Make $200k, credit card debt, no savings

[Anonymous]

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

I’ve read your updates, and I think you can absolutely cut your discretionary spending if you’re determined to do it. I just want to clarify where you’re at. Are you spending $1500/WEEK on discretionary? And talking about cutting to $800/WEEK? If so, why does a weekly savings of $700 only result in $1000/MONTH against credit cards and savings? The math doesn’t math.

I would make a spreadsheet to show where all the money is going and decide what to cut. All extra money goes to the high interest credit cards first.

That's because we spend 1500 a week and get behind on other things, so if we spend 800/week we will be on time with bills and pay 1000 in credit cards and savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

I’ve read your updates, and I think you can absolutely cut your discretionary spending if you’re determined to do it. I just want to clarify where you’re at. Are you spending $1500/WEEK on discretionary? And talking about cutting to $800/WEEK? If so, why does a weekly savings of $700 only result in $1000/MONTH against credit cards and savings? The math doesn’t math.

I would make a spreadsheet to show where all the money is going and decide what to cut. All extra money goes to the high interest credit cards first.

That's because we spend 1500 a week and get behind on other things, so if we spend 800/week we will be on time with bills and pay 1000 in credit cards and savings.

Ok, so $800/week for 2 people doesn’t even feel like much of a sacrifice. What on earth are you spending all the money on?

[Anonymous]

I would look into envelope budgeting and start paying with cash. Sorry if I missed what's included in the $1500 (to be $800)/week, but can you get out $800 cash and spend that and only that this week? Preferably spend less than $800, but you've gotta start somewhere.

There are lots of envelope budgeting videos on YouTube. Financial Freedom Diary is one. Or Budget Mom, although now she has a lot of money. They show you how to plan by each month or paycheck. I personally don't like apps. Every time that you stick to the $800 and don't buy X until you have more money to spend next week, you will be closer to getting on track. Most everything can wait a week or less. Each week buy the top priorities until the $800 runs out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

OP we need to know more. What are your bills exactly where is the money going each month? Are you eating out a lot? Drink a lot? "We spend around $1500 a week on anything other than regular bills" WHERE is that $1500 going each week? This isn't clear at all.

Here's a good idea of where our money goes each week.

250.00 Groceries
60.00 Gas
35.00 Subscriptions
200.00 Eating out
200.00 Clothes, jewelry
100.00 haircuts, skin care, etc
60.00 Dog walker
70.00 House cleaner (I have a bad back and cleaning is really hard for me- every two weeks at 140 each time)
150.00 Amazon- things for house, misc.
200.00 Medical- copays, prescriptions, supplements
100.00 Cigars- husband
25.00 Dog food
50.00 Dog- vet, meds, etc
1,500.00

So I see that we can spend less on just about everything if we grocery shop more carefully, eat at home, stop shopping for clothes and other things we really don't need.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

OP we need to know more. What are your bills exactly where is the money going each month? Are you eating out a lot? Drink a lot? "We spend around $1500 a week on anything other than regular bills" WHERE is that $1500 going each week? This isn't clear at all.

Here's a good idea of where our money goes each week.


200.00 Eating out
200.00 Clothes, jewelry
100.00 haircuts, skin care, etc
100.00 Cigars- husband

that’s 600 you can save immediately.

So I see that we can spend less on just about everything if we grocery shop more carefully, eat at home, stop shopping for clothes and other things we really don't need.

[Anonymous]

Okay I skimmed and found $600 off the bat - no more eating out, shopping, pampering (skincare/hair cuts/cigars).

Even without eating out $250/week on groceries is an insane amount for two people. We have a million HHI and even with little kids and not worrying about spending at all because I work full time, I can’t pull that off.

[Anonymous]

Omg. The simple answer is that you guys use restaurants and shopping as therapy. Start running or working out at home to free YouTube‘s instead or something.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

OP we need to know more. What are your bills exactly where is the money going each month? Are you eating out a lot? Drink a lot? "We spend around $1500 a week on anything other than regular bills" WHERE is that $1500 going each week? This isn't clear at all.

Here's a good idea of where our money goes each week.

250.00 Groceries
60.00 Gas
35.00 Subscriptions
200.00 Eating out
200.00 Clothes, jewelry
100.00 haircuts, skin care, etc
60.00 Dog walker
70.00 House cleaner (I have a bad back and cleaning is really hard for me- every two weeks at 140 each time)
150.00 Amazon- things for house, misc.
200.00 Medical- copays, prescriptions, supplements
100.00 Cigars- husband
25.00 Dog food
50.00 Dog- vet, meds, etc
1,500.00

So I see that we can spend less on just about everything if we grocery shop more carefully, eat at home, stop shopping for clothes and other things we really don't need.

This is so easy why do you need help just do it.
Cancel all subscriptions TODAY. STOP EATING OUT. NO CIGARS! USE what up everything you have in the house/food/soap/shampoo before replacing anything. $300 a week on Clothes, jewely, haircuts, skin care, etc? You literally spend money like its your FT job. If someone handed me $1500 a week I HAD to spend, I wouldn't have time to! The medical dog and vet stuff co-pays a week seem very high are you going to the doctor 2x a week? What meds do you take that are $800 a month that you pay out of pocket for? Can you walk your own dog? Also what meds is the dog on for $50 a week or $200 a month?

