Need help on how to get on a Budget

My husband and I are in bad financial distress. Our problem seems to be that we cant get on a budget. Every month we are lacking. We seem to be able to only afford our main bills like car, house, electrical and phone in which those are still hard to pay. Some weeks it seems like we are scraping for grocery money. On top of it all we owe so many back credit card bills and hospital bills that we cant even afford to pay just a little amount on them. I often tell myself it would be SOOOO much better if we could just get on a very tight budget. Can someone please help.

Thank you!

You really need to sit down and take a good look at your financial situation NOW! Maybe post them to the group for suggestions on where/how to cut.

Be realistic and honest in making your list. Set your list for bill, minimum payment, balance owing, any past due amount and interest rate. This should give you a good heads up on where to start.

My answer will go a bit deeper. It is a smart thing to do to learn more about budgeting, financial plans, issues with debt-credit-and taxes. You need to know all you can about these things. The statistics indicate that just because you know something doesn’t mean you will do it, so you need to go beyond that. Only one out of eleven will actually self-start AND self-finish ANY financial plan. Knowing that from the start can lead you to take some much more powerful steps to get yourself back on track. A group like this is also great support.

The first step is to assemble all your financial information.

  • Do you know what your current spending looks like – basically this is your budget?
  • Do you have all your mortgage information together on whatever properties you own?
  • How about all the information on secured loans(auto, boat, timeshare, etc.) and student loans?
  • Can you gather together all the information on your unsecured debts such as credit cards, collection accounts, civil and judgment accounts, medical and dental debt, taxes, etc? You’ll need balances, monthly payment amounts, minimum payment amounts, interest rates, etc.

What you will find is that there are programs and processes out there that are not designed to feed off of you when you are down, but instead seek to create margin in your monthly budget to drive your debt down and work with you to keep you on whatever kind of plan you choose.

Let me know if there is anything I can help you with.