categoryonebudget

This category is a real downer.

(1) You work all month just to make ends meet

(2) You're on pins and needles all month in case an unpected emergency arises

(3) You get down in the dumps when a special event/outting for you or the kids comes up and you cant afford it.

STEP #1:

Its evident more money is needed so where do you get it -

Lets assume you have determined that you need a extra $300. Per month, alloting $200. For emergencies and $100. For events.

You have 3 choices -

(a) depending on your time, and responsibilities maybe a 2nd occassional part time job

(b) Revamping your monthly payout

(c)possible debt consolidation

STARTING POINT-

-determine what you would fee comfortable with as a emergency fund. You know best what possible situations could arise that would require emergency funds - for example if you drive a aged car -the need for funds for repairs is high.

-next based on you and/or your family's social interests what would be the most important and likely event that you would love to attend at least once if not twice a month. For example maybe your family likes to go out for dinner and bowling.

Now you have a starting goal lets continue to reach that goal

If its $300 you require per month divide this by 4 for weekly amt. Which amounts to $75. Per week.
Determine what the average employment rate is in your area. If its $10. Hr then you would need to find some part time work for approx 9 hrs per week(in order to net or bring home $75.)

-do you have an extra 9 hrs per week to spare

-is there available part time employment in your area

-what would be the cost to you to work -example gas to get there, babysitter for kids, etc.

REVAMPING YOUR MONTHLY PAYOUT

Be careful when pondering this

If you are currently paying a portion of principal on your high interest bills, then you don't want to cut back on this.
The more you can pay on the principal the less interest you will end up paying.

Take a look at your low interest bills and see if you are able to cut back the payments slightly on these

Also take a look at your expenses and make sure you aren't paying for things you don't really need. Take a look at your
car Ins. And see if there are any changes that can be made there

Also look at the added extra coverages on your charge card and see if they are really necessary.

In addition, take a look and see if you can gain some extra savings on your utility bills such as conserving hydro,heat and water.

You might want to make this a family project.

How much extra would you end up paying out in interest just to gain $300. For the month?

Think long and hard about this one...

-if you have alot of high interest expenses, this may be a good alternative for you.

-consider the balances though, if they are fairly low they might not be worth consolidating

-another point is your credit rating, if its good you could possibly qualify for a low interest loan,

-if your credit is shakey, be careful with consolidations,because you could end up with high interest rates,
taking much longer to pay out even though monthly payments would be lower and you may get the
$300. Extra you want each month.