Please help, we're in the red every month and I don't know what to do

Posted on reddit.com in r/personalfinance by u/Calm_Recipe on 9/25/2018

Income: $1,126/month take home pay
Mom gets $824/month from disability
Nothing in savings
Total: $1,950

Monthly Expenses:
Rent $1,230
Phone/Internet Bundle: $120
Food: $150ish a month minus $45 from food stamps = ~$105
Car insurance: $150
Private Student loan payments: $583 (Which I've stopped paying)
Gas: $80
Misc Expenses (toilet paper/soap/shampoo/etc): ~$50
Credit Card Payment (from the months where we were in the red): $220
~$1,955 at the moment, or $2,538 if I keep paying my student loans.

So as you can see, we're right on the line every month, depending on food and random expenses. And I have to occasionally put stuff on my credit card for months where we end up in the red, like when I blew my tire out a few months ago.

I was able to get my federal loans put on Income-based repayment so my total is $0/month for now. But my private lender does not share the sympathy. Either way I stopped paying.

That being said I don't know what else we can cut. I need phone/internet for work. I use the bare minimum for gas: I only drive to work and take my mom to her doctors appointments, nowhere else. The food we get is dirt cheap, generic brand stuff, so I can't cut out anything there. Car insurance is a fixed cost. And we use the bare essentials in terms of soap, shampoo, napkins, etc.

What can I do? I'm located in the LA area, if anyone is potentially hiring.

Comments

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