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How Can I Save Money?

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Mark Cappel
UpdatedDec 6, 2022
We haven't payed the credit card bills or loans for about 3-4 months, because it just seems unaffordable with our low income.

I have a question about saving and paying off debt. Right now, my husband and I have no bills except credit cards and loans, totaling about $5K. We don't pay rent, car payment, utilities, etc. The only thing is the CC and loans. But here is the catch, I don't work, I'm pregnant with our second child, and my husband doesn't make enough to cover the bills. How Can I Save Money? How can we manage paying our bills and trying to save money with such a low income? We haven't payed the CC or loans for about 3-4 months, because it just seems unaffordable with his salary. Please give us some advice.

With your husband’s relatively low income and the fact that you are currently unable to work, I can understand that saving money must be quite difficult at this time. I do not know the details of your family’s expenses, so I cannot tell you where you may be able to cut back in order to help in saving money.

Frequently the best place to start is to get debt free and to stop the money drain that debt and high interest bills can cause. You can get a free quote here:

Debt Relief Savings Quote

Since we don't know your exact expenses, I encourage you to download and review the Free Budget Guide, to learn about possible ways to help cut back on your expenses and increase your monthly savings. Hopefully, a new budget will also help you in bringing your delinquent credit cards current, as these unpaid accounts are likely causing serious damage to your credit rating.

If you find that you and your husband simply cannot afford to save money with your family’s limited income, you may have no choice but to wait until your financial situation improves. For example, once you are able to return to work, your additional income should make saving money more feasible for your family. I wish you the best of luck in finding a solution to your financial difficulties.

I hope that the information I have provided helps you Find. Learn. Save.



Dealing with debt

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q2 2022 was $16.15 trillion. Student loan debt was $1.59 trillion and credit card debt was $0.89 trillion.

A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.

Each state has its rate of delinquency and share of debts in collections. For example, in Pennsylvania credit card delinquency rate was 4%, and the median credit card debt was $387.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.

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