Every payday, pay yourself first. Either set an amount, like $100, or a percent, like 5 or 10%, and put it into a savings account. We have our savings account at a different bank than our checking account, and no ATM card, so we have to plan ahead if we want to get money out. And this goes for both of your paychecks.

YOu are taking the right first step by joining the accounts. The next is to be completely honest with each other about what is going on, what you are spending and why etc. Continue to pay off the highest balance first. If you have a couple of very low balances that you can pay off fast then do that, and then put that extra money toward other balances. Don’t spend on stuff you don’t need. It doesnt take alot of money for babies. They dont need everything alot of people say they do. Some clothes, you can get great clothes at places like goodwill, or your local thrift shop, usually can find very clean and in good shape clothing. They dont need a ton of toys. If you have a large group around you, ask them if they have or know of anyone who has toys or clothes to give away. Then when they are outgrown you either give them back or give them to someone else. I have done this since my baby was born, we have paid out less than $200 for this whole first year, on clothes and toys. Daipers- buy the walmart brand parents choice, it will save money and they are good diapers, same with formula, parents choice brand. Get on Wic (women, infands and children) they will help pay for milk, cereal and other things. All I spend on my baby is for diapers, we are on wic, and we get clothes and toys elsewhere. Sometimes there are places that sell baby stuff (used) for cheap, in my area it is called “Other mothers”. Pay as much as you can on your bills, keep aside what you can for saving, but don’t use it for entertainment, eating out, shopping, etc. Keep it for emergencies. There are alot of ways to save money, you just have to be willing to do it. You have to be willing to stop and say, my baby doesn’t need all this crap, we don’t need all this crap, what we need is to get out of debt. Also, since you are living with your parents, you both need to sit down and discuss your plan with them so that they know what is going on. So they know you are making an honest effort to get out of this and to move on with your life. Maybe once in awhile if you have extra money, offer it to your parents for help with other things. Even if they don’t accept it, at least you offered it and that makes a big difference.

you have taken a great step for your family.
Shop at Wal-Mart and buy items of the Wal-Mart brand: you will be surprised by how much money you can save.

I feel your pain. The first year of my marriage my husband was out of work for 6 months, I thought what did I get myself into, but I’ve stuck it out ( I guess I do really love him), we’ll be married for 6 yrs come Sept. 21, so just a bit of encouragement it gets better – Needless to say my husband did get us into alot of debt and behind when he was out of work and we’re still paying for it now.

The key is to pay yourself first, I know it sounds hard when you have bills to pay off, but try to be determined to save money. Secondly, see if your parents will reduce your rent and pay off your smallest bills first, or try consolidating your credit cards and pay only one payment on it. Hope it helps.