Debt Support Group

Hello and welcome to the board,

I don't know what you are looking for here but I will tell you there are no easy answers to debt. First you must have a mind set to get out of debt You must be willing many times to get out of your comfort zone when it comes to downsizing and cutting back. And above all it take a partnership with your husband.  I found that sticking to a plan was the hardest thing to do when I started this all but I also learned a couple of other things Things I missed a year ago that I thought I could never live without I don't miss anymore and you will find that out too.

Since you know you are heading for more debt (the student loans ) you are a very wise woman to start thinking of your repayment plan now. I have no idea what degree your husband has and I am sure when things were better he brought home good money. But as I look around where I live I am seeing Car lots and dealers falling like flies.  We needed some papers witnessed and notarized the other day and so we went to  the car lot I used to work at years ago. To my surprise after about 60 years in business it was no more. Maybe your husband should look for another line of work. If he has a degree in business cell phone places are expanding here in my town that might be an idea.

As far as cutting out things I started with all the insurances going for bigger discounts and deductibles then I worked my way to cable boxes sent back one that saved me 10.00 a month. I reworked our checking account to get interest on our living money that helped too. Reworked cell phone account Got our down to almost nothing wish I could say bye bye to it all together but I can't because of my husband's heart.  Little things using more coupons, joining clubs on line, that give us buy one get one free meals. Buying discount meals coupons from different places Some time since there is just two of us it is cheaper to eat out then to cook at home.  Making our own soups on the weekend and freezing them.

Adding powdered milk to formula is a  good way to stretch a buck. I did for my son and it never hurt him at all.  make your own baby food when the time comes that really saves. If you put instant oatmeal in a blender first then fix it It is the same as baby oatmeal. A lot cheaper.

And you being a teacher you might want to do some tutoring of children on the side. to make extra money.

 I read a book one  time and they cut back by not going into a grocery store. They figured they saved at least 10 percent a month by just putting off for a couple days going to the grocery store and eating what was in the house even if it was having pancakes or eggs fried potatoes and toast for supper one night.

I also read that the standard family if they really try can cut out about 50 or more dollars a month of waste.

I ended up cutting out about 70 or so. Also if you have credit cards work your interest down that helps a lot

Well good luck to you stick around we are great bunch of women

Mary Ann

 

Hello and welcome to the board.  Thank you so much for feeling comfortable enough to post your situation here.  Your school loan situation is not uncommon, and I'm very sorry.

I think it is *tremendous* that you are willing/able to move in order to make a better life for yourselves.  Sometimes geographic relocation is exactly what is needed, but it's not something that many people feel able to do.  Most folks find themselves in a "geographic inertia."

When DH and I were deeply embroiled in our debt repayment mode, moving is exactly what we did need to do.  We left California and moved to Oregon, and we have never looked back.  It still took us an additional 4 years to get out from under, but our lives have improved so much since we made the move that we just know we did the right thing.  We got out from under a mortgage that was too much house for us, and moved to something that we can afford.  That made all the difference for us.

I would absolutely encourage you to continue to explore the option of moving if you think that the opportunities are greater for your family.

I hope you continue to post!

All my best,
Danni
cl-phocid, Debt Support Group

• Snowflaking Challenge - Join Us!
• When I First Found the DSG
• Are You Hiding Debt?
• Trim the Fat From Your Budget

hello and welcome!

With student loans, you should definitely call the lender and figure out what's the best thing for you to do to pay it back. From the amount you posted, I'm assuming you have both federal and private loans. You should call and put your federal loans in deferrment, and use all your money to pay your private loans first. The only think you should also make sure to do is save up all year the amount of interest in your federal loan, and just pay that at the end of the year before it capitalizes.

If you just send them money every month, they allocate the money equally between the loans, so you're not paying off the highest interest first. It takes much longer to pay it back that way! You have a say in which loan to pay first, and it will save you money in the long run and also month to month.

The other ladies did offer some good ideas already. I thought of something though, can you maybe barter for your son's piano lessons? Maybe you can find a piano teacher who needs a tutor for their child, or whose child needs SAT prep classes or something. Just an idea, that way he doesn't have to stop taking the piano lessons while money is tight!

Can your husband get a second job while the economy is slow? Since you have little kids, it might be more feasible for him to do this than for you. Even if it's a little bit more money (say, just enough to cover his loan payment each month) it will help. Or, is there anyway you can teach at a community college a few evenings a week? My mom did that for awhile (she's also a teacher). It usually brought in about 4,000 a semester!