i wouldn’t recommend selling the truck for the motorcycle as their sole vehicle but perhaps a cheaper car. the motorcycle would not be practical for driving in inclement weather, grocery shopping etc.
But they don’t use the truck as per what Miko said, and use the borrowed motorcycle for everything. If they did use the truck they would be even more in the red. So they likely already cover groceries and such elsewhere. Miko was suggesting that if apparently using motorcycle fits their lifestyle then they should swap the truck for the bike if the friend is selling
For that income that mortgage is not justifiable. They need to bring in more income if that want to keep that property and not be constantly house poor. I think the wife needs to work at least part time b/c it doesn’t seem they have any significant frivolous spending.
Sadly this is the textbook definition of house poor. No one wanted to tell them that they couldn’t afford this home. Currently they are spending 55% of their take home pay on housing ( mortgage + land) To be in the safe range, they should have stuck to 30% or less for housing. That would make their monthly mortgage payment + home owners insurance, lights and water etc $1,389. That’s whole housing ball of wax. This is why it’s important to run your numbers and have people who give you realistic information. It’s a shame that they didn’t have someone to help them realize that their dream home will quickly become a nightmare.
Probably why they couldn’t get financed for the land with the home. The bank looked at his income and what the mortgage would be and said “nope.” Sadly, she probably thinks the ones trying to help push it through were “helping” her. They just wanted their commission - a fat check off those numbers. So sad and why financial literacy is key. My own mother was and still is of this mindset, and even as a kid who wasn’t great with math I knew when numbers didn’t add up.
I like watching these videos but the expenses are not realistic. I find it more beneficial to look at the last 6 months of spending to see what you actually spent to get an idea of what your budget really needs to look like. The variable expenses had no clothing, miscellany, just food and gas. What about a haircut? Cold medicine when someone gets sick? Birthday expense, go out for dinner once a month? This one was really underestimated and they will be in debt with any minor expense. Interest rates were insane too.
Seems like expenses are missing. Household items, back to school shopping, birthdays, Christmas. How is that car not being driven? Do her is and the kids stay in the house all day everyday in the summer? What about grocery shopping or doctors appointments? How are they only spending money on food and gas outside of bills?
Sorry, really not trying to be rude but they shouldn’t have bought that mobile home in the first place, they paid way too much for it. At first, I was thinking well maybe that’s for a large acreage of land and the home. NOPE. If they want to keep it, the wife NEEDS to work!! Plain and simple. Otherwise, they will never make it. It’s unrealistic to think they could without any income from her. The truck also needs to go and be replaced with a practical family car.
Definitely agree they need to up the income. Kids are older and she should contribute to get them in a better spot. Also, with a child 14 they’ll be graduating soon and what’s the plans for the child? College? They’ll be driving soon etc (doesn’t mean they have to provide a car, I didn’t for my son, but need to be ready for all those graduation expenses as well). The land and home costs for a mobile trailer (which has its own worries for storms etc), far exceeds what they can afford. I’m surprise a bank approved them to be honest with debt to income ratio. I’d also agree to sell the truck and get a small family car so she has transportation (not buy the friends motorcycle, that doesn’t work for a family of four unless they have another paid off car). Also that Allstate insurance is very high- I would price compare!
They have to sell the truck, pay it all to the loan and pay the remainder as quickly as possible. Having a $560 monthly payment for years for a truck they aren't even using just to build their credit score is definitely a waste of their resources. That truck is losing value every month, ye they are paying all kinds of interest on it. There are much easier ways to build a credit score. That $560 could build their emergency fund in 4 years time. Even if she doesn't earn any income they could put even half that money to their emergency fund and the other half so they have some available funds for those things not appearing in their budget now. ie: things like Miko mentioned: kids activities and other expenses that come up regarding school, clothes, birthdays, medical expenses.... you name it as the list can go on and on.
Yes they could have a CC for gas! That's what my husband does. We have no debt. No car payments, about to have a mortgage, but no student debt, CC debt, and no kids. I think people should try and get their finances together as much as they can before kids. We are saving up 10k before kids and cash budgeting.
I enjoy the single income videos. I always gain new insight. I am a newly single mom so this really helps me plan in moving forward with my 2 boys. I also get paid biweekly, which means the checks never fall on the same date (in comparison with bills). Your color code system has really helped me. Thank you!
This breaks my heart. Someone should’ve stepped in and been responsible for admitting this was horrible. How were they able to even get these loans? People a dream becomes a nightmare in this case. No way can you live your dream when you can’t even accommodate for inflation, emergencies, or basic upkeep. Unfortunately she needs a job. Work nights somewhere. Then she can leave for work after her husband is home. He can put kids to bed. Then she can get back home before kids go off to school. Sleep during the day while they’re at school. They also need to sell that truck. And buy a vehicle cash. Try to get a profit or even break even on the truck. Ask to borrow a car until you save up a couple thousand from her job. I’ve known people who had to work like this in order to get somewhere. Honestly they should also be looking into finding somewhere else to park that mobile home. Maybe a family member’s property? Sell the land and pay off the mobile home. It will only decrease. And by the time it’s falling apart they will still be struggling if they keep going the way they’re going. Stay within your means. So you can succeed and not be stressed. I feel so much for them!
I won't judge because I know what it is to see all your savings go away after a hurricane shutdown the place where you live, then jobs start cutting employees so everything saved is used to survive until a new work is found.. life is not easy and is always throwing curveballs
You’re right. I got a second job at night as a waiter and it brought in an extra $1,500-$2,000 per month. Helped me pay off $30,000 in debt in on year.
Hi Miko. I see that they use Allstate for their insurance. Although everything’s high at this time I’d shop around for a cheaper insurance. That should alleviate about $75 out of pocket. What worries me is what about the extras such as medicine, doctors’ visits, Christmas, etc.? Also I totally agree that $5,000 is a bit much for someone who purchased some land without having at least $1, 000 in an envelope in case of an emergency. 🤷♀️Looking for a part time job once school starts sounds like a great option.
The cost to live in their house is crazy considering it’s a mobile home. For $2,000 a month I’d want to own the land. Also the interest rate on the truck is very high.
I was wondering how long they would need to be paying on that with it being such a high amount? If it's something they could pay off quickly that would be helpful.
The truck was so high is bc they got the truck to build credit. Which mean his or theirs wasn’t good when they got it. Which is one reason is was already higher then you add the tax infatuation.
$190/month for phones is crazy… I use Mint Mobile & pay $200/YEAR for mine! We pay all up front & have no monthly bills. It’s awesome! It’s around $20/month.
Mint is awesome. I’ve been with them for years now. I lived in GA and always had service anywhere I went. I moved to Wisconsin and still have great service. Try it out for a couple months, if you’re new to it you don’t have to buy a whole years worth, there is a 3 month trial option.
These are pretty much favorite videos on CZcams! I wish they could occur twice per month, I love the problem solving aspect to budgeting, it’s like a puzzle! 💚💙💜
It becomes so clear how little they actually have when she breaks it down by week. All the money they spend is really mostly bills and food and that's it. Which means that anything unexpected pops up, they are in the red. What if they need a doctor? A dentest or just new clothes? How do they do that? Maybe the house is just too expensive for them? I wonder how they even got the loan of the bank.
What about medical, medication, dental, clothes, birthday, Christmas gifts and all other expenses to raise children? One hundred per week for groceries? What about toiletries, etc? The loans that they have managed to obtain are predatory loans. The interest rates alone on the loans will never get them out of debt.
