List of typical household expenses movie#

The next step is creating a schedule for paying down your debt: Pay off the debt with the highest interest rate first. Look to children's consignment shops and thrift stores to buy your kids' clothes instead of department stores sign them up for parks and rec-run activities instead of privately run activities (which will always cost more), and don't feel like you have to make up for being a single parent by buying them extra things-it's you they need, not stuff. Huffstetler: For single parents looking to stretch their child support dollars, creativity is the key. Wolf: How can single parents, specifically, stretch their child support dollars and reduce child-related expenses?

Miscellaneous spending (all those small amounts spent on coffee, vending machine snacks, and other indulgences).

Phone services (particularly extras like call waiting, caller id, long-distance, and cell phones).

List of typical household expenses movie#

TV-related expenses (cable/satellite services, certainly but also movie subscriptions and rentals).Food spending (both groceries and eating out).Wolf: What are the top 5 areas that you think people should look to first when they're trying to cut their expenses? Huffstetler: The average person could easily uncover an extra $250 a month- and probably much more. Wolf: How much money do you think the average person can uncover just by being more intentional about spending and budgeting? To assist in this step, I contacted Erin Huffstetler, a Frugal Living expert. Irby: The safest thing to do, if you have a service in your ex’s name, is to turn off the account and reestablish service in your name.Īnother thing we have to do before creating a plan to pay down your existing debt is to find money in your budget each month. Wolf: What about other accounts, such as utilities and cellphones? If you can’t afford to pay the debt, at least make minimum payments to keep a positive payment history on your credit report. So I suggest paying off the debt to save your credit. Irby: You can always file contempt of court papers against him/her, but in the meantime, your credit score suffers. Wolf: What about situations when a couple's divorce decree mandates that one individual must pay off the joint credit card debt, but that person fails to do it? In the credit card issuer’s eyes, you’re just as much responsible for post-divorce accounts as before. Not even a divorce decree can change the terms of a joint credit card agreement. If the ex fails to pay altogether, the creditors and collectors will come after you. If you’ve made an agreement with your ex to split the debt payments into the accounts that include your name, and your ex misses a payment, it’s going to hurt your credit. Wolf: What about leaving both names on the account, and agreeing to pay part of the amount due? Is that ever advisable? That way, everyone is paying for their own debt. Irby: Ideally, she would want her ex to transfer his portion of any joint balances onto his own credit card. Wolf: Let's say a single mom still shares a credit card with her ex. I asked LaToya Irby, Credit/Debt Management Expert, to share her expertise on handling joint debt: For now, leave the fourth column of the chart blank, and store it in your 'Financial Data' binder.īefore we create a plan for paying down your debt, it's important to consider some special circumstances that may apply to you as a single parent.In addition, list the total balance left to be paid on all of these debts, and the percentage rate you are paying.On the chart, list all of your debts, including any car loans, student loans, and credit card debt.Print a copy of the chart 'Paying Down My Debts' or make your own.If you have bills coming due that you cannot pay, notify the company and ask them to set up a payment plan with you.Go through all of your bills, and pay anything that is due within the next week.I would also recommend that you grab an old binder that you can use to keep track of your financial data and a shoebox for storing paid bills. The first step is to set up your 'office.' Gather all of your bills, a calculator, a pencil, and your checkbook. Instead, you must plan for it and work toward it. This is not something that will happen by accident. In order to do that, you need to be extremely diligent when it comes to money management basics. As the head of the household, it's up to you to make sure your entire family's needs are met.