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Old 02-27-2022, 05:03 PM
 
408 posts, read 291,754 times
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And you are a family with 2 small children ? Do you stay in an unbalanced budget? Use borrowed money to move out ? Or what is the best course of action? You work as many hours as you can but can’t afford daycare
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Old 02-27-2022, 05:10 PM
 
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I was driving on highway and saw ad of roadside motels,weekly rate is 259 with small kitchen,if you stay longer,they may give you a better rate.
but there is also sales tax.
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Old 02-27-2022, 08:04 PM
 
408 posts, read 291,754 times
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Maybe but the thing to come to terms with is there’s 3 completely different ways people land a debt spiral and all are of course the living above one’s means but the habit is not necessarily the same

The most assumed 1: buying things that one can’t afford most infamously using credit cards

But #2- The loss of job security or income while in a position where your living situation is tied to more members of a family than just yourself . And there’s a cost to disrupting the lives of others that could be circumvented by temporarily living off borrowed money while quickly seeking a new plan of income to replace lost income …. But sometimes you can’t plan on it working out and at some point you are digging a deep hole without replacing that income and it can get ugly as you now owe interest on top of the initial budget shortfall which means now you could get a job that would have worked last year but with new interest piled on it won’t be enough …. This is the use of taking personal non-secure loans or credit card cash advances not to smooth an income stream but in hopes you will be able to pay it back in the future with income you think you’ll achieve at a later duration. Until oops.

#3— The situation where you know you can’t afford the apartment rent to begin with in a top notch school district but a caring family member or loved one (mom or dad or grandma or aunt) co-signs your lease , offers to pay a few hundred a month towards your rent so you can make due with it , but then after a number of months says “ok enough of this you’re on your own I did enough helping you out “. And now you are locked into a rent you wouldn’t have if not for that family co-signer
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Old 02-27-2022, 08:22 PM
 
1,212 posts, read 736,229 times
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Buy a house with a 30-year fixed-rate mortgage. That locks in the housing cost and is an inflation hedge.

A small house built in the 1960's could possibly be affordable.

If the down payment on the house is a problem then an FHA loan is needed.
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Old 02-28-2022, 08:22 AM
 
Location: Texas
663 posts, read 434,869 times
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If the daycare issue keeps spouse2 from working the same hours as spouse1, then spouse2 could get a job with hours alternating with spouse1. Working weekends, swing shift, etc till you build up the reserve to move. Not an ideal situation for family dynamics but a workable one.

Spouse2 could take in other kids in a daycare situation.
Pizza delivery, Uber, Instacart for one of the spouses.
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Old 02-28-2022, 08:42 AM
 
10,609 posts, read 5,667,255 times
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Millions of people have found themselves in this situation over the decades. The first rule of personal finance is that if you find yourself in a hole, you must stop digging. And those millions of people have, by and large, persevered. You can too.

While it may seem hopeless, you *can* earn more money by adding more value to society.

And, you *can* move to a less expensive (and almost assuredly less desirable) rental.
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Old 02-28-2022, 09:15 AM
 
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Are there two adults in the household?

If so, parents work opposite shifts so no money is spent on daycare. I have known people who have done this for years. It was the only way they could make it financially and not lose their housing until their kids were all in school and the oldest was old enough to babysit the others.

I think the three scenarios presented are interesting if you like pondering that sort of thing, but they also seem to have a bit of blame shifting to them and the only way to fix one's personal finance problems is to recognize the role you've played in them.
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Old 02-28-2022, 09:18 AM
 
Location: Forests of Maine
37,496 posts, read 61,484,089 times
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Many times in the 1980s and 1990s, we looked at Daycare services, it was ALWAYS more expensive per-hour than hourly wages. We never saw any circumstance where my wife could work, pay for day care and still have some of her paycheck left.
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Old 02-28-2022, 09:21 AM
 
Location: Chicago
3,936 posts, read 6,852,545 times
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If you're serious about your financial health and want to improve then I recommend you start a new thread asking for budget advice. You will need to share your private financial details but I've seen some very intelligent posters on this board who can help you determine where you can cut any fat and how you might be able to increase your overall cashflow.
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Old 02-28-2022, 09:24 AM
 
Location: California
425 posts, read 192,374 times
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Quote:
Originally Posted by Freesponge View Post
And you are a family with 2 small children ? Do you stay in an unbalanced budget? Use borrowed money to move out ? Or what is the best course of action? You work as many hours as you can but can’t afford daycare
Maybe your wife can advertise to babysit children for a few hours picking them up after school
Can she advertise on Craigslist to stay with an old lady in the middle of the night. Maybe only charge $25 for overnights and you stay home with your young children, which I hope, would be sleeping during that time anyhow

Last edited by PoorYetRich; 02-28-2022 at 09:33 AM..
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