Recently, my wife and I both took huge paycuts at both of our jobs. After the mortgage and all the bills are paid, we usually end up with between 150 to 200 dollars every paycheck to last for two weeks. We have four children, and it is very difficult to stretch that money with having to buy groceries, gas, and other expenses. Savings is pretty much depleted. Please help. Any suggestions would be greatly appreciated.
I would highly suggest applying for food stamps as soon as possible. Otherwise, you are quickly going to be in debt. So, you have between $300-$400 each month. You can easily look at your budget (since we don't know the specifics). Write down what you take home each month. Then list all of your fixed expenses: car payment (if you have one or two), car insurance, gas (a good estimate), all of the utilities, any other fixed expenses. If you're already in the negative... you haven't even added food yet! Plus, copays for medical visits, field trip money, clothes, school expenses for the kids, etc.
Your first step is to fill out an application for food stamps. There's no shame if you truly need it. You've both taken big pay cuts... and you have four children, my guess is that you truly need it. It's there to help you get back on your feet, and in the mean time to provide your family with nutrition. If you qualify, I think you'll be able to survive on the $3-400/month for gas and other expenses. If you don't, now is the time to play the coupon game -- if you spend enough time researching, you can get tons of free items by using coupons and rebates. If you need to, start visiting a local food bank once or twice a month to take off some of the financial burden of groceries. Good luck! Also, now might be a great time to cancel the cable and internet if you haven't already to help lower the monthly expenses. Those are usually the easiest items to go.
Yes, it is possible to survive on that much discretionary income after paying mortgage, utilities, other obligations already undertaken.
Cut expenses: "go green" to reduce utilities. Cook & bake from scratch & take all other cost-cutting measures to reduce food bills - e.g. no snacks! Put aside some savings FIRST out of every paycheck - you will need this. Batch errands to eliminate as many miles as possible from driving. You need to be extremely frugal and let nothing go to waste.
Never overdraft or be late with a payment - you cannot afford late charges, overdraft fees, etc. No cash = no buy. You cannot afford the interest credit cards charge.
Depending on kids' ages, have them help by earning money babysitting, dogwalking, car detailing or whatever they can do. Both parents need to figure out ways to bring in more money while looking for better jobs - jobhunting is crucial since either or both of your jobs are about to go belly up.
You can EAT on $100/week. That said, you said this is what is left 'after the mortgage and all the bills'. I submit that FOOD is a higher priority than SOME of the bills. If you have any unsecured debts, they are officially the LAST thing on your priority list.
Buy food FIRST.
Pay your utilities second.
Next maintain BASIC transportation.
Forth pay the mortgage.
NO ONE else gets ANYTHING until these are covered.
It looks like you each might consider getting part time jobs at different times so one can be there for your kids. I don't see how you can get by with $200.00 weekly and be able to cover unexpected bills that surly will occur with 4 kids. It won't be easy but hopefully your full time jobs will return or you'll have to search for full time jobs. Good luck.
you may qualify for food stamps.
I only have 3 children and $300-$400 wouldn't cover my grocery bill, much less gas to get back and forth to work. You can try this until your financial situation improves. That is what the programs are there for.
my mom spent about 500 a month on food for a family of six. Is this money that is left over after everything is taken care of (food, clothing etc) if not its going to be very tough for you
Cut out what you don't need like cable, candy and etc. Only buy what you need and yes you can make it.
Omg.......file a link card?
If I'm reading this right, the $400 a month is AFTER paying the bills, right? Bills such as mortgage, utilities, car payments, insurance etc. So the $400 is for gas, clothes, food, haircuts, that sort of stuff.
Yep you can do it. BUT, you need to look at all your expenses and figure out how & where you can scale back. Turn the heat lower, drive less frequently, learn to cut the kid's hair, learn to cook from scratch, sell stuff you don't need to get rid of some of your debt, cancel cable & the newspaper, buy clothes from the thrift store. That sort of thing. It's immensely doable if you keep a close eye on what you spend and track everything.
I would tap also into some of the social service networks in your town. Food banks can help provide you with staples. Soup kitchens and community kitchens can provide you with some variety in a meal as well. Sign up the kids for the Toys for Tots program. Check around with the local churches to see who might be sponsoring free Thanksgiving and Christmas food boxes.
Also, look for some extra opportunities to earn money on the weekends or something. Collect aluminum cans, do yard work, babysit on the weekends, work at McDonalds, anything to bring in an extra $100 a month. Jobs are scarce but by letting people know you are available for casual labor, you should be able to earn a little bit of money.
Good luck, and hang in there.