Reply to Earning Well but Drowning in Debt...how to dig out?

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[quote=Anonymous]I would start with doing a look at where all of your money is going?

You said your kids are in a lot of activities - if you have 2 in daycare I would think you can cut out all of their activities.

Also - are there ways to cut daycare expenses?  2 in daycare is a nanny cheaper?  Can you do a nanny and alternate work schedule so you only need a nanny 4 days a week?

How much do you eat out?  Lunch, dinner, weekend?  (I find I spent a lot of extras when we have the kids in activities such as stopping for dinner on the way home)

Menu plan, bring your lunch and prep food on Sunday for the week.  You will easily save $100 a week.

What are your guilty pleasures?  Purchasing books?  Go to the library.  It is really easy to drop $ on amazon kindle.

Do you really need 2 new cars?  Can you sell one and get an older model?  We have 3 in carseats / boosters in an 11 year old sedan.

What is your annual vacation?  Can you cut it down to basic from "not luxurious"?

It sounds from your post that there are things that you do as a little of keeping up with others.  You made the choice to buy 2 new cars - when probably 2 used cars would have worked for a bit.   Many families do not sign up their kids for more than 1 activity because they do not have the $ or time.  Think about what your priorities are and prioritize them!  If it is getting out of debt - that comes before every $ of spending.

When you purchase something ask yourself - if you really want the $4 Starbucks coffee would you rather have less debt or the coffee?  Do the kids need the activity?  Or can we do something else as a family that is less costly?

Would going to a state campground for a vacation be a nice low cost getaway for a week?

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