I could be wrong but when I was considering purchasing a mobile home for my newly graduated college student (so cheap! less than rent!), I researched loans and read that usually mobile home loans aren't typically a mortgage loan. A personal loan would have to be taken out, which interest rates are always going to be higher. Perhaps this is not the case in every situation but it could account for why their house payment is high interest.
With her kids being older, I wonder if she could find a job at a school in their district. Every school typically needs paraprofessionals or EA’s. They follow the same schedule so she wouldn’t need childcare on days off and if she works where her youngest goes to school, she could drive and leave with them. I’m assuming the oldest can ride the bus and be alone for an hour everyday at 14.
This is exactly what I’m looking for as my son will be starting kindergarten this September 😊 I also have my associates degree in early childhood education so I can apply to be a substitute teacher also! Would work so well being on the same schedule as my son
It’s about right. I hate seeing that people do this. I have two family members who have mobile homes. They paid close to that years ago. Like 10 years ago. And they’ve not held up at all. One has a whole room that’s missing a floor. People would be better off buying a barn kit and converting it to a home. I also have a family member who did that. And decades later it’s still going strong.
Melody. I just refinanced my mobile on basement on property and it appraised for no where near 250k. The value has gone up though since purchase date. Im not in georgia, so maybe alot is state depandent.
@@amandataylor2439 It's a new build. We were quoted just north of 200k for a 3 bedroom 16 wide on footings when we were considering building on family land. Given that a stick build in my area is less than that we decided it wasn't worth it. By the by, we were also quoted over 500k for a simple bungalow.
This budget is not realistic in the slightest. It looks great, but not realistic. If the kid is smart, 14 is where AP and dual enrollment will start. Besides accidents or things that pop up, the basics aren't covered. Not budgeting for clothes, kids activities, day to day needs like menstrual products are going to creep up and make them feel like failures. It sounds like perhaps they plan on decreasing food costs or maybe selling products and animals from the land, but that takes a lot of time to start making a profit. More funds need to appear stat. It may be cliche, but where I am from there are always childcare issues. If she likes kids, one or two babysitting during school hours will help fill that gap. Plus some people would be ecstatic if their kids get to help pick peas or such rather than be plopped in front of the tv.
Hey Miko! This video was so spot on. I was solely a stay at home mom with my 1 year old and my partner was the sole income while I was raising our child. I just recently picked up a part-time job in June and needless to say it has helped me. As a mom, women, entrepreneur and partner having my OWN stability outside of my partner is crucial and honestly felt like that was what was missing for ME. I appreciate everything my partner does because if it was not for him, I would not be able to pay bills nor enjoy being a 1st time stay at home mommy. Now, with baby #2 due at the end of the year it’s game time. There are goals, savings, and investments that are approaching and I want to be sure I have planned where every single dollar will go! I can’t wait to buy your BBP workbook. I have an online shopping envelope for that 😉. I also get paid weekly and this video makes so much easier to plan my paycheck “jobs”.
Pet peeve... although paid 7/29 that is technically the "first paycheck" for that first month of August... Ie i get paid 7/29 but rent due before the next paycheck....
Georgia has very mild winters in general. It only snowed one weekend the two years I lived in Athens, GA. It typically shuts everything down the rare occasion it does snow. Nobody can drive in it. 😅 Thanks for the video!
I feel like there is missing info like the other comments say there should be other variable expenses. That mortgage and land isn’t an ideal situation but maybe they were in a bind and had to find housing quickly. I’d sell the truck asap and buy a used sedan in full. There’s so many side hustle and pt job opportunities, she doesn’t even have to leave the house.
This family is almost exactly my situation, except, I don’t have the availability to go to a physical job. My children are under 4. my partner works 12 hours a day and we don’t have access to childcare because of where we live, it’s not an options. (small rural town), we also can’t ask family as my partner’s parents and my father are deceased and my mother lives four hours away. (Plus she has also told us that she isn’t willing to watch our children as she has raised hers and wants to enjoy retirement, which is fair enough). So I have to think of a way to make money to help contribute without having to outlay money (because there is none to outlay) that I can do remotely from home. I’m not crafty, or tech savvy, so I need to continue to explore my options. But I have to start somewhere and no time like the present. Thanks Miko, for choosing this family as it’s directly transferable to my situation. No two families are exactly the same but this is a pretty close comparison.
@@btbudgets Thank you for your suggestion. I recently applied for a couple of inbound call centre jobs, one in particular would be perfect it’s with an insurance company.. in the meantime, I’m applying for anything and everything that doesn’t require specific qualifications. So fingers crossed.
Not certain why you said you can't go to a physical job. If it is because of the kids there's also a bit of babysitting, even 1 or 2 a month is a start. I don't know how you feel about cleaning, but even a weekly gig that you can bring them to is something. One person I know owns cleaning company and her daughter was very well mannered and would prefer going with her to the schools and stuff than the sitter at times.
I have been following for a while and this is the first video I have been able to personally relate to. I am also a SAHM and we rely on one income source. I am also now looking to get back into the work force after 4 years. Things are definitely getting tighter!
We were in this exact same situation about 10 years ago. I was working part time for a doctor. I decided to find a second part time job, which I did pretty quick. We were thrilled to have extra money! That lasted for a hot minute! A month after I started my second job, the doctor announced she was retiring and closing the office in 6 months! 🙈 Luckily I was hired full time at my new job when the other job ended.
This is very similar to my situation as well. Only difference is we make like half the income and we have a toddler and baby number two on the way. We've cut everything we can reasonably cut from our expenses. And my husband was just cut to no overtime at work and it's making things very difficult. I'm terrified of going into credit card debt. I've had like three mental breakdowns in the last 2 weeks because we have to much going on and I'm struggling to figure out how to do it all. I really need to work on saying no. But it's really hard with family expectations.
Please don't feel guilty to say no. I've been exactly in your shoes. I used to be ashamed of turning down family events because of budgets (hubbys job cut his work hours), but i dont care anymore. Your family's livelihood & your mental state are more important. I started selling items from around my house online to make extra cash. I cut all the most expensive apps & only kept one. I bought battery operated lamps to lower my light bill. I buy whole cuts of meat or chicken from butcher to save $ & plan 3 or 4 meals combining ingredients. Think pots, roasts, casseroles. U can do this. Takes some work & lots of CZcams meal video watching, but it's possible. I was talking with my hubby the other day about changing the way we will celebrate Xmas this yr & instead of giving gifts to family & friends, just making a theme meal for everyone to enjoy. Poker night, movie night, luau. Something like that.
What a friend of mine did in regards to their truck when they couldn’t use it any longer and they did do a similar thing with a scooter they rented out their truck to an app which covered the car in case anything happened change their insurance because he was using the scooter his primary vehicle and the truck as a secondary vehicle. This was a couple years ago when we had another increase in fuel cost and he still does it to this day and he has helped him pay off the truck sooner and now he no longer has a payment. My friend then sold the truck during Covid high price in vehicles and bought a better vehicle he still has the scooter that his friend loaned him he actually purchased it and they have a car that’s not a gas guzzler anymore. So it is possible I know right now vehicles are leveling out so that high cost on the used vehicles is not as high as it used to be but it’s still kind of good I think it’s gonna last for another few months. So that’s what I would suggest because I’ve seen it happen with my friend and if I had a car right now I would be doing the same thing I would’ve sold it a year ago.
They’re spending well over 50% of their net income on just the mortgage and the land. THAT’S BRAIN DAMAGE!!!!! Whether your budget works or not, this is in NO WAY conducive to long term success. This will bury them.
They’re house poor. She needs to go back to work. There’s no reason to not have at least a part-time when your kids are that old. Even $200/week and getting rid of that large car payment would turn this budget around completely. You should never have a mortgage and no emergency fund or way to save for one.
