I am new and was wondering if anyone has ever tried those debt elimination companies and if they are any good. My husband just quit his job and I am looking for options, as I have way too many cc’s and I know we will not be able to make it. I have never been one to budget as I work ALOT and think I should be able to buy my kids designer clothes and have what we want. My husband has no clue about raising a family and the expenses or if he does it just all falls to me.
The first need in your situation is to set up a budget.
Everyone has a budget some live above their means some live within their means and some live below their means. They just don’t know exactly where all of the money goes.
Take a writing tablet with you every day and write down how much you spend money on for a month. 3 months would be better to get a handle on how much is spent in each category variable expenses are clothing, food etc. there a fixed expenses such as home mortgage, auto loan, utilities etc. After you know how much you are spending then you can find out places where you can cut spending. There will be some tough choices you will have to make. If you don’t get a handle on your expenses with a budget then you will never get out of debt.
I lost my job 4 yrs ago, I was the breadwinner and we have been living on one income my wife’s ever since. During that time we have paid off our house mortgage 2 automobiles and we are now totally debt free as of Dec 2014. This would not have been possible if we did not have a budget. We now pay cash for everything we buy. We are building a life toward financial freedom. Signed, living debt free.
I’m a bit puzzled why he quit his job. Was this a plan to stay home with the kids, or something totally unplanned? Is he looking for something new? Is this temporary or longterm?
I’m sorry to say this, but you will have to adjust your attitude or go further in debt. If we are to live within our means, we have to limit ourselves to what we can afford, not whatever we want. And while you dig yourself out of debt, you will have to limit yourself even more since you need to pay those credit cards. There won’t be any money to buy designer clothes. You may even have to shop at thrift stores (which is really quite fun actually, its like hunting for treasure).
Most of us get into debt by thinking we should have more than we can afford. And that is the main thing we can change to get out of debt. It’s simple, even it isn’t easy.
You need to sit down and do this together. You are a family. This affects both of you, and you are both part of the problem, and you can both be part of the solution. This is a team effort, and you need both of you on the same side.