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Money matters board access denied??? long post inside
I tried posting on the MM board since that is where my problem belongs but got that weird message when I tried to write a new post. So you girls get my problem and can through all of your good hearted advice my way - because I desperately need it.
DH and I are in a bad way financially. Three years ago DH had a good job as a restaurant manager and I had worked for (and still do) a nonprofit. We decided to start our family and luckily got pg right away. 4 months later DH lost his job because the restaurant was struggling. It took him about 4 months to find another job (right before the baby was born). He stayed there about a year but found a better job at a catering company. He really liked that job but unfortunately was laid off this summer again because of the hit the hospitality industry is taking and again he was the last manager hired. So now he has a spiratic work history so no one will take him seriously. He was on unemployment for a while and we were getting by. The crazy thing is that now he has taken a job selling cars and in the two months that he has been there he is bringing home less money than he was making on unemployment. Add in the $400 a month in childcare we are once again paying and you can see how things have gotten really bad really fast. I have just found out that my health insurance is going up by $225 a month starting January so all in all our budget has taken a hit of over a thousand dollars a month. In June we were bringing home $4,000 a month and now we are bringing home around $2900.
We have debt of all kinds - credit cards, car loans, morgage, student loans, medical bills from DS's surgery. As of last month we are no longer able to make all of our minimum payments. We are behind on two of our credit cards.
I need advice on what to do. DH is looking for another job but with the economy and his work history it is proving to be very difficult. Should we seek out a credit councilor or is there someone else that can give us advice. I don't want our credit score to be affected but obviously by being late on our payments that is already happening.
Anyone have any advice on where to go so we aren't taken advantage of in this time when we are most vulnerable.
This discussion has been closed.
Re: Money matters board access denied??? long post inside
1) He needs to leave the car dealership..thats like the worst place to find a job right now. Car dealerships are going under by the truck loads.
2) You need to open thenest.com in a seperate window, then go to money matters. You can't go through the same window from the bump to the nest, not sure why...but the nest is full of gliches.
3) Do you have a budget? Could you post it (this is what MM is for though really...try and get over there)
I would almost eliminate some work history and just tell employers that after he was laid off the 2nd time he took time off for family reasons.
DH and I are in the same boat. I'm laid off and it makes it worse. And this baby was an oops.
Money matters would be a big help. They are going to ask you to post your budget, what you pay per month and every expense.
I can tell you from experience that many credit cards will now do payment plans with you-I've done them myself. Track your spending to every penny. You'd be surprised how much random stuff adds up. Groceries are usually a great place to make cuts. They have a lot of ideas over there. Call around to other companies to see if they have cheaper plans. I did this with cable and my auto insurance. Auto dropped 600.00 a year and I got a cable/internet package for 80.00/mth.
Good luck. And I hope you get some good news.
In addition to what the other girls already said, can you try to consolidate some of your loans/credit cards for a smaller payment?
Also, call your credit card companies and see if they can work with you. I'm finding a lot of places are willing to try to work with people now.
I think the first thing you need to do is call all of your creditors and explain your situation. See if you can get reduced interest rates. if you have student loans, ask for a forebearance.
If you post on MM they'll tell you to cut your cable. Obviously you'll have to cut where you can but there comes a point when you can't cut any more.
Maybe you should take your kid out of daycare and have DH stay home. Maybe he can find a part time position nights and weekends.
We are in Dave Ramsey's Financial Peace class and he has a lot of good advice. The class is centered around the "baby steps"
Dave Ramsey's Baby Steps
I agree that DH should probably look for a better job. Surely companies will understand the reasons he was laid off for--lots of people are having that happen to them now.
Good luck to you!
First I would have your DH post his resume on Monster. My BIL has had a really inconsistent work history for the last 2 or 3 years now. He posted his resume on Monster and got 4 responses almost immediately, and now is working for a company paying pretty good money.
You mention your DH is in the hospitality industry--mine, too. Thankfully, DH works in a wealthy area that has yet to feel the effects of the economy. Are there nearby universities or colleges your DH could apply to? Many need caterers, etc. in their dining department for the fancier affairs on campus. DH was doing that as a student years ago, but I do know they also hire non-students for such positions.
Have your DH look into Sodexho. It's a nation-wide food service provider. They do college campuses but also food service for places like the Marriott and some other hotel chains.
Cut back wherever you can-- do you have cable? You can get rid of it. DVDs or basic channels will be your best friend. Cut coupons and shop the grocery circular.
Your daycare cost seems pretty reasonable (unheard of here, actually)--how does that compare in your area, though? Could you find something cheaper than that without compromising quality?
You must be eligible for WIC with that income. Are you signed up for WIC? That will help you with some grocery costs.