That looks scary. With that extra paycheck, I would move to pay my bills to the first of the month. I would want a job for a few years to pay off the land and mortgage with a cushion. Better to have more in case of emergencies and unemployment. Thankfully, it is a low amount. I would cut the food budget by going to ALDI and Walmart with many generic brands. I use generic brands.
I was wondering the same thing like how are you gonna just skip groceries, gas maybe you can stretch it but idk if you're stretching 2 weeks on 100 for a family of 4 even at Aldis!
It may not be possible for them but I would suggest they look for a better phone/internet/insurance prices. IDK if Verizon is just their phone or wifi too, but assuming they are only using 2 phones there are plenty of reliable providers that are $20-$50 per phone without sacrificing cellular data. Not sure about wifi, and insurance is always so variable influenced, but still worth looking into. Even $50 more wiggle room would be valuble.
GA has some of the lowest gas prices in the south while they are still HIGH. I do love these videos and I have these book I need to learn to use it the best way possible. We are living overseas due to my husband’s work thankfully a dual income family. But after visiting family we are scared to death to come back as when we do hell be ready for retirement and we’ll have to buy 2 cars and a home and also pay to get our dogs home!! most likely as well so we are saving so much
I'm just confused on how you are left with $55 every month and not have the drive to go get a job? Those kids are going to need new shoes, clothes, school supplies, haircuts, life essentials that aren't accounted for in this budget. Say no to any social or fun activity with others. Going to the movies or eating at a restaurant aren't even possible. They also mentioned that they wanted animals on the farm... animals are extremely expensive!
Yes, their kids are 9 and 14 - the 14 year old can watch the 9 year old for a bit after school and during school she’s free as well. Just my humble opinion.
That was my exact childhood because my parents were divorced and my mom refused to get a job so she coasted her way on child support and could barely pay the bills until I turned 18 then she got on disability and is doing the same thing barely being able to pay her bills and doesn’t have any money to do anything with. She can barely afford groceries. It’s sad and pathetic how bad she let it get in my childhood and my dad wasn’t much help either because he was “paying his part.” So some people can just live with having nothing and constantly struggling.
Loan officer here. That rate is likely normal. Can't get a normal mortgage loan for a new mobile home build, that is custom financing. We can finance or refinance an established mobile home, but not a new build.
If they are going to keep the truck they should refinance it. That would lower the monthly payment. That interest rate is high. Only things I can imagine that would make it that high is their credit and/or if they bought a used car that would have driven the rates up.
I love these videos! This one is very similar to my husband and I. We are trying to build a house on land we own and renting while we do it which is hard. Thank you for sharing.
Why someone with a 9 year old and a older kid doesn't work outside the home? I don't care how traditionalist you want to be if you see your spouse under stress over money and your are not sick why aren't you contributing to the household? That man drops dead God forgive out of stress or illness she needs to take her butt to work no matter what. If you love your husband get yourself a job, a least for a year or two. Help yourself and your husband raise both your credit scores. Your household will be much more relaxed with an extra income.
They probably homeschool their children. Not everyone wants the same type of life, and public schools are a scary mess. I would sooner be in debt then send my precious children to a public school in this day and age. Not worth it.
@Sarah Kriel manageable debt is one thing. These people are borrowing money from family and a whole motorcycle from friends to live a certain life. So other people are making it possible. They aren't in debt, they are on the verge of bankruptcy if not for the help of others. She needs to go back to work.
Exactly! I have 4 kiddos, 2 of which are little, and I homeschool them. It’s starting to stress my husband out being the only income earner, so I’m going back to school. He makes enough to get us by, and is willing to wait the couple years it’ll take to get my diploma. And if it starts to get too heavy for him, I’ll pick up part time work on evenings and weekends while he’s home. I’m doing classes online so I can still homeschool our kids. This isn’t something we ever thought I would have to do while having small children, but it is what it is and I can’t let him run himself in to the ground trying to support us.
what about contacting their mortgage company and getting it changed from monthly to weekly--in Canada most companies will change it for no cost. That is the 1st thing I did was change from monthly to biweekly for the day after I get paid--plus making 1 full month extra payment per year
They need a paid off car, a motorcycle won’t due with a family. The house cost over half the take home pay which is too much. Sell the car by 2 older cars. SAHM needs a job.
With them having Verizon and that cost of a plan, they likely qualify for the Disney Bundle ( Hulu, Disney Plus, ESPN+) for free. That would save their Disney+ fees. There is also a free six months Discovery Channel they could take advantage of for six months of savings. With Hulu and Disney+, they may no longer need Discovery Channel ??? Something to look in to!
I definitely need to keep watching these. I’ve already printed out some of your free templates and created envelopes. Trying to take it one step at a time. So hard for me!😩
The kids are old enough that she should be able to work part time. They should not have a water bill if they have a well. It’s not a good idea to sell the truck and buy a motorcycle. Is this the only vehicle they have? How do they all go somewhere as a family?
We are a single income family, my husband works & I stay home and homeschool my kids! The budget is almost always tight but it’s worth it & I would much rather do this than have to work.
@@caitlinlorea912 i spend as much on our mortgage as i do our food every month (about $1000). but we do prioritize healthy foods, lots of produce, local meats, organic sometimes although i'm having to let that go more & more with inflation.
I think I would start by meal planning and cut the grocery budget by $200 a month. And, since living in the country with land is the lifestyle they want, out of the remaining $350, $50 a month needs to go towards starting a garden ($600 a yr). Year 1 starting a garden will have extra expenses. She can start by learning to sprout seeds and grow micro greens in winter. Make her own yogurt. Bake her own bread. Start practicing the skills that made staying home possible on a farm/homestead. Also, slowly but surely even if it’s $20 a month, build a 3 month pantry of meals as part of your emergency funds. It should only take a year. A phone call to Verizon asking for a savings could give her a $100 a month savings, maybe. There needs to be a family discussion about a tight, barebones 12 months to come as they’re rebuilding their savings and establishing their farm/homestead. Every 3 months, there will be an additional $1,108 check. This, plus the grocery savings will give them a $6,800 emergency savings in a year. Income. I’m not sure what she can do in the country, but substitute teaching might be possible. Perhaps some kind of computer work. Some women say they can make about $200 a month doing surveys, etc. To have a farm, they will need the truck, I think. Or, they need to rent/borrow one. If they want animals in the first year, I would restrict them to chickens and rabbits. Why? They can build a coop and rabbit house from pallet wood and buy the wire needed from their garden budget/acquire free elsewhere. Feed won’t be cheap but there are ways to cut the cost by 1/2 to 3/4. Maximum chickens- 6, maximum rabbits 1 buck and 2-3 does. Chickens for eggs and rabbits for meat, a cut or break even for the grocery budget. A garden, and two types of animals is enough of a start for the first year. And, After 2 years, I would suggest you consider refinancing and putting the land and home on one lower cost mortgage. If not possible, Year 2/3 should start a concentrated effort to pay off the land and years 5/6 pay off grandfather’s debt early.
Hey Miko!! I started the budget by paycheck notebook in June! Loving it! Quick question! What do you put in the actual column at the end of the month on your “cushion” line under your bills?
They can be, if they're a new build, and very large with super nice features. Just depends. Lots of modern mobile homes are just as nice as traditional homes, some even more nice in appearance, actually. But for not owning the land under it, it's not worth it.
Selling the car, and getting a used one would save all their problems. Those high car payments is a killer for any budget. They cant even afford to run it.
Kimiko, I really appreciate all that you are everything you do to help us, but the website is so incredibly hard to navigate. Is there a simpler way to access specific worksheets ?