To me this is insane. Literally just stop spending money except for food at the grocery store but only do this after you eat and use up all the stuff you already have at the house. Purge everything by using it up, food, toiletries. Use that saved money to start paying off the loans and CC bills. STOP USING THE CC for anything, NOTHING. Use your bank debit card only. Honestly you sound like a shopaholic with a hoarded home with spending $800 a month on clothes, and $400 on cosmetics a month! You can possibly wear all those clothes and use all those cosmetics up. What spend so much what are you possibly buying on Amazon for $600 a month? I mean literally all you need to do is stoping spending it then use that money for your CC and loan. Why is this hard to understand? I'm perplexed by this post. Honestly.

[Anonymous]

I appreciate all the help from most of you.


This is going a little downhill and I just can't cope with the judgment. We've screwed up, spend too much, it's crazy, etc. I know that and need to change. No need to call me a hoarder or act like I'm stupid. We all have our issues, I'm sure you have yours it just might not be money.

[Anonymous]

Anonymous wrote:I appreciate all the help from most of you.


This is going a little downhill and I just can't cope with the judgment. We've screwed up, spend too much, it's crazy, etc. I know that and need to change. No need to call me a hoarder or act like I'm stupid. We all have our issues, I'm sure you have yours it just might not be money.

I'm sorry you have experienced this. I feel the same way. Not sure the judgement is worth the advice. Not everyone is lucky enough to have received a good financial situation and are basically making it up as we go along.
You're trying to turn things around. Good for you.

[Anonymous]

Anonymous wrote:I appreciate all the help from most of you.


This is going a little downhill and I just can't cope with the judgment. We've screwed up, spend too much, it's crazy, etc. I know that and need to change. No need to call me a hoarder or act like I'm stupid. We all have our issues, I'm sure you have yours it just might not be money.

OP, I'm sorry you're feeling attacked. The positive message is that most people don't spend like this - which means you don't have to either! Every single time you are thinking about buying something ask yourself if you actually need it. If you buy things online, make yourself wait a day to complete the purchase to see if you actually come back to it. If you do a lot of spending in person, try to go somewhere else instead of the store like a park or a free museum if you're in the DC area.

[Anonymous]

OP I'm sorry, maybe the tone of my post came off badly, I apologize to you. Genuinely. It was not of judgement but more confusion. I'm also sorry you felt judged by me. I didn't mean to make you feel that way. I was trying to help but maybe I didn't, it was not my intention.

[Anonymous]

OP here- I'm probably overly sensitive to all of this. It's hard to face that you've made such a mess of things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I appreciate all the help from most of you.


This is going a little downhill and I just can't cope with the judgment. We've screwed up, spend too much, it's crazy, etc. I know that and need to change. No need to call me a hoarder or act like I'm stupid. We all have our issues, I'm sure you have yours it just might not be money.

OP, I'm sorry you're feeling attacked. The positive message is that most people don't spend like this - which means you don't have to either! Every single time you are thinking about buying something ask yourself if you actually need it. If you buy things online, make yourself wait a day to complete the purchase to see if you actually come back to it. If you do a lot of spending in person, try to go somewhere else instead of the store like a park or a free museum if you're in the DC area.

OP can you do some kind of one-month effort to stop doing something cold turkey? I remember when my grocery bill was exploding (not due to inflation; this is a few years ago) I tried to only eat from my pantry for the entire month of January and was pretty impressed at how creative I got. I found gamifying the process for myself and being proud of frugality really helped my mindset when I was cutting back on things I really enjoyed. I do think subscriptions/Amazon Prime/etc are dangerous to budget -- if you have to pay shipping/extra every time you want a nice thing, it helps you realize that maybe you don't *need* that thing after all. It's akin to the sunk cost fallacy.

Good luck, OP! You got this!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We need to get a grip! We have no excuses anymore. We make enough money and still life paycheck to paycheck. We spend around $1500 a week on anything other than regular bills like rent, utilizes, car payments, minimum on credit cards… To stay on the budget I put together that would pay $500 a month over the minimum on the credit cards, and $500 a month in savings, we would need to only spend $800 a week on the costs we have more control over. Is that even feasible? There are only two of us.

OP we need to know more. What are your bills exactly where is the money going each month? Are you eating out a lot? Drink a lot? "We spend around $1500 a week on anything other than regular bills" WHERE is that $1500 going each week? This isn't clear at all.

Here's a good idea of where our money goes each week.

250.00 Groceries
60.00 Gas
35.00 Subscriptions
200.00 Eating out
200.00 Clothes, jewelry
100.00 haircuts, skin care, etc
60.00 Dog walker
70.00 House cleaner (I have a bad back and cleaning is really hard for me- every two weeks at 140 each time)
150.00 Amazon- things for house, misc.
200.00 Medical- copays, prescriptions, supplements
100.00 Cigars- husband
25.00 Dog food
50.00 Dog- vet, meds, etc
1,500.00

So I see that we can spend less on just about everything if we grocery shop more carefully, eat at home, stop shopping for clothes and other things we really don't need.

$450 per week on food is excessive that is some people's budget for the entire month.
Stop eating out.

$250 per week on food is plenty.

$200 every week on clothes? No. Once a month.

$150 every week on Amazon? No.

$200 every week on medicals??? Um, every week? I guess.