Need major help with budgeting!!?

Question

For the past 2.5 my husband and I have commuted to work. We bought a home so far away because it was affordable. Our trip is 100 miles round trip and spend around 150/wk in gas.We have 3 cars, 1 is paid off. We both get paid every 2 weeks and get paid on the same day. We have tried to establish a savings account but the way it has been working is that we end up taking the money out because we need it to get by and so we currently do not have a "nest-egg" saved up. I tell him we need to keep something in there in case something happens and he says yeah but we need it to get by and so it is difficult to save up anything. My family thinks we have a bit saved up, they said we should in case of emergent times. Case in point: yesterday hubby calls to say that the battery died in the our car that is paid off. It turns out that it was indeed the battery and hubby had to spend 160 to get replacement. Now, we still have a week and half until we get paid and about 50 bucks to live off of. We need major help budgeting. Advice please?

Anonymous · Accepted Answer

Why do you need 3 cars?

Sell one, i suggest the one that is the biggest gas guzzler

Then sit down and factor how much it is costing you every month to live in this "cheap" house?
After factoring in your commute would it be cheaper to sell your house and simply move closer?
Cut out excess spending, ie do you have a house phone and a cell phone? Cable? How often do you eat out every month?

Could you drive to work together, even if it means you one of you eaves an hour earlier then needed? How bout carpooling with co-workers?

You need to take a month and write down EVERYTHING you buy/spend and then at the end of the month see where you can cut the fat.

EDIT: Your entire additional details is just silly. Im not sure what kind of advice you were looking for?
You want to "enjoy life" then do it, but dont complain that you cant save money while your enjoying

CDT · Answer

Is there a reason you have 3 cars for a 2 person household? That seems like burning money unnecessarily to me. I mean, there's only 2 of you...you can't be driving 3 cars so the third just has to be sitting somewhere day after day. 

My first step would be selling one of those cars. 



Second step would be to get out of having to commute. Sell or rent out your house and get a smaller home or apartment closer to your work.  Gas and car repairs are way too expensive to be putting on 500+ miles every week.

carolynn · Answer

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. · Answer

Most people do not have a "spare car"...keeping it running and insured is an expense someone on a budget should do without...if it runs well, keep it since it is paid off and get rid of one of the cars that have a note...the money you save from the monthly note (and insurance and upkeep) is now what you put into savings for emergencies...it should add up quickly...

I like to eat out also, but if I'm living hand-to-mouth I forego that...you can "enjoy your lives" and wonder how you'll pay your bills, or you can tighten the budget for a while and stop ALL friviolous spending until you have a decent amount of money in savings...it's your call, but right now you're putting going out to eat ahead of money for a rainy day (VERY poor decision, IMO)...

Cut back your cell phone services to the very basics you NEED (not want, but NEED)...cut back your cable TV/internet bill to the very basic (or do away with it)...cut back ALL non-essential spending or eliminate it until you've got a few thousand dollars of cushion in the bank...it shouldn't take long to build up if you two are diligent and serious...

I got layed off my job in July (I'm single)...THANKFULLY I'm debt free so don't have bills looming over my head (I pay my monthly rent, cell phone bill, and personal expenses and that's it)...I've got just under a year's salary worth of savings in the bank to live off of IF I need to (when unemployment compensation runs out, if I haven't found a job)...it took a few years to build that amount of money up, but all it took was transferring money now and then into my savings acct (if I had a chunk left on payday), putting tax returns in there, refunds of any kind, etc...if I have to pay my dentist up front (for example) when I get reimbursed from the insurance company, that money goes into savings...over time, stuff like that adds up!!!

If you only put $10 a week or $10 a payday into savings, at least that's SOMETHING...once it goes in, DO NOT take it back out to live on...it's for emergencies only...start cutting corners elsewhere and lower your standard of living a bit until you've got that cushion in there...or one or both of you could take a 2nd (part time) job to earn money soley to build up your savings...that's not a bad idea either!!!

Anonymous · Answer

Here's a new budgeting idea: Buy a house closer to your work. You are wasting so much money in gas and wear and tear of your cars... Get a smaller house, sell any junk you have accumulated and live within your means..

Why would you have 3 cars in your situation with only 1 paid off? That's not a wise decision. Live within your means.

l8tr g8tr · Answer

Here's a link to help you with setting up a budget:

https://www.mint.com/personal-budget-planner/

I have an online ING direct account and have it pull a small amount of money out of the account at pay time...it adds up.  It's a small way to start saving money.  Besides, it takes a few days to transfer back to the account so it makes me more cautious about my decision to remove money from it.

? · Answer

Can't get blood from a turnip.  Obviously the commute isn't working for you, it is eating your money before you earn it.

Rent out your home and get an apartment closer to work?

Anonymous · Answer

If i were you I wouldn't sell your house. I would consider renting out the house and getting a apt

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Need major help with budgeting!!?

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