Seriously. Between her having at least 6hours a day to work at least and choosing a truck of all things. I am completely shocked! Trucks are sooo overly expensive right now like why not a 2015 sedan? There has got to be hidden credit card debt because those percentages are too high for a couple with only new loans and no debt
i have been binging your BBP videos. I have one financial question which is not related to any of the videos you do but your videos are extremely helpful to anyone who needs to organize their life and finances. do you have any advice about investing? something that is risk free.
They gotta get more hustle in their blood to get out of this situation. I don’t know why both parents wouldn’t be working ?! Women have to make their own income I think.
I don’t understand the reasoning behind spending more than 500 !!! dollars every month on anything - just to get a good credit score. Like that’s the holy grail of life. I‘m not from the US, but that seems to be a concept there??
I’ve lived in mobile homes most of my life. Not a good investment as they depreciate like cars. That being said, I’ve NEVER seen a mortgage payment for a mobile home that large. They should have never bought it. No way a mobile home is worth a quarter million dollars without land. That’s insane. They went for the best, biggest, shiniest, most amenities or else got ripped off in a major way. Strange to see that since they are so frugal in every other aspect.
How is a mobile home a quarter of a million? What sort of mobile home is this? Mobile homes depreciate over time too, correct? Are they going to be underwater quickly on this home?
The kids are old enough that are could work and not worry about a baby sitter. What about working at the school if she wants to keep sane schedule as children? I mean this is very tight
Hello, new subscriber here. I really love your videos and all the great advice you give. I have a question that doesn't exactly pertain to this video per se and was wondering if you could give me some advice? My husband and I have pretty bad credit due to Covid(500s)but we want to fix our credit desperately. We will be selling our house soon and I wanted to ask you, is it possible if we pay off all our debts including the 2 cars that we could fix our credit within a year? Our only solution is to sell house, rent apartment for a year, pay off debt and then hopefully purchase new home. I realize renting an apartment especially right now is going to cost us a bit but we can afford it on our salaries. We just can't afford to fix the credit situation while staying in the house right now. Bad idea? We just don't know what else to do. We tried to refinance but the interest rate they proposed was crazy bc of our credit scores and DTI. Thank you so very much in advance if you respond to this. 😊
I understand wanting to fix your credit. Before doing that, I would make sure you have a one-month buffer of expenses and at least three months set aside for emergencies. Selling the house is good if you can decrease your expenses and save money in the process. It's likely you'll have to rent for two years before you have enough traction in your credit file to qualify for another home. And even then, where are you going to get the down payment for the new home? I'm not saying you have to be debt free to get into another home, but having more cash is better and if you can cut back as well as increase income while staying in your current home, that could work as well. Good luck!
@@savvybudgetgirl Thank you so much for your very kind and thoughtful response. So I have about $150k in equity and after selling house after all is said and done, I will have around $145k. Im going to take $60k and put aside for down payment on new house. I'm then going to pay off the debtors that do a pay for delete. I'm then going to pay off one car and pay down the other one significantly. I will then put at least 5 months aside for emergency fund. Will rent until credit score has increased at least to 700 before I make another purchase. At least that's my plan. I'm disgusted with our situation and feel grateful that I have enough equity that I can sell and make enough profit to have a fresh start. Do you think this plan seems within reason? Again, thank you for your thoughts and feedback. It's very much so appreciated! ❤️
@@crowmoon9922 I applaud your thoughtfulness and planning. Well done! I don’t know much about pay for delete so I can’t speak on that, but I like the plan.
Don’t wanna be mean to this woman but her family is making terrible decisions and it’s wild that she doesn’t have young children yet still stays at home. Sell the truck, refinance that home at the first opportunity, and she needs to go to work. This isn’t even a budget thing, this is a decision making thing.
@@matemahe yeah that’s why I said at the first opportunity, I wouldn’t say now is an opportune time to do that. Reading it back this sounds harsh but I feel bad that this family is struggling but there’re solutions that they haven’t yet taken advantage of. Hopefully they get out of this bind soon!
i wouldn’t recommend selling the truck for the motorcycle as their sole vehicle but perhaps a cheaper car. the motorcycle would not be practical for driving in inclement weather, grocery shopping etc.
the motorcycleBelongs to the friend. How are they going to sell a motorcycle that doesn’t belong to them
But they don’t use the truck as per what Miko said, and use the borrowed motorcycle for everything. If they did use the truck they would be even more in the red. So they likely already cover groceries and such elsewhere. Miko was suggesting that if apparently using motorcycle fits their lifestyle then they should swap the truck for the bike if the friend is selling
@@chandlerpalmer7498 I think they meant sell the truck, buy their own motorcycle, and then give the motorcycle they’re using now back to the friend 😊
The truck also might not be their only vehicle. But the other one could be paid off and used for Mom/kids if needed.
@@PrincessMultiracial I
For that income that mortgage is not justifiable. They need to bring in more income if that want to keep that property and not be constantly house poor. I think the wife needs to work at least part time b/c it doesn’t seem they have any significant frivolous spending.
Agreed. The mortgage is almost half their take home pay.
Sadly this is the textbook definition of house poor. No one wanted to tell them that they couldn’t afford this home. Currently they are spending 55% of their take home pay on housing ( mortgage + land) To be in the safe range, they should have stuck to 30% or less for housing. That would make their monthly mortgage payment + home owners insurance, lights and water etc $1,389. That’s whole housing ball of wax. This is why it’s important to run your numbers and have people who give you realistic information. It’s a shame that they didn’t have someone to help them realize that their dream home will quickly become a nightmare.
FACT!
Probably why they couldn’t get financed for the land with the home. The bank looked at his income and what the mortgage would be and said “nope.” Sadly, she probably thinks the ones trying to help push it through were “helping” her. They just wanted their commission - a fat check off those numbers. So sad and why financial literacy is key. My own mother was and still is of this mindset, and even as a kid who wasn’t great with math I knew when numbers didn’t add up.
That mortgage is crazy high for their income to me
It is, but having lived in Athens GA until recently I can say the housing market was crazy-inflated there.
It’s almost 50% of their income.
I didn't know they sold land and mobile homes for $300k. Wow!
I like watching these videos but the expenses are not realistic. I find it more beneficial to look at the last 6 months of spending to see what you actually spent to get an idea of what your budget really needs to look like. The variable expenses had no clothing, miscellany, just food and gas. What about a haircut? Cold medicine when someone gets sick? Birthday expense, go out for dinner once a month? This one was really underestimated and they will be in debt with any minor expense. Interest rates were insane too.
Seems like expenses are missing. Household items, back to school shopping, birthdays, Christmas. How is that car not being driven? Do her is and the kids stay in the house all day everyday in the summer? What about grocery shopping or doctors appointments? How are they only spending money on food and gas outside of bills?
What about internet? I didn't see that either unless I missed it.
@@Sabrina.682 they could have a hot spot off their cell phones.
Honestly, speaking from experience, they probably pay as it comes and use a credit card or an extra pay day like they’ll have this month.
Yeah was thinking the same. I feel like we are missing some key info
Great video! Mom can be a substitute teacher, same schedule with her kids, and she can work 2 or 3 days per week.
Sorry, really not trying to be rude but they shouldn’t have bought that mobile home in the first place, they paid way too much for it. At first, I was thinking well maybe that’s for a large acreage of land and the home. NOPE. If they want to keep it, the wife NEEDS to work!! Plain and simple. Otherwise, they will never make it. It’s unrealistic to think they could without any income from her. The truck also needs to go and be replaced with a practical family car.
