How can we pay off debt while barely making ends meet?

T

turnshelbi

New Member
Help, please. We seriously need help.

We’re newly married and struggling badly financially. We haven’t been together long. We married quick. Since Christmas and New Year’s, we’ve been struggling. We both realize this is not how we want things to be.

We both have our own debt. He works full time for a school in our area. I’m unemployed due to health issues. My child support is unreliable. I have my daughter 100% off the time. Between us, we have our 3 boys 50/50—my 2, his 1.

We do not qualify for any state help. We very, very rarely eat out. We meal prep the best we can. We use food banks and other food help in the area. We don’t do extra things.

How can we work on paying off our debt without continuously falling behind on everything else?
 
Know your exact numbers first write them down. Many people just guesstimate where their money goes. So know your exact numbers, and separate groceries from candy, soda, and low nutritional value meals. Start by tracking what comes out, separate it into categories, keep every receipt, and create a map of where your money goes. It’s a good start, and you might be surprised by the leaks.
 
Okay, you guys are married now, so I want you two working as a team on this. Once you’re feeling better, get a job. Doesn’t matter what full time, part time, flipping garage sale finds, staying home and conquering the chore pile. Whatever you can do to lower the pressure.

Next, make a debt order. Put all your debts on the table and come up with a plan of attack. First in line is first to die. There are several ways to run the order, but judging by your situation, you need:
Snowball (smallest to largest balance)
Domino (smallest to largest balance divided by payment)

I don’t know what your debts are, but if any are credit cards, oh boy, you might be fighting against the wind for a while. Kill a debt, throw that payment at the next one, and keep fighting till this storm dies down.

When you get a chance, stash some money aside for emergencies. Sometimes just $1000 is enough to cover something you didn’t see coming. If you’ve got enough to pay off a debt and still have $1000 left over, now would be a good time to consider this an emergency.

I hope your family pulls through.
 
It’s truly hard enough to bring families together, let alone get out of debt. First, keep housing paid up, along with utilities and budgeting/meal planning… then start paying off the smallest debt first; when that’s paid off, put that payment toward the next one… keep going until you’re out of debt. Sell what you can and the things you don’t use… put that toward bills. Most importanty, keep a roof over your heads, food and clothing on your backs, and utilities on… call all your creditors and explain that you now only have one income in the household… try to lower payments. Good luck… check the site 211 to find what help you may qualify for… good luck.
 
Combine everything! Know exactly what accounts are out there, their due dates, amount owed, and min amounts, and track every single expenditure. Start categorizing your spending. After this, you’ll create your plan. Don’t try to plan without all your data! You must prioritize having all bills paid up and on time. After that routine is in place, you need an emergency fund. Yes, even with debt looming, you have to build a buffer for “life” to avoid adding new debt when possible. Paying down debt depends on your mindset and goals. This isn’t going to fix overnight! You may need to shift priorities, and you might need a new way of thinking about how money is handled. These are all psychological elements and not math,, so be prepared to really see life beyond the math!!
 
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