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? asked in Business & FinancePersonal Finance · 9 years ago

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

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  • 9 years ago
    Favorite 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.

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