Definitely agree they need to up the income. Kids are older and she should contribute to get them in a better spot. Also, with a child 14 they’ll be graduating soon and what’s the plans for the child? College? They’ll be driving soon etc (doesn’t mean they have to provide a car, I didn’t for my son, but need to be ready for all those graduation expenses as well). The land and home costs for a mobile trailer (which has its own worries for storms etc), far exceeds what they can afford. I’m surprise a bank approved them to be honest with debt to income ratio. I’d also agree to sell the truck and get a small family car so she has transportation (not buy the friends motorcycle, that doesn’t work for a family of four unless they have another paid off car). Also that Allstate insurance is very high- I would price compare!
Same, I don't understand how they got approved for a mortgage and right now it looks like they can't really afford it.
They have to sell the truck, pay it all to the loan and pay the remainder as quickly as possible. Having a $560 monthly payment for years for a truck they aren't even using just to build their credit score is definitely a waste of their resources. That truck is losing value every month, ye they are paying all kinds of interest on it. There are much easier ways to build a credit score. That $560 could build their emergency fund in 4 years time. Even if she doesn't earn any income they could put even half that money to their emergency fund and the other half so they have some available funds for those things not appearing in their budget now. ie: things like Miko mentioned: kids activities and other expenses that come up regarding school, clothes, birthdays, medical expenses.... you name it as the list can go on and on.
❤👍
Yes they could have a CC for gas! That's what my husband does. We have no debt. No car payments, about to have a mortgage, but no student debt, CC debt, and no kids. I think people should try and get their finances together as much as they can before kids. We are saving up 10k before kids and cash budgeting.
Selling a truck they can't afford to drive is a good idea. Your nail polish is so pretty.
I enjoy the single income videos. I always gain new insight. I am a newly single mom so this really helps me plan in moving forward with my 2 boys. I also get paid biweekly, which means the checks never fall on the same date (in comparison with bills). Your color code system has really helped me. Thank you!
This breaks my heart. Someone should’ve stepped in and been responsible for admitting this was horrible. How were they able to even get these loans? People a dream becomes a nightmare in this case. No way can you live your dream when you can’t even accommodate for inflation, emergencies, or basic upkeep.
Unfortunately she needs a job. Work nights somewhere. Then she can leave for work after her husband is home. He can put kids to bed. Then she can get back home before kids go off to school. Sleep during the day while they’re at school. They also need to sell that truck. And buy a vehicle cash. Try to get a profit or even break even on the truck. Ask to borrow a car until you save up a couple thousand from her job.
I’ve known people who had to work like this in order to get somewhere.
Honestly they should also be looking into finding somewhere else to park that mobile home. Maybe a family member’s property? Sell the land and pay off the mobile home. It will only decrease. And by the time it’s falling apart they will still be struggling if they keep going the way they’re going.
Stay within your means. So you can succeed and not be stressed. I feel so much for them!
They could also go to a cheaper phone company for their family. Find where they can wiggle things down
Wow, do mobile homes really cost 250,000? I'm not trying to sound stupid, I really don't know, are they the same as trailers?
I won't judge because I know what it is to see all your savings go away after a hurricane shutdown the place where you live, then jobs start cutting employees so everything saved is used to survive until a new work is found.. life is not easy and is always throwing curveballs
Alicia- I recognize a Dave Ramsey follower when I hear one lol. Go you;)
You’re right. I got a second job at night as a waiter and it brought in an extra $1,500-$2,000 per month. Helped me pay off $30,000 in debt in on year.
Hi Miko. I see that they use Allstate for their insurance. Although everything’s high at this time I’d shop around for a cheaper insurance. That should alleviate about $75 out of pocket. What worries me is what about the extras such as medicine, doctors’ visits, Christmas, etc.? Also I totally agree that $5,000 is a bit much for someone who purchased some land without having at least $1, 000 in an envelope in case of an emergency. 🤷♀️Looking for a part time job once school starts sounds like a great option.
The cost to live in their house is crazy considering it’s a mobile home. For $2,000 a month I’d want to own the land. Also the interest rate on the truck is very high.
I was wondering how long they would need to be paying on that with it being such a high amount? If it's something they could pay off quickly that would be helpful.
Interest rates are always higher on MH and I bet it's only a 15 or 20 year mortgage. 30 year are difficult to get on MHs
The truck was so high is bc they got the truck to build credit. Which mean his or theirs wasn’t good when they got it. Which is one reason is was already higher then you add the tax infatuation.
This is my life too. I’ve been waiting on a video of being a stay at home mom such as myself depending on hubbys income
I hope you find this video helpful! :-)
$190/month for phones is crazy… I use Mint Mobile & pay $200/YEAR for mine! We pay all up front & have no monthly bills. It’s awesome! It’s around $20/month.
Oh wow! How’s the service for mint mobile? I currently pay $152 for 2 phones
@@jenniferhao8902 Curious too about mint! Verizon is so expensive but I rarely have service issues so it’s hard to trust any other company
@@brroookkeee yes I have Verizon as well and the service sucks! Lydia, please let us know, thank you 🤗
Mint is awesome. I’ve been with them for years now. I lived in GA and always had service anywhere I went. I moved to Wisconsin and still have great service. Try it out for a couple months, if you’re new to it you don’t have to buy a whole years worth, there is a 3 month trial option.
@@viviannehernandez4515 thank you!
These are pretty much favorite videos on CZcams! I wish they could occur twice per month, I love the problem solving aspect to budgeting, it’s like a puzzle! 💚💙💜
Agreed! Real budgets are always super helpful!
Maybe even weekly real budget videos. 🥰
It becomes so clear how little they actually have when she breaks it down by week. All the money they spend is really mostly bills and food and that's it. Which means that anything unexpected pops up, they are in the red. What if they need a doctor? A dentest or just new clothes? How do they do that?
Maybe the house is just too expensive for them? I wonder how they even got the loan of the bank.
What about medical, medication, dental, clothes, birthday, Christmas gifts and all other expenses to raise children? One hundred per week for groceries? What about toiletries, etc? The loans that they have managed to obtain are predatory loans. The interest rates alone on the loans will never get them out of debt.
What about hair cuts, oil changes, dental and doctor visits, etc. how do those get budgeted in? Or did I miss that?
I could be wrong but when I was considering purchasing a mobile home for my newly graduated college student (so cheap! less than rent!), I researched loans and read that usually mobile home loans aren't typically a mortgage loan. A personal loan would have to be taken out, which interest rates are always going to be higher. Perhaps this is not the case in every situation but it could account for why their house payment is high interest.
100% this. Mobile homes aren’t a mortgage. So they aren’t 30 years and are higher interest.
I'm with other viewers, these expenses seem incomplete. Perhaps we're wrong. This truck for credit strategy seems flawed, also.
With her kids being older, I wonder if she could find a job at a school in their district. Every school typically needs paraprofessionals or EA’s. They follow the same schedule so she wouldn’t need childcare on days off and if she works where her youngest goes to school, she could drive and leave with them. I’m assuming the oldest can ride the bus and be alone for an hour everyday at 14.
I was a para for two years and I learned so much! It was a great job 😊
This is exactly what I’m looking for as my son will be starting kindergarten this September 😊 I also have my associates degree in early childhood education so I can apply to be a substitute teacher also! Would work so well being on the same schedule as my son
Did that mortgage say about 250k loan? And she said this was for a mobile home? I do not know prices for georgia, but that sounds way overpriced.
If you haven't priced out mobile homes lately you'd be awful surprised
It’s about right. I hate seeing that people do this. I have two family members who have mobile homes. They paid close to that years ago. Like 10 years ago. And they’ve not held up at all. One has a whole room that’s missing a floor. People would be better off buying a barn kit and converting it to a home. I also have a family member who did that. And decades later it’s still going strong.
