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Currently, I work part-time as a substitute teacher and bring in about 800-1200 dollars per month. My expenses are usually around 900 dollars per month. My rent is 500 dollars. My Internet and phone bill combined is around 100 dollars. My car insurance is a little under 100 dollars. The grocery bill, although it's just me, tends to run 100 dollars or more. Then, I have to pay for transportation costs (gas and maintenance on the car), which is another 100 dollars. I would really like to cut my expenses and start saving more of what I make, but right now I haven't come up with a solid plan.
Here are my ideas:
*Pick up a side job (I work a lot, but I don't bring in a lot of money.) I devote 4-6 hours per week preparing for and teaching at a community center as a volunteer. I spend another 10 hours per week at the local church. If I got a part-time job that makes at least 10 dollars per hour, I could make another 150 dollars per week if I worked these hours instead. I haven't found anything that needs me to work evenings, though, and, since I make 90 dollars per day as a sub, settling for daytime work only would put me behind. I thought about becoming a private tutor, but the market here is saturated if you don't know people.
*Get a roommate to help with half of the expenses. I just don't know if I want to share a studio with someone I don't know that well. I've put up an ad, but I haven't found anyone I like (or maybe trust).
*Cut out the cell phone and make do with a digital landline and emergency cellphone. It would cut about 30 dollars off of my bill, but that's not a lot considering I would have to give up my phone Internet plan, which can come in handy when I'm away from my computer and still need to access information. My smart phone also doubles as a navigation device.
You can save a little in the months your income exceeds $900. And you'd better, because a month with $800 of income, an unplanned car repair, unplanned medical expense, etc., is coming. You can limp along this way, treading water, for awhile. But long-term, you are going to need something better.
Are you hoping to be hired as a full-time teacher? What are your prospects?
If things ever get tight for me, one of the first things to go would be cell phone, and TV/internet plans. I can live with a land line and internet access at various free wifi hotspots including the local library.
Think of this way.... if you pickup a side job, you are essentially getting a second job to support those luxuries. I would rather have my free time sans TV, internet, and cell or a 2nd job to fund 100% into savings.
Currently, I work part-time as a substitute teacher and bring in about 800-1200 dollars per month. My expenses are usually around 900 dollars per month. My rent is 500 dollars. My Internet and phone bill combined is around 100 dollars. My car insurance is a little under 100 dollars. The grocery bill, although it's just me, tends to run 100 dollars or more. Then, I have to pay for transportation costs (gas and maintenance on the car), which is another 100 dollars. I would really like to cut my expenses and start saving more of what I make, but right now I haven't come up with a solid plan.
Here are my ideas:
*Pick up a side job (I work a lot, but I don't bring in a lot of money.) I devote 4-6 hours per week preparing for and teaching at a community center as a volunteer. I spend another 10 hours per week at the local church. If I got a part-time job that makes at least 10 dollars per hour, I could make another 150 dollars per week if I worked these hours instead. I haven't found anything that needs me to work evenings, though, and, since I make 90 dollars per day as a sub, settling for daytime work only would put me behind. I thought about becoming a private tutor, but the market here is saturated if you don't know people.
*Get a roommate to help with half of the expenses. I just don't know if I want to share a studio with someone I don't know that well. I've put up an ad, but I haven't found anyone I like.
Do both of these. You're on poverty-level wages, so you NEED to increase your income (volunteering is a luxury only after you can sustain yourself and save a little). Secondly, because of the state you're in, you have no real option of having roommates or not. You need to build an emergency fund and start saving, which means you are looking for the cheapest housing possible. Having a roommate is perfectly reasonable - you're fortunate to not be sleeping on a park bench.
Your internet and phone bills are crazy for someone of your income level. You're not far removed from needing to resort to library internet. Cut the expensive data plan and use your internet at home, and get the cheapest home internet connection possible.
How far are you from work? Can you afford to bike/walk to work and cut the car completely? Alternatively, will a car allow you to get a better job? Think about location relative to work when choosing your next living quarters. I don't own a car myself and save a lot due to this, but I live 2 miles from work.
If things ever get tight for me, one of the first things to go would be cell phone, and TV/internet plans. I can live with a land line and internet access at various free wifi hotspots including the local library.
Think of this way.... if you pickup a side job, you are essentially getting a second job to support those luxuries. I would rather have my free time sans TV, internet, and cell or a 2nd job to fund 100% into savings.
Okay, I work as a substitute teacher. Ninety percent of the work I get is from jobs posted online by teachers who call in sick. If I eliminate my Internet plan, I've cut myself off from being able to quickly review and pick up jobs. I also have the freedom to advertise tutoring and look for more work with a home Internet connection, as I do not usually have time to go to the library. A quick $100 dollars cleaning someone's laundry room from an ad on Craigslist can come in handy.
Okay, I work as a substitute teacher. Ninety percent of the work I get is from jobs posted online by teachers who call in sick. If I eliminate my Internet plan, I've cut myself off from being able to quickly review and pick up jobs. I also have the freedom to advertise tutoring and look for more work with a home Internet connection, as I do not usually have time to go to the library. A quick $100 dollars cleaning someone's laundry room from an ad on Craigslist can come in handy.
