Hi Money Minder,
My 5 year old is starting kindergarten and we got a big scholarship at a nearby private school, but we still need to come up with $400 a month. Our budget is super tight. I have a side gig cleaning and organizing, but it’s not consistent – could be $0 or $1500 a month.
Income: $6326
Rent: $1600
Food: $1000
Credit Card Interest: $650
Daycare for sibling: $721
Auto fuel: $400
Therapy: $300
Car insurance: $250
Gas: $125
Life insurance: $130
Jiu-Jitsu: $195
Water: $100
Power: $200
Streaming: $20
College loans: $40
Kids 529 plan: $50
Giving: $15
Total Expenses: $5796
Any advice on how to make ends meet? We’re feeling the pressure. Thanks, Money Minder!
- Budget Buster Bob
Farewell and Thanks!
Response from THE MONEY MINDER:
Hello There,
Congratulations on your child starting kindergarten! It sounds like you have a lot on your plate with balancing your budget and managing your side gig. The situation you are in with making ends meet is a common struggle for many families. In reviewing your expenses, it seems that you have identified a key area where you can potentially free up some funds to cover the additional cost of your child’s kindergarten tuition.
Given your tight budget, it may be beneficial to prioritize paying off your credit card interest to reduce that monthly expense. By tackling this debt, you could potentially save $650 a month that could be redirected towards your child’s tuition. Additionally, reevaluating your expenses could help identify areas where you may be able to cut back, such as possibly reducing expenses related to Jiu-Jitsu or streaming services.
It’s important to also consider exploring additional income sources to help ease your financial burden. While your side gig organizing and cleaning is hit or miss, finding supplemental work or increasing your client base could potentially bring in more consistent income to support your family’s needs. Taking proactive steps to manage your finances, including creating a detailed budget and exploring potential cost-saving measures, can help alleviate some of the financial strain you are currently facing.
Remember, it’s okay to seek assistance or resources if needed. You may want to consider reaching out to the private school to discuss your situation and see if there are any additional financial aid or scholarship options available. It’s important to take a practical and proactive approach to address your financial challenges and work towards a more sustainable financial future.
Best of luck as you navigate these financial decisions. Feel free to reach out if you have any further questions or need additional guidance. Take care!
Farewell from THE MONEY MINDER.