Melody. I just refinanced my mobile on basement on property and it appraised for no where near 250k. The value has gone up though since purchase date. Im not in georgia, so maybe alot is state depandent.
@@amandataylor2439 It's a new build. We were quoted just north of 200k for a 3 bedroom 16 wide on footings when we were considering building on family land. Given that a stick build in my area is less than that we decided it wasn't worth it.
By the by, we were also quoted over 500k for a simple bungalow.
This budget is not realistic in the slightest. It looks great, but not realistic. If the kid is smart, 14 is where AP and dual enrollment will start. Besides accidents or things that pop up, the basics aren't covered. Not budgeting for clothes, kids activities, day to day needs like menstrual products are going to creep up and make them feel like failures. It sounds like perhaps they plan on decreasing food costs or maybe selling products and animals from the land, but that takes a lot of time to start making a profit.
More funds need to appear stat. It may be cliche, but where I am from there are always childcare issues. If she likes kids, one or two babysitting during school hours will help fill that gap. Plus some people would be ecstatic if their kids get to help pick peas or such rather than be plopped in front of the tv.
Hey Miko! This video was so spot on. I was solely a stay at home mom with my 1 year old and my partner was the sole income while I was raising our child. I just recently picked up a part-time job in June and needless to say it has helped me. As a mom, women, entrepreneur and partner having my OWN stability outside of my partner is crucial and honestly felt like that was what was missing for ME. I appreciate everything my partner does because if it was not for him, I would not be able to pay bills nor enjoy being a 1st time stay at home mommy. Now, with baby #2 due at the end of the year it’s game time. There are goals, savings, and investments that are approaching and I want to be sure I have planned where every single dollar will go! I can’t wait to buy your BBP workbook. I have an online shopping envelope for that 😉. I also get paid weekly and this video makes so much easier to plan my paycheck “jobs”.
Pet peeve... although paid 7/29 that is technically the "first paycheck" for that first month of August...
Ie i get paid 7/29 but rent due before the next paycheck....
Also mobile homes can be looked at has a higher risk or different type loan
Georgia has very mild winters in general. It only snowed one weekend the two years I lived in Athens, GA. It typically shuts everything down the rare occasion it does snow. Nobody can drive in it. 😅
Thanks for the video!
I feel like there is missing info like the other comments say there should be other variable expenses. That mortgage and land isn’t an ideal situation but maybe they were in a bind and had to find housing quickly. I’d sell the truck asap and buy a used sedan in full. There’s so many side hustle and pt job opportunities, she doesn’t even have to leave the house.
This family is almost exactly my situation, except, I don’t have the availability to go to a physical job.
My children are under 4. my partner works 12 hours a day and we don’t have access to childcare because of where we live, it’s not an options. (small rural town), we also can’t ask family as my partner’s parents and my father are deceased and my mother lives four hours away. (Plus she has also told us that she isn’t willing to watch our children as she has raised hers and wants to enjoy retirement, which is fair enough).
So I have to think of a way to make money to help contribute without having to outlay money (because there is none to outlay) that I can do remotely from home.
I’m not crafty, or tech savvy, so I need to continue to explore my options.
But I have to start somewhere and no time like the present.
Thanks Miko, for choosing this family as it’s directly transferable to my situation. No two families are exactly the same but this is a pretty close comparison.
can you bake? baked goods can be made at home and you could sell them pretty easy
If you’re good on the phone or detail oriented and can do data entry, there are tons of work at home jobs. Tons and tons.
@@btbudgets Thank you for your suggestion. I recently applied for a couple of inbound call centre jobs, one in particular would be perfect it’s with an insurance company.. in the meantime, I’m applying for anything and everything that doesn’t require specific qualifications. So fingers crossed.
@@thedarkangel456789 unfortunately I can’t bake, otherwise it would be a nice way to make a little money.
Not certain why you said you can't go to a physical job. If it is because of the kids there's also a bit of babysitting, even 1 or 2 a month is a start. I don't know how you feel about cleaning, but even a weekly gig that you can bring them to is something. One person I know owns cleaning company and her daughter was very well mannered and would prefer going with her to the schools and stuff than the sitter at times.
$240k for a mobile home?! They need to pick up and move to TX.
Texas is full.
@@dodgegirl3970 Plenty of houses for sale.
I have been following for a while and this is the first video I have been able to personally relate to. I am also a SAHM and we rely on one income source. I am also now looking to get back into the work force after 4 years. Things are definitely getting tighter!
Great video! Very informative. Real life examples are effective in building HOPE no matter where you are in your financial journey. Thank you 😊
We were in this exact same situation about 10 years ago. I was working part time for a doctor. I decided to find a second part time job, which I did pretty quick. We were thrilled to have extra money! That lasted for a hot minute! A month after I started my second job, the doctor announced she was retiring and closing the office in 6 months! 🙈
Luckily I was hired full time at my new job when the other job ended.
This is very similar to my situation as well. Only difference is we make like half the income and we have a toddler and baby number two on the way. We've cut everything we can reasonably cut from our expenses. And my husband was just cut to no overtime at work and it's making things very difficult. I'm terrified of going into credit card debt. I've had like three mental breakdowns in the last 2 weeks because we have to much going on and I'm struggling to figure out how to do it all. I really need to work on saying no. But it's really hard with family expectations.
My boss has a phrase: “No is an answer. It may not be the one you want to hear but it’s an answer.” Remember, you can ALWAYS say no, thank you.
Oh no, I hope you’re able to find some solutions that are better for you and your family! 🤞
Please don't feel guilty to say no. I've been exactly in your shoes. I used to be ashamed of turning down family events because of budgets (hubbys job cut his work hours), but i dont care anymore. Your family's livelihood & your mental state are more important. I started selling items from around my house online to make extra cash. I cut all the most expensive apps & only kept one. I bought battery operated lamps to lower my light bill. I buy whole cuts of meat or chicken from butcher to save $ & plan 3 or 4 meals combining ingredients. Think pots, roasts, casseroles. U can do this. Takes some work & lots of CZcams meal video watching, but it's possible. I was talking with my hubby the other day about changing the way we will celebrate Xmas this yr & instead of giving gifts to family & friends, just making a theme meal for everyone to enjoy. Poker night, movie night, luau. Something like that.
think about it as if I say yes my kid does not eat.
What a friend of mine did in regards to their truck when they couldn’t use it any longer and they did do a similar thing with a scooter they rented out their truck to an app which covered the car in case anything happened change their insurance because he was using the scooter his primary vehicle and the truck as a secondary vehicle. This was a couple years ago when we had another increase in fuel cost and he still does it to this day and he has helped him pay off the truck sooner and now he no longer has a payment. My friend then sold the truck during Covid high price in vehicles and bought a better vehicle he still has the scooter that his friend loaned him he actually purchased it and they have a car that’s not a gas guzzler anymore. So it is possible I know right now vehicles are leveling out so that high cost on the used vehicles is not as high as it used to be but it’s still kind of good I think it’s gonna last for another few months. So that’s what I would suggest because I’ve seen it happen with my friend and if I had a car right now I would be doing the same thing I would’ve sold it a year ago.
They’re spending well over 50% of their net income on just the mortgage and the land. THAT’S BRAIN DAMAGE!!!!! Whether your budget works or not, this is in NO WAY conducive to long term success. This will bury them.
Agreed!
The easiest category to save money on is groceries. You would be amazed at how low you can go.
That’s where I’m focusing this month, because I know you’re right!!! Time to dust off the Crockpot! 🥘
They’re house poor. She needs to go back to work. There’s no reason to not have at least a part-time when your kids are that old. Even $200/week and getting rid of that large car payment would turn this budget around completely. You should never have a mortgage and no emergency fund or way to save for one.
