I am a 41 year-old single Dad who is broke...help!

ROC73

Hi...

I am a single (divorced dad) with one child.

I live paycheck to paycheck and have virtually nothing in savings or retirement.

Basically, I am screwed.

I take home (after taxes) $36,140, which is roughly $2780/month.

I need advice on how to save...because I am ALWAYS broke.

Here are my monthly bills:

$950 rent
$440 child support
$150 Verizon iPhone
$220 Comcast Xfinity
$84 GEICO insurance
$140 school loan (24k total remains)
$60 gas
$200 groceries (sometimes Trader Joes, sometimes Aldi)
$50 electricity
$25 dry cleaning

TOTAL=$2319

That leaves approx. $461/month that quite honestly I cannot account for...various expenses, but to actually articulate them is difficult to be perfectly honest.

So does anyone have any tips on how to save and save for retirement? ANY advice is appreciated.

Thank you.

HappyMJ

This is a UK website but it is well known for the non resident parent to always be broke. You need to spend every penny you get on basic living costs and supporting your child. Quickly looking at the list of expenses the iPhone is a luxury you cannot afford get rid of it and use the money for your child when you have them for the weekend. A basic smartphone should be sufficient. I'm guessing Comcast is subscription TV...get rid of that too and watch free-to-air TV.

ROC73

Sorry, I did not realize this was UK.

Yes, Comcast is cable TV/internet.

Thank you for the reply.

CLAPTON

ROC73 wrote: »

Hi...

I am a single (divorced dad) with one child.

I live paycheck to paycheck and have virtually nothing in savings or retirement.

Basically, I am screwed.

I take home (after taxes) $36,140, which is roughly $2780/month.

I need advice on how to save...because I am ALWAYS broke.

Here are my monthly bills:

$950 rent
$440 child support
$150 Verizon iPhone
$220 Comcast Xfinity
$84 GEICO insurance
$140 school loan (24k total remains)
$60 gas
$200 groceries (sometimes Trader Joes, sometimes Aldi)
$50 electricity
$25 dry cleaning

TOTAL=$2319

That leaves approx. $461/month that quite honestly I cannot account for...various expenses, but to actually articulate them is difficult to be perfectly honest.

So does anyone have any tips on how to save and save for retirement? ANY advice is appreciated.

Thank you.

461 is a lot not be able to account for


a good start will be to write every single thing down you spend and see where that 461 actually goes to.


200 for food for one person seems a lot too

colsten

CLAPTON wrote: »

200 for food for one person seems a lot too

It's 200 dollars (US, probably) so not a lot at all

tizerbelle

It would be hard for us to help you identify where you could cut costs as the vast majority of us don't have a clue about the cost of living in the US nor how it varies between states especially those pesky state sales taxes.

Plus we'll slip up with the differences in the language - where you write gas meaning fuel for your car, we think gas used to heat your house/cook your supper! And we know nada about 401k/roth ira etc etc!

We can offer basic advice about where people in the UK usually look to cut costs but wouldn't be able to say with any conviction how that would work in the states.

I'm not suggesting you buy it but take a look at the YNAB site (https://www.youneedabudget.com) and read the support articles and have a look at the forum - it's an American site and the forum although really for YNAB use questions may have some threads that will help you identify what you can look at / where else you could get online support.

grumbler

roc73 wrote: »

... I am screwed.

... I am always broke.

...
$150 verizon iphone
$220 comcast xfinity

Oo
Mm
Gg

$150=£92
$220=£135

whatmichaelsays

grumbler wrote: »

Oo
Mm
Gg

$150=£92
$220=£135

You'd be surprised how messed up the US telecoms / cable industry is. America has some of the highest broadband costs in the Western world.

Uxb

a point I always make when some numbnut on the Plusnet ISP forums rants off about how outrageous are UK broadband prices and how out of control they are.
I quote a few USA prices and strange to report the thread tends to end shortly after as everyone goes rather quiet.
I thought I heard somewhere that San Francisco is the highest.

ROC73

Thanks guys. Yes, I am in the USA...Chicago, Illinois.

Despite the UK/USA differences, the basic message got through and it is helpful....so thank you!

whatmichaelsays

Uxb wrote: »

a point I always make when some numbnut on the Plusnet ISP forums rants off about how outrageous are UK broadband prices and how out of control they are.
I quote a few USA prices and strange to report the thread tends to end shortly after as everyone goes rather quiet.
I thought I heard somewhere that San Francisco is the highest.

You thought right: http://www.bbc.co.uk/news/magazine-24528383