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Does anybody want to play financial planner?
Balance sheet:
bank account: $50
house: $125000
car1: $2000
car 2: $10000
personal property: $500
tax refund owed (non-current asset): $5000
mortgage debt: $135000
Car debt: $15000
personal loan debt $7000
student loan debt $45000 ($3000 current liabilities)
child support debt (current) $3600
Tax debt: $3000 to $3000 ($2000 current)
Monthly budget:
gross income $6600
Taxes withheld $870
Health insurance premiums: $400
social security and medicare: $400
group life insurance premuims: $30
child support payments: $1800
net income $3100
Mortgage payment: $650
car payment: $250
alimony: $140
car insurance $180
elecctricity: $80
water: $20
Tax debt payments $300
Current student loan payments $300
regular student loan payments $250
child support debt payments $50
person loan payments $60
food: $300
household goods and supplies: $50
clothes and personal goods: $50
Gasoline: $300
public transportation: $50
house repairs $25
car repairs: $100
Entertainment, misc., etc.: $45
net income: $0
I have no furniture except for a bed and 2i dressers and a makrshift desk i made out of an old bedroom door and some kitchen cabinets i got for free, or appliances of dishes or anything and my car needs repairing very badly. I hit a trashcan which rolled onto the highway and ripped off my muffler.
1 Answer
- NataliaLv 69 years agoFavorite Answer
consolidate all your debt into one monthly payment
see if you can get your child support payments reduced
you should not have to use public transportation if you have a car: +50
household goods, entratainment, personal goods, house rapairs:=50/ month
get a cheaper car insurance
you dont need 2 cars sell one and pay off some of your personal debt
get a roommate and charge 400 a month for rent=+ 400+165(money not used separatly on public transp, household items, personal goods and house repairs).
cut food by 100 dollars, 50 dollars a week is sufficient amount to feed one, make lunch at home and cook all your food at home..cut out junk and beer...learn to shop smarter. = +100
400+165+100= 665 a month to be used for debt repayment...not a lavish live but at least at the end of the year you will have 7980 to put towards your debt, and dont take on more debt.