Wow! Our mortgage (UK) is fixed at 2.02% until July 2027. 7.05% is so high!
financing on mobile homes can have a much higher interest rate than a traditional home in the USA.
That looks scary. With that extra paycheck, I would move to pay my bills to the first of the month. I would want a job for a few years to pay off the land and mortgage with a cushion. Better to have more in case of emergencies and unemployment. Thankfully, it is a low amount. I would cut the food budget by going to ALDI and Walmart with many generic brands. I use generic brands.
So are they just not supposed to eat on the week that they didn’t have money for the variable expense of groceries?
I was wondering the same thing like how are you gonna just skip groceries, gas maybe you can stretch it but idk if you're stretching 2 weeks on 100 for a family of 4 even at Aldis!
It may not be possible for them but I would suggest they look for a better phone/internet/insurance prices. IDK if Verizon is just their phone or wifi too, but assuming they are only using 2 phones there are plenty of reliable providers that are $20-$50 per phone without sacrificing cellular data. Not sure about wifi, and insurance is always so variable influenced, but still worth looking into. Even $50 more wiggle room would be valuble.
GA has some of the lowest gas prices in the south while they are still HIGH. I do love these videos and I have these book I need to learn to use it the best way possible.
We are living overseas due to my husband’s work thankfully a dual income family. But after visiting family we are scared to death to come back as when we do hell be ready for retirement and we’ll have to buy 2 cars and a home and also pay to get our dogs home!! most likely as well so we are saving so much
I'm just confused on how you are left with $55 every month and not have the drive to go get a job? Those kids are going to need new shoes, clothes, school supplies, haircuts, life essentials that aren't accounted for in this budget. Say no to any social or fun activity with others. Going to the movies or eating at a restaurant aren't even possible. They also mentioned that they wanted animals on the farm... animals are extremely expensive!
The wife needs to get paying job, sell the truck they're not using. 🙄
Yes, their kids are 9 and 14 - the 14 year old can watch the 9 year old for a bit after school and during school she’s free as well. Just my humble opinion.
Absolutely agree! Its kind of a no brainer! Lol
That was my exact childhood because my parents were divorced and my mom refused to get a job so she coasted her way on child support and could barely pay the bills until I turned 18 then she got on disability and is doing the same thing barely being able to pay her bills and doesn’t have any money to do anything with. She can barely afford groceries. It’s sad and pathetic how bad she let it get in my childhood and my dad wasn’t much help either because he was “paying his part.” So some people can just live with having nothing and constantly struggling.
Loan officer here. That rate is likely normal. Can't get a normal mortgage loan for a new mobile home build, that is custom financing. We can finance or refinance an established mobile home, but not a new build.
If they are going to keep the truck they should refinance it. That would lower the monthly payment. That interest rate is high. Only things I can imagine that would make it that high is their credit and/or if they bought a used car that would have driven the rates up.
CAN THEY REFINANCE THE TRUCK AND CAN THEY SWITCH FROM VERIZON TO MINT CELL PHONE I HEARD IT IS $15 PER MONTH
I love these videos! This one is very similar to my husband and I. We are trying to build a house on land we own and renting while we do it which is hard. Thank you for sharing.
Why someone with a 9 year old and a older kid doesn't work outside the home? I don't care how traditionalist you want to be if you see your spouse under stress over money and your are not sick why aren't you contributing to the household? That man drops dead God forgive out of stress or illness she needs to take her butt to work no matter what. If you love your husband get yourself a job, a least for a year or two. Help yourself and your husband raise both your credit scores. Your household will be much more relaxed with an extra income.
My exact thought.
Hmmmm.....
Dad worked outside of the home.
Mom worked at home.
Shocking how pretty much everyone managed it in the old days....🤔🙄
They probably homeschool their children. Not everyone wants the same type of life, and public schools are a scary mess. I would sooner be in debt then send my precious children to a public school in this day and age. Not worth it.
@Sarah Kriel manageable debt is one thing. These people are borrowing money from family and a whole motorcycle from friends to live a certain life. So other people are making it possible. They aren't in debt, they are on the verge of bankruptcy if not for the help of others. She needs to go back to work.
Exactly! I have 4 kiddos, 2 of which are little, and I homeschool them. It’s starting to stress my husband out being the only income earner, so I’m going back to school. He makes enough to get us by, and is willing to wait the couple years it’ll take to get my diploma. And if it starts to get too heavy for him, I’ll pick up part time work on evenings and weekends while he’s home. I’m doing classes online so I can still homeschool our kids. This isn’t something we ever thought I would have to do while having small children, but it is what it is and I can’t let him run himself in to the ground trying to support us.
what about contacting their mortgage company and getting it changed from monthly to weekly--in Canada most companies will change it for no cost. That is the 1st thing I did was change from monthly to biweekly for the day after I get paid--plus making 1 full month extra payment per year
They need a paid off car, a motorcycle won’t due with a family.
The house cost over half the take home pay which is too much.
Sell the car by 2 older cars.
SAHM needs a job.
With them having Verizon and that cost of a plan, they likely qualify for the Disney Bundle ( Hulu, Disney Plus, ESPN+) for free. That would save their Disney+ fees. There is also a free six months Discovery Channel they could take advantage of for six months of savings. With Hulu and Disney+, they may no longer need Discovery Channel ??? Something to look in to!
I definitely need to keep watching these. I’ve already printed out some of your free templates and created envelopes. Trying to take it one step at a time. So hard for me!😩
The kids are old enough that she should be able to work part time. They should not have a water bill if they have a well. It’s not a good idea to sell the truck and buy a motorcycle. Is this the only vehicle they have? How do they all go somewhere as a family?
Omg this is just my situation, and in GA too.! This was so cool to watch! ❤️
I'm in Georgia also
In ga too
When did Mobile homes start costing over 200K?? I know they make nice ones but I’ve never seen one priced that high.
We are a single income family, my husband works & I stay home and homeschool my kids! The budget is almost always tight but it’s worth it & I would much rather do this than have to work.
Same! I don’t homeschool my kids but it does get tight.
@@caitlinlorea912 i spend as much on our mortgage as i do our food every month (about $1000). but we do prioritize healthy foods, lots of produce, local meats, organic sometimes although i'm having to let that go more & more with inflation.
What about the paycheck from June 24th? That should go partially to mtg too!
Do the mortgage and land payments include property taxes and insurance? Irregular bills can break a budget really fast.
Almost all large mortgages require an escrow anymore, so I would assume that is the case.
I think I would start by meal planning and cut the grocery budget by $200 a month. And, since living in the country with land is the lifestyle they want, out of the remaining $350, $50 a month needs to go towards starting a garden ($600 a yr). Year 1 starting a garden will have extra expenses. She can start by learning to sprout seeds and grow micro greens in winter. Make her own yogurt. Bake her own bread. Start practicing the skills that made staying home possible on a farm/homestead.
Also, slowly but surely even if it’s $20 a month, build a 3 month pantry of meals as part of your emergency funds. It should only take a year.
A phone call to Verizon asking for a savings could give her a $100 a month savings, maybe.
There needs to be a family discussion about a tight, barebones 12 months to come as they’re rebuilding their savings and establishing their farm/homestead. Every 3 months, there will be an additional $1,108 check. This, plus the grocery savings will give them a $6,800 emergency savings in a year.
Income. I’m not sure what she can do in the country, but substitute teaching might be possible. Perhaps some kind of computer work. Some women say they can make about $200 a month doing surveys, etc.
