Bills, Bills, Bills

Greeting Everyone! I was posed with this question on the Shoestring Diva Facebook page this week.

Dilemma: Mista Johnson wrote: How do I pay rent at an apartment, 1/2 house mortgage, child support, lights, student loans, credit cards, eat and live on public service pay?? Tell me that?

Diva Solution: Ok Mista Johnson, you have a lot going on in your world. Hopefully I can help alleviate some of the stress. You may find getting a roommate will help reduce cost. I bet you have a lease on your apartment. Some complexes will reduce your monthly lease if you pre-sign a longer lease. If they know you are staying around, they mayl give you a break on the cost.

Like any faithful parent, you want to make sure your kids are well taken care of. Consider petitioning the court to consider your ½ of the mortgage payment as part of your child support. If your children live in the house in which you are paying the mortgage, you are providing for them. If there is any difference based on the state standard of configuring child support, have that amount deducted directly out of your paycheck. Make sure before the end of the year, you and your children’s mother discuss income tax child credit and deductions. Daycare, incidentals, and college plans may all be considered as a deduction by the IRS.

Try to use energy efficient light bulbs. Set your thermostat below 70. Really it’s 68 but we are from the south and that is kind of cold. Unplug any unnecessary electrical items. Most importantly, turn off lights when they are not in use.

Student loans and credit cards are the nemesis of most Americans. Many student loan companies have programs that allow you to get on your feet while keeping you good credit. By filling out a simple form, your student loan can be place on forbearance or deferment. Either of which postpone or delay payment. Interest does accrue. You may also want to try interest only or reduced payment plans. Consult your student loan company and your financial planner to figure out which program is best for you. This great website http://www.finaid.org/loans/publicservice.phtml will help you with public service loan forgiveness programs.
Some credit card companies will reduce your interest rate if you have a good payment history. Call your credit card company to negotiate. A lower interest rate means lower payments.

Try cooking at home and taking lunch. Did you know that one jar of spaghetti, ground turkey and pasta can cost as little as $5.00 and can feed a single person for at least 3 meals? Use coupons when eating out and at the grocery stores. Just between you and me, I occasionally go grocery shopping in my parents’ pantry and eat at my in-laws when funds are low. Sometimes, happy hour at your local pub or restaurant has free food. Free always saves money.

I know living life on a modest is not glamorous and it takes some finagling but it can be done. I wish you the best of luck and thanks for calling asking The Shoestring Diva. Smooches!





Please be advised that this advice is one Diva’s opinion. This advice is from research, observation and personal experience. No solution is guaranteed.