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How much is enough?

I'm just wondering how the recession has had an impact on people financially.
We are wanting a child but are never sure if we make enough and I would like to be a SAHM. Anyone care to share their finances? Feel free to post anonym.
Here is a breakdown of where we are at.
Family of Two call us DINKS (Dual income no kids) at the moment anyway : )

Monthly take home pay: 6,500
2 car payments, student loan payment, rent and two credit card payments.
We have about 3900 left every month.

Answer Question

Asked by usmcwife_2003 at 10:25 PM on Mar. 15, 2010 in Money & Work

Level 1 (0 Credits)
Answers (15)
  • If I had 3900 left over every month i'd be estatic! lol

    Answer by Anonymous at 10:27 PM on Mar. 15, 2010

  • Well, it much would your house hold income be without your income?
    Depends on your life style and if you want to continue to keep it that way or are you willing to make some sacrifices and give up some stuff hat is just for pleasure.
    I was working and when we decided that I would be a stay at home mom this time has been tough this past year..mostly getting used to it, I think.
    You kinda have to train yourself to live within your means and budget budget budget.
    Sometimes we messed up and spent too much leaving something unpaid...then we'd have to scramble to play catch up. But I think were catching on now...Now the only problem is...being a stay at home mommy gets LONLEY sometimes! LOL
    Good can do anything you set your mind to do! :)

    Answer by kimberlyinberea at 10:30 PM on Mar. 15, 2010

  • Sounds like you guys are living very well within your means! Go for the baby! They aren't THAT expensive! ;)

    Answer by Anonymous at 10:31 PM on Mar. 15, 2010

  • I am a SAHM and DH is a Network Security Architect.. .he makes 6 figures on his own. We live just south of Atlanta and our monthly amount of housing bills ( mortgage, dish, cells, land line, gas, power, sanitation, water, pest control, lawn company) is about $2100... we have very little debt, add to savings, and investments every month, charity every month and have our dd's private school tuition every month ( we pay in full and then put away the monthly amount into savings to pay ourselves back)....we do just fine on one income... ( just under $10K a month)
    Honestly, the start up for a baby is the worst part- car seat, crib, changing table, dresser, stroller, clothes, diapers, wipes, formula if not BF....look at it this way- once the little one is off the bottle and diapers you will get a HUGE monthly raise! LOL ( I'm so looking forward to dd#2 being out of diapers!)
    Posting anon due to actual numbers listed....

    Answer by Anonymous at 10:58 PM on Mar. 15, 2010

  • NO kidding. If we had near that much left over we'd be poppin' out another kid! Care to share the wealth? :-p

    Answer by missbreezy214 at 11:22 PM on Mar. 15, 2010

  • I would take what is left over and pay off the credit cards and the student loans. We waited until we were debt free other than mortgage and had a nice little nest egg before having our son. I am sure you can afford a child now but being debt free would make it even easier if you should choose to stay home or work reduced hours after you have a child.

    Answer by momtolucas2002 at 11:31 PM on Mar. 15, 2010

  • Anonymous

    Answer by Anonymous at 9:25 AM on Mar. 16, 2010

  • Get rid of the credit cards and start paying cash. No one needs two car payments. Debt free is the way to live. Kids can be as expensive as you let them. Of course in the first couple of years they are expensive because they need diapers , baby food and formula if you don't BF. Once out of diapers it's really up to you. Do you shop at gymboree and boutiques or wal mart? Do you do the ballet and sports or just swimming lessons. Private or public school. Will you save for your childs college education or let them wing it and hope they get a job when the time comes? There are extra medical bills for kids so do you have insurance? There are just a lot of things you need to think about that many don't. You seem to have the money to have a child but how you decide to live when you do is a bigger thing. Remember you are teaching your child these things also.

    Answer by itsmesteph11 at 9:45 AM on Mar. 16, 2010

  • Put away one of your incomes (yours since you want to be SAHM) into savings for a couple of months. If you can get by and still have enough for savings for college/retirement, you're good to go. If you decide to buy a house first, keep in mind that you need to keep the mortgage payments low enough for one salary.

    Monthly take home pay - about $3200
    mortgage (includes homeowners insurance and property taxes) - $900
    internet - $55
    car payment/insurance - $400/$100
    utilities (water, electricity, etc.) - $100-$200 (depends on how cold/hot it is outside)
    phone/cell phone - $27/$85
    groceries - about $300 (does not include diapers or formula as I breastfeed and we use cloth diapers)
    savings - $300 (this is IRA's, my husband's work takes money before taxes for savings, too, but I don't know how much)
    college - $150

    Answer by Anonymous at 10:06 AM on Mar. 16, 2010

  • Wow! DH and I don't even make $3900 on both incomes. Althought cost of living varies from state to state. Sounds like you should be just fine to be a SAHM soon

    Answer by vikaroo18 at 10:07 AM on Mar. 16, 2010

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