Internet is important. But you don't need 100Mb internet for your purposes. Get whatever is the cheapest internet plan available. Call your provider and ask them to downgrade your plan and lower your rate. If they won't, switch to a competitor.
And you have internet at home, so you most definitely don't need it on your phone. Switch to a dumb-phone if you don't already have one. Use a low-cost provider like Republic Wireless, Ting, or others.
Do both of these. You're on poverty-level wages, so you NEED to increase your income (volunteering is a luxury only after you can sustain yourself and save a little). Secondly, because of the state you're in, you have no real option of having roommates or not. You need to build an emergency fund and start saving, which means you are looking for the cheapest housing possible. Having a roommate is perfectly reasonable - you're fortunate to not be sleeping on a park bench.
Your internet and phone bills are crazy for someone of your income level. You're not far removed from needing to resort to library internet. Cut the expensive data plan and use your internet at home, and get the cheapest home internet connection possible.
How far are you from work? Can you afford to bike/walk to work and cut the car completely? Alternatively, will a car allow you to get a better job? Think about location relative to work when choosing your next living quarters. I don't own a car myself and save a lot due to this, but I live 2 miles from work.
Volunteering may be a luxury, but it can also lead to great connections and hopefully a potential job. The person in charge of the program is thinking about hiring me, which would look good on a resume as it is related to my field; the salary would at least be more than compensation for my time and gas.
I hear you on the Internet plan. I can afford to go without the super fast Internet service, but it's not even 40 dollars per month. What's really eating at my wallet is my phone bill; it's around 75 dollars per month, and it's gotten higher because I added international calling so that the recruiters from international schools could contact me about jobs. I think they could still use my landline or maybe Skype or Face Time, though.
Well, having a car is more convenient. I live next to a bus stop, but not every school is on the route. I could purchase a bus pass, though, and get back into the habit of catching the bus, but then there's the sleep deprivation thing, because I need to get to work by 7:00, and I may end up needing to catch two buses to get to some jobs. Unfortunately, though, I need my car to go to job interviews and jobs that are a little further away, and since I drive a car I also need fuel, insurance, and upkeep.
You should look into cell phone plans, you can do a lot better than $75 per month. Is Sprint good in your area? If so, take a look at both Ting and Republic Wireless.
Volunteering may be a luxury, but it can also lead to great connections and hopefully a potential job. The person in charge of the program is thinking about hiring me, which would look good on a resume as it is related to my field; the salary would at least be more than compensation for my time and gas.
I hear you on the Internet plan. I can afford to go without the super fast Internet service, but it's not even 40 dollars per month. What's really eating at my wallet is my phone bill; it's around 75 dollars per month, and it's gotten higher because I added international calling so that the recruiters from international schools could contact me about jobs. I think they could still use my landline or maybe Skype or Face Time, though.
Well, having a car is more convenient. I live next to a bus stop, but not every school is on the route. I could purchase a bus pass, though, and get back into the habit of catching the bus, but then there's the sleep deprivation thing, because I need to get to work by 7:00, and I may end up needing to catch two buses to get to some jobs. Unfortunately, though, I need my car to go to job interviews and jobs that are a little further away, and since I drive a car I also need fuel, insurance, and upkeep.
It does not matter. You are living on borrowed time. You cannot own a car and pay $500 rent forever on anything under $1k/month. You will lose the car. Either you do it voluntarily, or it breaks down and you have no money and are forced to ditch it.
You should probably sell it now and get some money while you can, and take the bus. If you don't, it will need repairs and you'll end up selling it "as is" for $500, or you'll take on debt you cannot repay. I hate to be the bearer of the bad news, but it is what it is.
Alternatively, you could double your income and keep the car. You should be looking for another job if this is your plan.
Currently, I work part-time as a substitute teacher and bring in about 800-1200 dollars per month. My expenses are usually around 900 dollars per month. My rent is 500 dollars. My Internet and phone bill combined is around 100 dollars. My car insurance is a little under 100 dollars. The grocery bill, although it's just me, tends to run 100 dollars or more. Then, I have to pay for transportation costs (gas and maintenance on the car), which is another 100 dollars. I would really like to cut my expenses and start saving more of what I make, but right now I haven't come up with a solid plan.
Here are my ideas:
*Pick up a side job (I work a lot, but I don't bring in a lot of money.) I devote 4-6 hours per week preparing for and teaching at a community center as a volunteer. I spend another 10 hours per week at the local church. If I got a part-time job that makes at least 10 dollars per hour, I could make another 150 dollars per week if I worked these hours instead. I haven't found anything that needs me to work evenings, though, and, since I make 90 dollars per day as a sub, settling for daytime work only would put me behind. I thought about becoming a private tutor, but the market here is saturated if you don't know people.
*Get a roommate to help with half of the expenses. I just don't know if I want to share a studio with someone I don't know that well. I've put up an ad, but I haven't found anyone I like (or maybe trust).
*Cut out the cell phone and make do with a digital landline and emergency cellphone. It would cut about 30 dollars off of my bill, but that's not a lot considering I would have to give up my phone Internet plan, which can come in handy when I'm away from my computer and still need to access information. My smart phone also doubles as a navigation device.
You need another job anything bad happens and bam...you're behind on payments
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