Leave your plastic at home when you go out--no more using the credit cards. Tell yourself if you need to put it on credit, you can't afford it.
I hope some of these suggestions help... DH and I took years to get out of financial troubles (with a child) so I know how difficult it can be. Hang in there.
I don't have any advice, but I linked this to a post on MM, hopefuly some of them will help you out.
Here is a suggestion that many people overlook... drop your cell phone(s). Payments on monthly service can hurt your budget.
Get a tracfone.
You'd be surprised at how much money you could save.
Thanks for your suggestions everyone. I don't have my budget on this computer - it is at home. I can tell you I am already doing some of your suggestions - no eating out, cut coupons, that kind of thing. My mom keeps ds so that is why I have such a low daycare expense. An actual daycare in our area is about $500 - $700 a month. I have been holding onto our cable as our last and final recreational expense. I am going to cancel that now though. It is just so depressing to know that it has come to this.
DH is on most job sites if not all available. His degree is in Marketing/Management but since the majority of his experience has been in the food industry companies not in the field aren't taking him seriously. He has been burned so many times by restaurants that he is very hesitant to go back to restaurant management. I think he would do really well in a hotel setting as a catering manager. His selective attitude fell by the wayside long ago and now he is applying for anything and everything.
I guess I am hearing the main advice is to call each credit card company and just have a candide conversation with them. It is just so nerve racking because you never know what personality type you will get on the phone. Some are nice and understanding and others are just mean. I guess that is why the idea of a credit councilor sounded so good to me. Someone to lead us through the process.
Thank you all.
Your DH needs to find TWO new jobs and quit the car dealership. If he can't find one full and one part-time job, then he may need 3 part-time jobs. It will suck until he can find something permanent, but you guys have to keep your head above water.
Also, if the bills aren't getting paid and you can't work your way out of that, stop paying your credit cards. Yes, it will ruin your credit but your primary concerns should be 1) mortgage, 2) utilities, 3) food, 4) transportation. If you stop paying any of those you'll either be without a home, electric, food, or a way to get around. But if you stop paying your credit cards they will just drive you insane but that is it, you'll still have a place to sleep and food to eat.
Also, ditto the person who said drop your cell phone. Ask the company to put it on a hold for a few months if you can't get out of the contract.
Can you sell the car to get rid of the payments and buy a clunker?
You could put your student loans on hardship deferment.
Can you find another job babysitting or something you can do while you watch your kid at the same time? Maybe working at a daycare center or as a sitter at the gym?
Keep your head up and put your mind to it and you'll get through this. Good luck.
You have a solid work history, but you work at a non-profit, which can't pay too well. Have you looked at getting a better paying job yourself?
Car sales are in the tank. This is a terrible time for your husband to be in that industry. Is it possible for him to try to get one or two part-time jobs, which might be more available, to supplement his income?
Are you able to defer any of your student loans for financial hardship?
Have you looked into things you can sell (any of your son's old stuff, for example) on craigslist or ebay to raise some quick cash to pay for bills in the interim? I am not a fan of Dave Ramsey. I think a lot of his steps are downright quackery and actually harmful to people, but the idea that you have to get incredibly devoted to your debt payoff is valuable. Have you truly cut your budget down to the very last penny to try to make it through this very difficult time? No Christmas gifts, no eating out, no splurges? Have you questioned every last thing you pay for, from phones to clothing to food to how often you drive your car to whether you should sell your car and buy a cheaper one? If not, that's got to be your next step. It won't be fun, but it could see you through the lean time you're facing.
Definitely see if you can find a way over to MM and we'll do everything we can to help.
We put a post up on MM for you.
I wanted to recommend mint.com.
I've used it for a few months now and it gives great resources for tracking your spending and sticking to a budget. It'll estimate your budget, but then give you tools to reduce spending areas and recapture your $.
click here to get to MM. They will help you!
https://community.thenest.com/cs/ks/forums/4110110/ShowForum.aspx
The part I'll add as a former recruiter is that on his resume when he puts the dates it will help if he says laid off..
Example:
Hotel Chez March 2007-January 2008 (Laid off - company went bankrupt) or like (laid off- lowest seniority manager) or whatever.
Being laid off is NOT his fault and companies realize this. But if you don't let the recruiter see that (or hiring manager) it may look a lot worse than it is.
ElizabethD great suggestion. I will pass it on to him.
I do work at a nonprofit but since I have been here for 6 1/2 years I have seniority and I do get paid pretty well - more than DH at his past jobs. Plus the fact that all of our benefits are through my job makes it really hard for me to take the leap into the unknown. I want to focus on getting DH a better job or like pp said multiple jobs before looking at changes in my own career.
Thanks girls. I appreciate your help.