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3 Bumps

How much do you have left over after the bills groceries and other things you need to pay for?

I'm close to buying a house, I keep doing the math. And after everything, I would be left with 300.00 for the month. Is that no enough, Is that crazy. What do you think, Will I be ablle to do it?

Answer Question

Asked by Anonymous at 9:43 AM on Nov. 9, 2010 in Money & Work

Answers (7)
  • Does that include gas money and money for household items? If so you might be able to squeak by. I would save up two months worth of expenses first though. I would also budget at least $100 a month for savings just incase you have to buy something unexpectedly.

    Answer by kmath at 9:45 AM on Nov. 9, 2010

  • It depends on what is left out of your budget and if you can still save for things like the water heater going out. here are the xtras that eat my leftover money- haircuts, bday gifts, copays, babysitters, oil changes, eating out, sports sign ups, field trip $, clothes shopping.

    WHen you figured your budget do you have to really work to meet the food budget or did you round up and give yourself some room?

    Answer by ria7 at 9:46 AM on Nov. 9, 2010

  • After you pay your mortgage, all your other bills AND food you will have $300 left over? Do you have any money going away into savings in your "bills." It is always good to have money going to savings before you have spending money. If you are paying all that and the $300 is just for throw away fun stuff, then yeah, that sounds like it could be ok. Depending on your lifestyle anyway. Some people can live off $300 a month easy, some people can't.

    Answer by ILoveCade at 9:48 AM on Nov. 9, 2010

  • Well, the answer to your question is dependant on a number of things. How high is your rent now compared to what your mortgage would be? How much do you have saved for a downpayment? How high is your credit score?

    Answer by HotMama330 at 1:39 PM on Nov. 9, 2010

  • $300 doesn't sound like much. Will you have an emergency fund in place? What happens if something breaks, you need a new roof, or the hot water heater goes out? Will you be able to replace it?

    Answer by Erica_Smerica at 5:33 PM on Nov. 9, 2010

  • If thats after your expenses I wouldn't do it. There's no room for emergencies.

    Answer by berrymorin3 at 5:55 PM on Nov. 9, 2010

  • we don't even have enough to cover our monthly necessaties, so having it all paid and $300 extra sounds like a dream! i agree with others to have an emergency fund of 3-6 months of monthly expenses saved up first as soon as possible to cover any emergencies and also to create a "house fund" that covers anything you want/need for your house...

    Answer by babymar at 6:16 PM on Nov. 9, 2010

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