Help paying down debt

[Anonymous]

Looking for a user-friendly way to aggressively track my family's budget and get out of the $20k credit card debt we've accumulated. It's been a series of unfortunate events over the past six months - an expensive international move, an unexpected and expensive medical emergency for one of our kids, high DC housing costs, and a DOGE layoff (and subsequent much lower paying job). At this point we truly need to budget down to every dollar. For what it's worth, we are pretty tight as it is. Housing (renting) is our largest expense, we bought a 15 year old car with cash when we moved here, we don't eat out or spend much at all on outings/activities. Any recommendations for apps or any other systems to help us get sh!t together??

[Anonymous]

Dave Ramsey is good.

[Anonymous]

Fearless Finance. DC based firm offering a spending app and low cost advising if you need it.

We've only ever used the app but it's been helpful. You got this!

[Anonymous]

The reality is, you need to work more/earn more money. Get a summer job, tutor, or babysit or something. Pay off the highest interest credit cards first.

[Anonymous]

Can one of you get a second job? Are you running deficit every month? Restaurants are hiring for all positions.
I have a lot of tips and tricks, but they are very personal. I'm the person who gladly moves into a studio with a kid for a year or two to save $600 a month. I can go very bare bones and then work over 40 hours a week for awhile.
I know people who rented 1-bedroom with 3 kids. I'm sure your rental is much bigger. If you want to keep it, getting a second job would be the way to go.

[Anonymous]

YNAB - it's not cheap but it does help you budget to every dollar.

[Anonymous]

Learn to use You Need A Budget and track every single dollar.

[Anonymous]

Anonymous wrote:Dave Ramsey is good.

Agree.

[Anonymous]

Second job is the way to do it. Hopefully it would only be for a year or two.

[Anonymous]

Anonymous wrote:YNAB - it's not cheap but it does help you budget to every dollar.

Monarch money is another option.

[Anonymous]

Anonymous wrote:Can one of you get a second job? Are you running deficit every month? Restaurants are hiring for all positions.
I have a lot of tips and tricks, but they are very personal. I'm the person who gladly moves into a studio with a kid for a year or two to save $600 a month. I can go very bare bones and then work over 40 hours a week for awhile.
I know people who rented 1-bedroom with 3 kids. I'm sure your rental is much bigger. If you want to keep it, getting a second job would be the way to go.

Moving isn’t feasible for now - breaking the lease involves a large fee and then paying a deposit on a new place, etc. Our children are finally settling in after a big move six months ago and I hate the idea of making them switch school again. We’re in the cheapest rental we could find in their school’s zone.

Some kind of second job seems like the only way.

[Anonymous]

Have you called your credit card companies and asked them to lower the rate?

Have you compared the rate on the credit cards to a debt consolidation loan through your credit union?

But I agree; you need to increase income.

[Anonymous]

+1 YNAB
It’s the way.

[Anonymous]

I'm sorry you moved only to have your job vanish. Tighten your belt, possibly get a second job (tutoring in the language of the country you left? dog boarding?). Hang in there, OP. You will emerge victorious!

[Anonymous]

You need more income. I'm paying off a CC that had an $11K balance on January 1st and it will be gone next week. LOTS of extra hours, but so glad to have this sucker gone.