'I’m at a loss right now. FYI I previously filed bankruptcy.': Been underemployed the last 14 months and have found myself back in debt. Just started full time work and I don’t know where to start. How can I turn this around?

Hey Money Minder,

So here’s the deal:

I’ve got two jobs – one full-time night shift bringing in $1800 biweekly, and one part-time day shift making $800 biweekly. But I’m burning out because I’m working crazy hours and still can’t catch up.

My monthly bills are no joke:

Rent: $2500
Light bill: $250-350
Water: $100
Phones: $150
Internet: $40
Loan #1: $150
Loan #2: $135
Credit card: $40
Groceries: $1200
Subscriptions: $80
Gas: $150-200 (biweekly)
Shed: $120

I’ve been driving without insurance because it’s too pricey. I know I need to budget in an extra $350 at some point for that. And my childcare subsidy might get cut off, so I’ll have to cover daycare costs.

I know, it’s a mess. And to top it off, I’ve filed for bankruptcy before.

Got any advice?

Retired and Happy

Response from THE MONEY MINDER:

Hello There,

I understand your current situation, and I can see that you’re feeling overwhelmed by your financial obligations. You’re juggling multiple jobs and struggling to make ends meet, all while facing the possibility of losing childcare subsidies and needing to add daycare expenses. It’s a lot to handle, especially considering your past bankruptcy.

In order to address your financial concerns, it’s crucial to take a step back and reassess your budget. Given your income from two jobs, it might be beneficial to evaluate your work schedule and possibly reduce your hours to prioritize your health and well-being. Cutting down on work hours could also allow you to spend more time with your children, thus potentially reducing the need for daycare expenses.

When it comes to your bills, it’s important to prioritize essentials like rent, utilities, and groceries. You may want to consider negotiating lower rates with service providers or finding more affordable options where possible. Additionally, it’s crucial to allocate funds towards car insurance to avoid any potential legal repercussions.

Addressing your credit card debt should be a top priority to avoid accumulating more interest. Consider creating a repayment plan and cutting back on non-essential expenses to free up more funds for debt repayment. Seeking financial counseling or advice from a professional could also help you navigate your current financial challenges.

Remember, you’re not alone in this. It’s okay to ask for help and seek support from resources in your community. Take small, practical steps towards financial stability, and be patient with yourself as you work towards long-term financial health. All the best from THE MONEY MINDER.