Budgeting question for you single dads

nj_daddy · 2020-01-13T17:36:11+00:00

I'm assuming your household size is 2 or 3 people post divorce, with your kids living with you part time.

You should be able to cut your food bill by at least $100 month if you meal prep/cut down eating out. If you don't know already, learn how to cook beyond the basics.

Your loan/truck payment/phone bill are all roughly the same. I'm assuming you owe money on your phone. Whichever one has the lowest principle balance, put as much money as you can towards getting that paid off. Then do it for the next one. If you can get two of the three paid off in a year, that will be an extra $300/month in your pocket.

Turn your heat down as low as you can tolerate when your kids aren't there.

Drive with your tailgate down or get a tonneau cover to improve your gas mileage.

Maybe do a part time gig like post mates. There are truck specific ones, which you could do.

Get a library card. Often times they'll have activities and mine even has museum passes you can check out.

Try and put aside $10 or $20 a month for your kids for Christmas/birthday presents.

If you don't have a credit card with available credit, you'll need an emergency fund too.

You probably need a line item for medical even if you have insurance.

If you're making contributions to a retirement plan, you might have to suspend those for a while.

It's definitely a lot and overwhelming. The post divorce math causes me as much stress as deciding over whether or not to file.

ThrowRA12342 · 2020-01-13T17:41:58+00:00

You don't have consumables listed. I budget at $10/day for food and then break out all the standard comsumables (toilet paper, detergent, toothpaste, etc) to as consumed by month. I would also add a generic $100 for "entertainment" to cover unknown expenses, then have the final total to be no more than 90% of your take home. That would be $2520.

Easiest thing to cut back on would be food. Bring that down to $10/day. That would get you close to 90%. Then see what you can do with utilities. Probably look at taking it easier on your AC and heat.

I'd start looking back at your past energy usage and do some basic forecasting. Have your budgeted utilities based on worst-case month. The last thing you want is to cut everything too close and end up in credit card debt.

delongpike · 2020-01-13T20:19:28+00:00

In regard to "learning to cook" comment, it is much easier than you might think.

Italian pasta with sausage and salad - super simple. Add in some homemade garlic bread and the kids will love it. Inexpensive too.

Burgers are always good. Add some Lawery's seasoned salt before making patties (or similar) and the kids will eat it up. A side of rice or veggies and a quick pudding cup for desert.

Add cooked ground beef to Kraft Easy Mac - again, the kids will love it, quick and easy.

Get a InstantPot and join a forum here or on FB. I cook ALL my rice and sides in this thing and the results are quick and easy. MANY DISHES can be made EASILY in the InstantPot.

Get a Crock Pot and assemble meal night before - pop it in the fridge, leave a reminder on your phone or counter, put it in the crock pot and turn it on low, dinner is ready when you get home. TONS of recipes on line. Impossible to mess this up. Magic.

Join forums for easy meals to prepare.

If worried about nutrition you will find MANY other meal options just as easy as the above.

Teach kids all dishes MUST go in dishwasher if the want dessert or a snack before bed. Reinforce their accomplishments with verbal praise.

You are well on your way with budgeting and others offered stellar advice.

garbageaccount81v3 · 2020-01-13T17:35:38+00:00

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JustOkIsOk · 2020-01-13T17:40:31+00:00

I am EXACTLY where you are. I am going back and forth as to whether I can afford to buy out my STBXW from her part of the house and not have to work an additional job. I also added in things such tax prep fees, vehicle maintenance (hope you never need it, but you never know), etc. Lawyer fees? Looks like you will have $100 per month to play with. do you go out? Any hobbies? I also added in a few dollars a month for "social" - getting a beer with the guys, ball game, etc.

Pointyhead4 · 2020-01-13T21:11:58+00:00

Hey bud I'm in a very similar position, message me privately I can send you a little excel spreadsheet I made up to keep things easy! Wish you all the best

warrior_up · 2020-01-13T17:57:56+00:00

Gotta cut cost anywhere and everywhere, ex: contact phone provider see how much longer your contract is. Take your phone to a Cricket store (same network as AT&T) I bought a $40 monthly package - all the data and phone time you can eat.

Maxed out cards - find other cards that offer balance transfer 0%

Get an app called credit karma- it’s free, it monitors your credit lines and also provides options on how to rebuild credit

Whatever loan you have for $150, is that something you can payoff sooner. That would be another big bump in monthly income

Do some shopping online for car insurance quotes. I just got one from progressive myself for $54/per mnth

Everything else seems pretty standard. Cut cut cut cost anywhere you can, try to find a part time job. I bartended on my off nights which kept me from spending money and also gave me an extra $200-$300 each month

I also just accepted an offer for 3x’s what I was making during my divorce. Year later. Not telling you that to brag, I’m telling you that to let you know your break is coming too. Just gotta weather the storm. I had several girls come by help me with groceries and stuff too :)

Title	Budgeting question for you single dads
Author	garbageaccount81v3
Upvotes	4
Comments	21
Date	January 13, 2020 5:05 PM UTC (6 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/eo6w91/budgeting_question_for_you_single_dads/
Archive Link	https://theredarchive.com/r/Divorce_Men/budgeting-question-for-you-single-dads.1201414 https://theredarchive.com/post/1201414

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