could work....

7 Responses to “A look at how I use my money”

  1. laura Says:

    Your probably need to priorititze and pay what you have to first (being rent and debt repays).

    Have you looked into Angel Food Ministries (see if they are in your area)? It might offer you a more economical grocery option. SKIP the eating out, not worth it. If your son is old enough to take a Drug and Alcohol class which is mandatory, he might be old enough to go out and find some lawns to mow. Sell what you can.

    Good luck!

  2. creditcardfree Says:

    Can you actually get out of your apartment lease? Or are you in a month to month situation? If you break a lease make sure you know the costs involved.

    Is there family or friends that might be willing to hang with your son for free, while you earn some cash driving the taxi? Are there friends or family you could live with for less rent or for free?

    Selling what you can is an idea, but don't sell so much that you don't have a bed or dishes. Yes, sell the electronics and dvds. Selling is only a short term solution to what appears to be a income problem. Your ability to earn more money is key to fixing the situation. Driving the taxi every weekend, would sure help your situation.

  3. LittleMsMom Says:

    I would pay the Chapter 13 bill and with the remaining $200.

    Taxi gasoline: 25.00
    personal car gasoline: 32.00
    Prescripton: 10.00
    Unexpected drug & alcohol class for son: 60.00
    Cell phone: $60 (Switch to prepaid)
    Groceries: 45.00

    $32 short = Sell something (maybe resell clothing to a resell shop, or sell DVDs etc. Take whatever you can to stores that offer on the spot payment...Pawn shop as a last resort)

    Cell phone....I would suggest a Pre-paid. Two prepaid phones would cut your phone bill in half. If you have a contract, I suggest you talk to the provider and ask that they suspend your contract until you can afford to pay them or have them bill you the early cancel fee.

    Not sure of it would help but maybe look into one LAND LINE phone. It could be cheaper, if you can go without a cell phone.

    I would skip the $69 eat out and buy easy to cook food, also go to a food pantry for FREE food.

    I would call the electric company and ask if you can pay with your next paycheck or IF you can come up with some extra money from selling stuff.

  4. creditcardfree Says:

    Great suggestions, littlemsmom!

  5. Thrifty Ray Says:

    I think littlemsmom's advice is very good. You need to pay that Chapter 13 and avoid the consequences of not paying it.

    Good luck to you, it sounds like you have an awful lot of financial juggling to think about!

  6. Jerry Says:

    I agree that getting your son involved in keeping the family afloat could serve a few good purposes and lead to some help in keeping him grounded. Those insurance payments are brutal sometimes, but I suppose it's kind of mandatory if you are driving a cab. Good luck to you!

  7. Petunia 100 Says:

    Can you bring your son with you when you drive the cab? Or is that not allowed?

    Instead of leaving him home alone, is there a friend (of his) with whom he could stay? Someone who is a good influence and who's parent(s) you know?

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