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Home > Not Sure What To Do.

Not Sure What To Do.

November 13th, 2012 at 04:32 am

Thinking about saving money, paying off debts, and making money tends to scare me an awful lot. I am so far in debt, and I am currently not making a whole lot of money a month combined with my girlfriends money. I have a hope that in five years, I am able to save enough money, pay off all of my current debts, and have some money put away for retirement.

Well here is a little about me and my financial problems. I am currently only 26 years old, and have accumulated close to $50,000 in debt. The vast majority of the money I owe is due to back child support payments, a problem I brought upon my self dur to immature actions. Roughly 32,000 of back child support is due, along with $10,000 for truck driving school, $2,400 for college so far, $4,200 for car, and a few thousand for credit cards and unpaid medical bills.

The child support payments put me behind $30,000 due to me not keeping track of prior payments, something I did not even think about due to my young age (17). The back child support payments caused me to lose my license, passport, and other ways to make money.

I do make a small amount of money amount from selling websites, but it only averages out to be around $700. My girlfriend though makes around $1,400 plus another $500 from her side job bringing the total to $2600 a month in liquid income.

I hope to fill in more info in the incoming months, as I hope the information provided will help others on their financial dreams.

Posted in Personal Finance, Saving Money | 10 Comments »

10 Responses to “Not Sure What To Do.”

  1. mamasita Says:
    November 13th, 2012 at 10:34 am 1352802874
    1352802874

    Change starts with the desire to do better, and then start taking steps. I've learned a lot from these boards, good luck!

  2. Momma and the boys living on budget Says:
    November 13th, 2012 at 11:44 am 1352807072
    1352807072

    I would make a budget-and one of your first priorities would be your child support payments.

    Don't count your current girlfriend's income as your own. It is his and her money until you marry. Can you get a job?

  3. Major Rorymullen Says:
    November 13th, 2012 at 12:19 pm 1352809196
    1352809196

    Momma,
    Currently I am not able to get a job, due to the fact I stay home full time so my gf can go to work.

  4. BuckyBadger Says:
    November 13th, 2012 at 01:05 pm 1352811939
    1352811939

    You stay home so that she can go to work? Does that mean that you have children with her, too?

  5. ceejay74 Says:
    November 13th, 2012 at 06:31 pm 1352831460
    1352831460

    Welcome! This site and community really helped me turn my disastrous finances around. Making a budget and tracking expenses is key. See if your income covers your expenses, and if not, you need to either increase income or cut expenses so that you have some left over to pay down debt and start saving for your future.

    If you share your numbers, people will be happy to jump in and advise you. Sometimes there are some suggestions that may not occur to you otherwise.

  6. ceejay74 Says:
    November 13th, 2012 at 06:33 pm 1352831593
    1352831593

    Oh, and I meant to add: IF you and your girlfriend are working as a team and making mutual decisions about how to use your money, then I think it's totally valid to count your incomes together. But if you tend to spend separately without each other's consent, it'll be much harder to utilize the combined earnings to achieve your goals.

  7. BuckyBadger Says:
    November 13th, 2012 at 07:23 pm 1352834616
    1352834616

    Are you licensed to drive a truck? What are you currently in school for, and are you generating more debt from it? Do you have to pay back the child support? How much are you supposed to pay every month now? Are you paying it now?

  8. Tabs Says:
    November 13th, 2012 at 09:16 pm 1352841379
    1352841379

    Just chiming to hang in there. The beginning is always the toughest, and the good news is that once you get this ball rolling, and keep it rolling, it will get easier, even though it may take years to get there. I think the biggest thing is just to get started, so congrats for doing just that!

    Also, I know that you said you can't work right now, but trucking can be good money. I'm sure you know that already, so I think part of the plan should be to get on the road as soon as it is feasible to do so.

    Forgive me if I seem bossy. I have been there before as well, and so your plight resonates with me, and as such, feel the need to respond.

  9. Major Rorymullen Says:
    November 13th, 2012 at 11:13 pm 1352848394
    1352848394

    Bucky, Yes I have a child with my girl friend and also take care of her two other children to while I go to college. And no I lost my license after getting the info on back child support arrears.

  10. Momma and the boys living on budget Says:
    November 14th, 2012 at 11:41 am 1352893306
    1352893306

    Rory One step at a time do you have a budget on clothing and eating out

    also where is the $900 extra in your budget going? Back child support etc?

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