To have a farm, they will need the truck, I think. Or, they need to rent/borrow one. If they want animals in the first year, I would restrict them to chickens and rabbits. Why? They can build a coop and rabbit house from pallet wood and buy the wire needed from their garden budget/acquire free elsewhere. Feed won’t be cheap but there are ways to cut the cost by 1/2 to 3/4. Maximum chickens- 6, maximum rabbits 1 buck and 2-3 does. Chickens for eggs and rabbits for meat, a cut or break even for the grocery budget. A garden, and two types of animals is enough of a start for the first year. And,
After 2 years, I would suggest you consider refinancing and putting the land and home on one lower cost mortgage. If not possible, Year 2/3 should start a concentrated effort to pay off the land and years 5/6 pay off grandfather’s debt early.
Hey Miko!! I started the budget by paycheck notebook in June! Loving it! Quick question! What do you put in the actual column at the end of the month on your “cushion” line under your bills?
Hi Miko
One thing they can do is call the car insurance and tell them their are not using the truck right now and they should lower the insurance
so far my favorite one. very useful information for people to utilize
A great easy idea would become a lunch lady it's same hours and time off plus income
Are mobile homes that expensive?
no
They can be, if they're a new build, and very large with super nice features. Just depends. Lots of modern mobile homes are just as nice as traditional homes, some even more nice in appearance, actually. But for not owning the land under it, it's not worth it.
CAN SHE WORK FROM HOME OR ON THE WEEKENDS PART TIME
That mortgage seems high for the amount, possibly a 15 year? Maybe they can refinance land and house into a 30 after house is done?
They are on the red, in the submitted budget there wasn't clothing, health, entretainment, maintenance (house,car), gifts (christmas, birthdays, etc).
I can just see this woman taking her kid to the Dr or grocery shopping on a motorcycle! They need a cheaper car!!!
Can you do one on a single persons income with no kids?
It doesn’t snow in Georgia except for like 1-2 days a year when it apocalyptic.
Selling the car, and getting a used one would save all their problems. Those high car payments is a killer for any budget. They cant even afford to run it.
Kimiko, I really appreciate all that you are everything you do to help us, but the website is so incredibly hard to navigate. Is there a simpler way to access specific worksheets ?
Yes it snows in Georgia. I would recommend selling the truck and trying to buy a small vehicle for cash.
I wonder what her husband thinks of her not working while her kids are at school. It’ll help so much financially.. I just don’t get it
Seriously. Between her having at least 6hours a day to work at least and choosing a truck of all things. I am completely shocked! Trucks are sooo overly expensive right now like why not a 2015 sedan?
There has got to be hidden credit card debt because those percentages are too high for a couple with only new loans and no debt
Wooooh girl lookie 👀👀👀 at dat ring!! Congratulations!! 👸🏻👑💍
i have been binging your BBP videos. I have one financial question which is not related to any of the videos you do but your videos are extremely helpful to anyone who needs to organize their life and finances.
do you have any advice about investing? something that is risk free.
They gotta get more hustle in their blood to get out of this situation. I don’t know why both parents wouldn’t be working ?! Women have to make their own income I think.
That mortgage is outrageous for that income. And that truck needs to go. Reckless. Imagine paying over 500 for a truck you aren't even driving.
The kids are school age. Can’t the wife work during the school day at least part time? Or do they home school?
Ms. Love I have a visa electron card I was trying to purchase your budget book but I like the know how to do it
I don’t understand the reasoning behind spending more than 500 !!! dollars every month on anything - just to get a good credit score. Like that’s the holy grail of life. I‘m not from the US, but that seems to be a concept there??
I feel like I need to hand you over my budget & let you do it cause I’m stressed out lol
I’ve lived in mobile homes most of my life. Not a good investment as they depreciate like cars. That being said, I’ve NEVER seen a mortgage payment for a mobile home that large. They should have never bought it. No way a mobile home is worth a quarter million dollars without land. That’s insane. They went for the best, biggest, shiniest, most amenities or else got ripped off in a major way. Strange to see that since they are so frugal in every other aspect.
Can you do a teacher income? I teach in Louisiana and only get paid once a month.
I think they should have waited for a few years before getting the mobile home
Could you please direct me to a video of yours that will show me how to start from day one. The step by step process? Thank you
How is a mobile home a quarter of a million? What sort of mobile home is this? Mobile homes depreciate over time too, correct? Are they going to be underwater quickly on this home?
they were underwater on it as soon as they signed the paperwork. they got screwed
@@thedarkangel456789 that was my assumption based on what I knew about mobile homes from years ago. That’s just sad.
Great video 💜💙💜💙💜
Mobile home financing is different than home financing.
I would rent that Truck out on Turo.
Hey kumiko
Where can I submit my budget for potential review?
The kids are old enough that are could work and not worry about a baby sitter. What about working at the school if she wants to keep sane schedule as children? I mean this is very tight
She needs to work period. Sorry. Even part time would help . He kids are school age she can even go do retail Or something
Isn't income $4432?
I caught that, too! Even with that, I kept thinking, "where is the $55 being calculated from?"
Hello, new subscriber here. I really love your videos and all the great advice you give. I have a question that doesn't exactly pertain to this video per se and was wondering if you could give me some advice? My husband and I have pretty bad credit due to Covid(500s)but we want to fix our credit desperately. We will be selling our house soon and I wanted to ask you, is it possible if we pay off all our debts including the 2 cars that we could fix our credit within a year? Our only solution is to sell house, rent apartment for a year, pay off debt and then hopefully purchase new home. I realize renting an apartment especially right now is going to cost us a bit but we can afford it on our salaries. We just can't afford to fix the credit situation while staying in the house right now. Bad idea? We just don't know what else to do. We tried to refinance but the interest rate they proposed was crazy bc of our credit scores and DTI. Thank you so very much in advance if you respond to this. 😊
I understand wanting to fix your credit. Before doing that, I would make sure you have a one-month buffer of expenses and at least three months set aside for emergencies. Selling the house is good if you can decrease your expenses and save money in the process. It's likely you'll have to rent for two years before you have enough traction in your credit file to qualify for another home. And even then, where are you going to get the down payment for the new home? I'm not saying you have to be debt free to get into another home, but having more cash is better and if you can cut back as well as increase income while staying in your current home, that could work as well. Good luck!
@@savvybudgetgirl Thank you so much for your very kind and thoughtful response. So I have about $150k in equity and after selling house after all is said and done, I will have around $145k. Im going to take $60k and put aside for down payment on new house. I'm then going to pay off the debtors that do a pay for delete. I'm then going to pay off one car and pay down the other one significantly. I will then put at least 5 months aside for emergency fund. Will rent until credit score has increased at least to 700 before I make another purchase. At least that's my plan. I'm disgusted with our situation and feel grateful that I have enough equity that I can sell and make enough profit to have a fresh start. Do you think this plan seems within reason? Again, thank you for your thoughts and feedback. It's very much so appreciated! ❤️
@@crowmoon9922 I applaud your thoughtfulness and planning. Well done! I don’t know much about pay for delete so I can’t speak on that, but I like the plan.
@@savvybudgetgirl thank you!
@@crowmoon9922 You’re welcome!
Don’t wanna be mean to this woman but her family is making terrible decisions and it’s wild that she doesn’t have young children yet still stays at home. Sell the truck, refinance that home at the first opportunity, and she needs to go to work. This isn’t even a budget thing, this is a decision making thing.
idk other states but interest is high
@@matemahe yeah that’s why I said at the first opportunity, I wouldn’t say now is an opportune time to do that. Reading it back this sounds harsh but I feel bad that this family is struggling but there’re solutions that they haven’t yet taken advantage of. Hopefully they get out of this bind soon!