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Can a family of 7 make it on $27,000 a year? adult content

I would have to get a new house,fix the van, that's all the bills I will have. My house will be no more than $160,000. Six kids I'm the only adult make 22,000 now. I want to move and this is the amount I will make.I hope to save $60,000 and finance the rest.

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mamaofficer

Asked by mamaofficer at 6:45 PM on Jan. 10, 2011 in Money & Work

Level 31 (50,120 Credits)
Answers (23)
  • If you spend smart and go for bargains then yes. No unnecessary spending, but it does seem it would be a pay check to pay check deal. GOOD LUCK MAMA
    mommy_of_two388

    Answer by mommy_of_two388 at 6:47 PM on Jan. 10, 2011

  • I'm sure it's possible. Saving money, organization, maybe some assistance IF that were the case, but I'm sure it can be done. I think the only struggle time would be during the summer when all the kids are at school. My inlaws had 14 people under one roof and struggled for a while and still managed to take care of everyone on their own...so it CAN happen...it is possible.
    Imortlmommy

    Answer by Imortlmommy at 6:48 PM on Jan. 10, 2011

  • How much are you saving now? $60,000 is a lot of money to save when you are only making $22,000 a year. Is this a plan for the future? Will you be getting pay raises or a different job that pays more in a few years? I think there are a lot of things to consider but it never hurts to plan and have goals. Good Luck!

    JeremysMom

    Answer by JeremysMom at 6:50 PM on Jan. 10, 2011

  • I think it depends alot on where you live and the cost of living there.
    I live on the CT shoreline and as an HR Director of a non-profit school and a single mom of one teenager I struggle paycheck to paycheck and I make at least double that. I bought my condo 5 years ago for 160,000 and I don't have car payments.
    Good luck!!
    FeelinYummy

    Answer by FeelinYummy at 6:51 PM on Jan. 10, 2011

  • It greatly would depend on where that family lived and what their debt/income ratio is, how much you pay for health insurance, the average grocery cost in your area...etc.

    I live in an area that has a cost of living that is over 20% higher than the national average, The average home price in my neighborhood (stand alone, single family dwelling) is close to $500k.. A 2bdroom condo is that much as well.

    I do not think (note the word think, because I do not know for fact) that a family that size would not be able to make it on that income where I live. Not without some form of assistance. I'm not saying it **can't** be done. I just at this moment can not think of a way that bills would even be covered with that amount of income, much less saving nearly 3x the yearly income on top of it.

    I hope that you can though and wish you all the best in doing so.. I hope you save up your goal amount as well!!! :-)

    .
    pixie_trix

    Answer by pixie_trix at 6:58 PM on Jan. 10, 2011

  • Anno! I hope I do get $800 in foodstamps and whatever else I can get.
    mamaofficer

    Comment by mamaofficer (original poster) at 7:03 PM on Jan. 10, 2011

  • Not where I live. Not comfortably anyway.
    KairisMama

    Answer by KairisMama at 7:10 PM on Jan. 10, 2011

  • I highly doubt it.
    Would that be take home pay or before taxes?
    butterflyblue19

    Answer by butterflyblue19 at 7:12 PM on Jan. 10, 2011

  • be frugal, very frugal in your spending.
    brieri

    Answer by brieri at 7:21 PM on Jan. 10, 2011

  • 10g in taxes on 6 kids? please I get that with 3 kids
    Anonymous

    Answer by Anonymous at 7:40 PM on Jan. 10, 2011

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